Masterminds are groups where entrepreneurs discuss business. They can be in person, on social media, video conferences, or other mediums. While some use them to close deals, for others masterminds are simply an organised way to meet like-minded people.
What Are Mastermind Groups?
At first, it can seem odd to pay money for meeting people. Consider the self-help cliche, however, that your personality is the average of the five people you associate with most. If your friends react to adversity by complaining, you’ll imitate that mannerism.
A business mastermind is a group of people in the same business world who meet regularly and ‘mastermind’ their work together. Ideally you’ll have between 3 and 5 people in the group. That’s enough to give a diversity of experiences but not so many that voices get drowned out.
There is no right way to put together a mastermind. You can have one be really regimented, or more laid back. You can meet in person or online via something like Skype. It’s best to meet regularly (once a week or once every two weeks) so that not too much time lapses between meetings.
Types of Mastermind Groups
There are a few different types of mastermind groups. Let’s break down each type and discuss the benefits that mastermind group coaching can provide.
- Online Vs. In-Person Mastermind Groups. Many mastermind groups meet online using an interactive video platform such as Zoom. Others meet at a brick-and-mortar location. Both types of groups have benefits. In-person meetings have a lot of benefits, too. Networking is easier and people are more engaged — you’ll be less tempted to zone out and multi-task. And in today’s world of social media, it’s a very powerful thing to make tangible connections with others.
If you’re trying to find a mastermind group, try running a simple Google search for “mastermind group near me.” On the other hand, online mastermind groups are often easier to fit into your schedule, which allows my mastermind member to meet 6-times per month. You’re also able to connect with amazing people who live all over the world, not just in your city.
- Mastermind Group Based On Industry. Many of the best mastermind groups focus on a certain industry. For example, you’ll find a group that’s meant for people who work in marketing, or in technology, or in life coaching. This model can be hugely helpful because you can take away specific knowledge that is directly relevant to your industry.
In any mastermind group, you’re already surrounded by like-minded people — but by joining a business mastermind group that’s based on industry, you’ll be able to connect with those peers even more. No matter what industry you’re in, it’s essential to continue learning about that industry so you can become better and better at your job. My mastermind group coaching is geared for people who want to make money on the internet — in other words, entrepreneurs.
- Mastermind Groups Based On Occupation. Some mastermind groups are based on occupation. These groups are even more narrow, meaning that you can learn highly relevant information and immediately put it into action.
For instance, a mastermind group that’s sorted by industry might focus on the broader marketing industry, while a group meant for a specific occupation could be meant for social media managers. By immersing yourself side-by-side with people who do the same thing as you, you can come away with fresh perspectives on your job.
Benefits of Mastermind Groups
- Sharing Skills. A mastermind group is a great place to share skills. By joining a mastermind group, you’ll be exposed to all sorts of different people — many of whom might have more experience than you or be further down the road. Most likely, these people have already faced the challenges you’re facing now, and they can give you advice as you navigate your career from the ground up. It’s also beneficial to spend time with people from different backgrounds because they have a unique perspective that can help broaden your mind.
- Accountability. One of the biggest benefits offered by a mastermind group is accountability. Accountability is important because it helps people take responsibility for themselves and their choices. When you have a group of people holding you accountable, you’re more likely to make good decisions and work hard as you try to grow your career.
Think about it: Wouldn’t you be much more likely to work hard and produce results if you knew that ten people would be asking for your progress report each week? A mastermind group can help you understand that you’re accountable for the decisions you make. Having this accountability can help you reach your goals. As you watch your peers work hard and achieve their goals, you’ll feel motivated to “catch up” and reach your goals, too. In addition to adding accountability, mastermind groups also offer a sense of community. You’re surrounded by like-minded people who are working toward some of the same goals as you, and that’s a very powerful thing.
- Networking. Finally, mastermind groups can help kickstart your career because you make important connections within these groups. Networking is absolutely essential to the growth of any career, and a mastermind group is a perfect place to start. Think about it: You’re surrounded by people who, just like you, are launching their careers. It’s the perfect place to form relationships, and down the road, those people might be able to help you out with finding a job or other opportunities — and likewise, you might be able to help them. Often, networking might seem like a chore. The thought of going to happy hours, meetings, or always keeping your business cards on hand can be time-consuming. With a mastermind group, however, you have an easy, built-in way to network. Networking within a mastermind group is natural and organic, even after the group ends.
Use your mastermind group to forge relationships.
Mastermind Group in Malaysia
One of the top mastermind groups in Malaysia is NEXEA’s Entrepreneur Programme. This is Malaysia’s exclusive peer network for top tech entrepreneurs to learn and grow together. Entrepreneurs are guided by some of the best startup mentors and investors. Upon joining this group, it allows benefits of networking with top entrepreneurs to learn and grow together. This is a unique experience created for top entrepreneurs only.
You will be able to get guidance from real, experienced mentors that are also Angel Investors (They have done IPOs/ M&A and are Chief Executives levels only). It also reaps all the benefits that a mastermind group has through being able to solve your business problems with peer entrepreneurs who have probably experienced similar issues. We use systematic methods to solve issues together. Each Mentoring Group will consist of the Mentor & 10 to 20 Startups from non-competing industries and backgrounds. Learn from other leaders & industries, as well as their unique backgrounds. The Group Mentoring programme is designed just for Startups.
Why Do Mastermind Groups Work?
Mastermind groups can be a huge boost to an entrepreneur. For one thing, it’s wonderful to have a group of like minded people that you check in with regularly. They can offer personal support and encouragement as well as business advice. Being an entrepreneur can be lonely. Having a group of people that check in with you about your struggles and successes with can make the experience less so.
Business masterminds can also be an educational resource. You can ask more intimate questions and receive behind the scenes answers. You can ask people for feedback on your products, or even for people to beta test things for you.
A mastermind is a more secure and intimate group of people who are invested in your business. Your group members want you to succeed. It’s designed to be a give and take. You give support and information when you can, and you ask for it when
Why You Should Join A Mastermind Group?
- Brainstorming. Share your ideas and alternatives within your Mastermind Group. Looking for new ideas for your business? Have a new idea for your business? Want objective feedback and help with that idea? The group will provide more ideas and constructive feedback on your ideas. If you are not sure what to do next, what direction to go in, the collective power of the Mastermind will kick in offering thoughts, idea’s suggestions based on their own background, experience, qualification; things you are unlikely to ever have considered yourself.
- Mastermind Support. Sometimes business is difficult and the challenges can seem overwhelming. Perhaps you have a difficult employee or a legal problem – chances are your Mastermind colleagues have experienced the same issue. You will never be short of alternative suggestions on how to overcome issues. Additionally you will develop deep and meaningful friendships over above all the business help.
- Discover new business partners and cross promotion. Collaboration is the name of the game. You may find someone in the group that is a perfect fit to work on a project with you. Or, you may be the perfect person to help another member as well. The group works together collaboratively, to achieve more together.
- Feedback. Receive feedback from successful individuals on how to solve business issues. Perhaps you have staff issues or financial challenges – let the Mastermind help you resolve them. Remember in the group we all have the same goal – to help each other grow their business. There is no hidden agenda – everyone is on the same side.