Is a Mastermind Group Right for Me? Who Should Join a Mastermind Group?
When you hear the word “mastermind,” what comes to mind? Maybe that it sounds really complex and intimidating – not something you would feel comfortable joining. Perhaps it sounds impressive and exciting, and you can’t wait to sign up. Whatever camp you’re in, you might be surprised what makes a “good” mastermind member and who might be better served in another kind of group.
Who is a Mastermind For?
If you’ve read my article What Is a mastermind Group?, then you know a mastermind is a peer mentoring group made up of a small group of people, often entrepreneurs, who are pursuing similar goals and are at similar stages in their journey. A mastermind group meets often, either online or in person, and uses each meeting to focus on one member’s goals and challenges in their business, helping them strategize and set goals.
But how do you know if this kind of group can help you? Here are a few important factors.
You Have a Goal. If you’re wondering about maybe starting a business *someday* or already in charge of a successful business that you’re not looking to grow, a mastermind probably isn’t right for you. You should have a goal, and preferably a complex goal with multiple challenges to overcome. After all, if it’s an easy goal with a straightforward path, you probably don’t need a team of people coaching you through it, right? Masterminds work best for folks who have a big challenge that they’re looking to take on, problem solve and move forward.
You Mostly Work Solo as a Business Owner. Masterminds work well for solo entrepreneurs, as well as online entrepreneurs. Maybe you have a team, but they work for you. In those situations, a boss can benefit from being in a mastermind with others in a similar role, who understand your situation but can also give you an outside perspective.
You Have Decision Making Power. If you don’t have decision-making power and the ability to make changes to your situation, you likely won’t find a mastermind to be useful. Input from others just isn’t that helpful if you can’t implement it. If you mainly work by yourself and are able to make decisions about your business, a mastermind is a good model for problem solving.
You Want To Grow. A mastermind is a great resource to push yourself to grow and be inspired by others who are also trying to grow themselves and their business. If you’re not willing to try new things, to stretch yourself and take advice from others, a mastermind group will probably end up being a waste of your time.
You’re Willing To Give Time and Effort. In a successful mastermind, each participant is willing to show up with an open hand to help others and see them reach their goals. Every participant gets multiple chances to be in the hot seat, where the other members listen to their challenges and help them brainstorm solutions, problem solve and set goals. If you only want help for yourself without being willing to spend time on other people’s needs, you might be better served by finding a life or business coach who you can pay to just focus on you. Likewise, a mastermind requires a time commitment. If you don’t have the time to show up three to five hours a month for your fellow group members, for meetings and follow up, you probably won’t get much out of a mastermind.
You’re Willing to Be Honest. If you want a place that’s confidential and supportive where you can be to be really honest and transparent about your business, a mastermind is a great environment. Unlike networking events or conferences, masterminds aren’t about being the most impressive and successful. They work best when participants are open and honest about the sometimes difficult and even ugly parts of being an entrepreneur. If you aren’t willing to be vulnerable with a group of people, you just won’t get the real benefits that a mastermind has to offer.
Does this list describe you? If so, and you think you could benefit from a mastermind group, you might be thinking, “Well, where do I sign up? How do I start one?” Don’t worry – that’s what we’re getting to in our next article, “How To Create a Mastermind Group.”