What is a Mastermind Group: Definition and Benefits

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A mastermind group is a group of 4-8 people with a similar goal in mind coming together and helping each other accomplish those goals.

The term mastermind group was coined by Napoleon Hill in his book “Think and Grow Rich”. He, along with so many other successful entrepreneurs, have contributed their success solely due to their mastermind group.

Understand:

“A Mastermind group is mandatory to achieve online success.” – Pay Flynn

 

What Does a Mastermind Group Do?

Every mastermind group is different. They can be virtual or in-person meetings, they can meet once a week or once a month, they can consist of entrepreneurs in one niche or different areas of business.

Know this:

All the members will grow and become better because of the mastermind group collaboration.

How Does it Work?

Typically a mastermind group will meet up virtually or in person at least once a month.

In a successful mastermind group, a facilitator will lead the structure.

Similar to:

– Beginning: The facilitator will lead the group in a round robin style discussion for 10 min where everyone mentions an achievement they have accomplished since the last meeting.

– Middle: One group member is put into the “heart seat”. Many mastermind groups call this the “hot seat” but I think that term is intimidating and I like the term “heart seat” better. The member in the heart seat for that meeting will get 40-45 min to share, in detail, their issues, complications, questions, and concerns regarding their business. The rest of the members then respond and contribute to the discussion by offering suggestions or comments based on their knowledge and experiences.

-End: Each person talks briefly about the goals they want to accomplish by the next meeting.

Most important:

Aside from the monthly meetings, most mastermind groups will have an online platform in which they can interact, ask questions, share resources, etc. this can be done in a facebook group or something similar.

What are the Benefits of Joining a Mastermind Group?

There are so many benefits from joining a mastermind group but here are a few:

1. Accountability – We all need it! Who better to hold you accountable than women with your same struggles? Being a part of a mastermind group makes it harder to give up on yourself.

2. Confidence – With other individuals listening to your ideas and helping you brainstorm, you will become more confident in your business.

3. Decision-making – A mastermind group will help you make decisions, meet your goals, and gain clarity due to everyone providing insight from their experiences and knowledge.

4. Community – It’s a cold and lonely road out here in this season of motherhood and being an entrepreneur. Having 5-6 women who are on the same ship out in this sea of life is priceless!

5. Growth – While you will grow towards your goals, you will also grow as a person. Jim Rohn said, “We are the average of the five people we spend the most time with.” Interacting in a mastermind group with like-minded women who are motivated, knowledgeable and goal-oriented will grow you as an entrepreneur and a person.

Overall, the best piece of advice when joining a mastermind group is:

Make sure you give more than you get. This mindset will come back around to you, I promise!