What is a mastermind?
A mastermind is a group of like-minded individuals who get together regularly to support, encourage and hold each other accountable.
Every mastermind has its own culture, expectations and guidelines for running. Some groups are short term and run for 90 days while others meet continuously for years.
The most important thing is creating a safe place for people to learn and grow.
While many of us are used to flying solo, the idea behind the mastermind is that you’ll go further faster if you align yourself with like-minded individuals.
What happens during a mastermind?
Every mastermind will have its own way of functioning. If you’re starting a mastermind from scratch, it’s important to establish some expectations at the beginning of the mastermind or find out how things are run within the mastermind you’re joining.
Whatever guidelines you come up with, you’ll notice that one common feature of masterminds is the “hot seat”.
A “hot seat” is when a group member “sits in the hot seat” and shares their questions or concerns about their business. During this time, they have the attention of the other group members and get feedback from the rest of the group.
Depending on the length of the mastermind, there may only be one hot seat per meeting or more than one.
When members are not in the “hot seat” their role is to listen, reflect back to the person in the “hot seat” and help them problem solve what’s happening in their business.
Who should join a mastermind?
Masterminds can be beneficial at any stage in your business’ development. The key is to be matched with people who can support your learning and your growth and for whom you can do the same.
Beyond getting feedback on your business, there are additional benefits of masterminds, such as:
- Opportunities for networking and collaboration
- Learning from listening to the journey of other business owners
- Gaining ideas to grow and expand your business
How to get started with a mastermind
So, if a mastermind sounds like it would be beneficial for you, here are a few things you can do to get started.
- Ask trusted friends for recommendations on mastermind groups or business owners who might align with your vision
- Consult with a local business organisation that you trust and ask if they run mastermind groups
- Choose people you’d like to align yourself with to form your own mastermind group.
However you decide to engage others into your business, remember if you connect with the right people, you’ll discover possibilities for your business you never knew existed.
[GUIDELINES]: How to Get the Most out of a Mastermind Group
In this presentation, you’ll be able to take a sneak peak at the sample guidelines that were set-up for an organisation in Sydney to help establish five short-term mastermind groups. You’ll also receive a quick overview of what a mastermind entails and a few questions you should ask yourself when you’re just getting started in a mastermind group.