What is a business mastermind group?

We’ve all heard of networking groups, support groups and social groups, but the business mastermind group is a relatively new concept. With the rise of the gig economy and the proliferation of microbusinesses, more and more people are embarking on a business journey alone. It’s relatively easy to start a microbusiness, but as a business of one, there is no accountability and no support system. A mastermind group can fill that gap.

So, what is a business mastermind group?

The term “mastermind” was coined by by author Napoleon Hill in 1925 who defined it as “The coordination of knowledge and effort of two or more people, who work toward a definite purpose, in the spirit of harmony.”

At its core, a mastermind group is simply a peer-to-peer mentoring group. In many ways, it becomes a peer-advisory board. By connecting with other microbusiness owners who are going through the same struggles, or recently worked through them, you gain invaluable, real-world insight and actionable suggestions from those who are in the trenches.

Think about this: There are countless experts in any given field. But, in an age where we have more access to information than ever before, it’s difficult to know what information is accurate, and what solutions are most applicable to your current issues. Getting feedback and solutions from someone who just went through that scenario a few months ago, who can tell you what pitfalls to be on the lookout for, or what solutions did not work, can be the difference between solving it this month and solving it in six months.

And, for the microbusiness owner, that six-month window can be the difference between victory and defeat. Between success and throwing in the towel.

Ok, but my friends are my peers. So, what’s the difference?

If you are lucky enough to have a circle of friends who are also microbusiness owners, that’s awesome! And maybe not. The key difference between a group of friends and a business mastermind group is what you receive from the relationship:

• Will your group of friends push you to grow?
• Will your group of friends jump in and give you a nudge when you need it to reach the next level?
• Will your group of friends thoughtfully and carefully answer your burning business questions?
• Will your group of friends hold you accountable, no matter what?

If you want to grow, you need a team that is going to hold you accountable, encourage you while you do the scary things, and help you avoid the potholes they have already navigated. You need a team with different perspectives and different experiences. You need a team filled with members who are invested in their success, and yours.

Is a business mastermind group right for me?

There are so many benefits of joining a mastermind, but a business mastermind group isn’t right for everyone. If your schedule will prevent you from attending the meetings, you shouldn’t join. The magic of masterminds comes from being present during the calls or meetings, so if your schedule precludes you from attending, you won’t reap the benefits.

You also won’t get much value if you are in the wrong mastermind group. Since a mastermind group is your peer-advisory committee, it needs to be filled with your peers. I have participated in multiple mastermind groups, and only one experience wasn’t great: it was a mastermind filled with dudes whose marketing methods went against my core values. In the words of Chuck Woolery, it was not a love connection. Make sure your mastermind group is filled with peers, people whose businesses are similar in size and scope to yours. And there’s a good chance those peers will become your business besties for years to come.

Want to learn the benefits of joining a business mastermind group? Check out this post.

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