What Are the Benefits A Mastermind Provides to Small Business Owners?
You may have heard the word Mastermind thrown around in the business world quite a bit. You may even wonder what they are. Simply put, these are groups of like-minded business people who come together to network, support, and hold accountable their fellow members. Today let’s look at five benefits they present to small business owners and entrepreneurs.
What Is A Mastermind?
An author of self-help books, Napoleon Hill, was the first to coin the phrase Mastermind in 1937. They were introduced in his book Think and Grow Rich. Still considered in the top ten self-help books of all time, this is where he laid out the framework of masterminds.
Designed to be a small group of your peers who you meet with regularly. During these meetings, you offer support and accountability, while networking and creating deeper connections. For small business owners and entrepreneurs, this gives you a group you trust to bounce ideas off and problem solve as a group. You also set intentions and goals and the group encourages and keeps you accountable.
One thing a mastermind is not intended for is generating sales. Certainly, as you build the know, like, and trust amongst the group, sales and referrals are bound to happen, though the group is not intended for those purposes.
6 Benefits A Mastermind Offers Members
When a mastermind is organized, those creating the group would define the expectations and goals. These are a few considered the most common and key to a successful Mastermind group.
- Support. Building relationships with individuals having similar beliefs and goals, who will support you and your business. This can be lacking if you are in a small organization or work solo.
- New Perspectives. We should all be open to fresh ideas. This group setting brings you together with others who may have different strategies or perspectives. The shared ideas can help form new ideas and move you forward in your business.
- Networking – While you are still networking, with fewer participating, you can connect on a deeper level. Collaborations, cross-promotions, and referrals may also take place.
- Advice. These groups are not usually formed with just people in one industry or type of business. This variety provides opportunities to share experiences and learn new things. Some you will be able to incorporate into your business.
- Brainstorming. Participating in a mastermind group gives you the unique chance to brainstorm your ideas and receive honest feedback from your peers. That feedback will be a valuable tool as you make your plans moving forward.
- Accountability. Mastermind groups are meant to challenge you to grow your business. You will set goals and define the next steps that the group will then hold you accountable to achieve.
Each group will be unique, but all are meant to support you and your growth within your business.
Where to Find A Mastermind
Masterminds can be found everywhere! They can be in person, or virtual, large or small, and at varying costs.This is a list from Growthmentor of what it considers The Top 15 Mastermind Groups for Entrepreneurs in 2021. This is just a sample of what is out there. Search online and find the right fit for you and your business.
One thing is certain, as business owners, we need support and to remain relevant, a mastermind is one way of getting the support needed to stay on top of the game and grow our businesses.
If you would like to learn how Project Management Specialist can support you and your business, schedule a consultation call today.