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How a Mastermind Group Can Transform You and Your Business

Being in business can be very lonely. At the end of the day, the buck stops with you. Who do you turn to when you need to discuss the challenges and successes of the business? If you don’t have anyone, then perhaps it’s time you found a mastermind group. Are you familiar with the term…

Being in business can be very lonely. At the end of the day, the buck stops with you. Who do you turn to when you need to discuss the challenges and successes of the business? If you don’t have anyone, then perhaps it’s time you found a mastermind group.

Are you familiar with the term “mastermind group?” If you’re in business, then you should be, and you should be in one.

I first came across this powerful concept when I read the fantastic book “Think and Grow Rich” by Napolean Hill. This is an old business book which has stood the test of time and is still relevant today, however will appear dated in places. Napolean Hill was a young guy who was given the opportunity to study with millionaire businessman Dale Carnegie. From this book Napolean Hill created a number of principles that, when followed, will change the way you think, act and achieve.

If you are developing your business, then the advantages of being in and having a valuable support network at your fingertips are incalculable. And, this is what a mastermind group is…it’s a network of people with a wide range of experiences, expertise, different ways of looking at problems and resolving them. Bringing these people together and forming a deep, trusting relationship, can be the turning point in your business career.

Furthermore, a strong mastermind group will provide you with both accountability and place to share your successes.  This is invaluable when you’re on a quest to better yourself and generate the results in your business that can be game changers.

Being part of a Mastermind group is not a one-way process. You will also have invaluable experience, expertise and skills. This is what makes the group so powerful.

What to do when you need help…

If you consider business in general, there are a number of functions required to ensure everything operates smoothly. These are production, accounting, finances, administration, sales, marketing and distribution. Some would add IT to this list although this could be sub-section of administration. Most businesses have these functions in some form.

If you are currently suffering a production issue, it is very easy to think that nobody else has this problem. However, one problem is very much like another unless it’s specific to a particular machine or device. Business owners find ways to overcome these challenges. Being part of a mastermind group and presenting this challenge may result in a number of excellent ideas. “Oh, we had a similar problem with our XY machine. We eventually overcame it by doing this…”

Business Mastermind GroupOne of the great advantages of being in a mastermind group is the wealth of problem-solving skills and attitude that “a problem can always be resolved”. Business-owners need to broaden their minds and get outside of their industry more often. This provides them with so much information and possibly a more adaptable attitude to challenges.

When you need help on an issue, there are different ways of seeking advice. It may be a simple phone call to one or more of the group by informal discussion. Or, perhaps you meet one a month and discuss the problem then.

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Where do I find a mastermind group?

Existing groups are out there, and maybe found on the internet. However, I suggest you begin by chatting to friends who are in business and gauge opinion about forming your own mastermind group. Perhaps you need to network more to find a number of individuals that you feel you can bond with.

You can decide whether a formal agreement is required to cover such topics as non-competing, discretion, secrecy, who can be a part of the group. In addition, you may want to agree terms such as how often you meet, how to use each others knowledge etc in the best way. If you value each other and respect people’s time, then you should be able to find a simple mechanism to develop the group.

The mix of the group is key. It may be that you find people who are connected in an industry but don’t compete. Or you find people in different business sectors for a broader view but they have similar business experience.

Be careful adding in new members. A group has to develop a high level of trust. Adding newbies will slow this process down so this should be carefully handled. If you find a valuable resource, then perhaps you could create a second mastermind group to include this person.

It’s also important that every member agrees the agenda of the group. This may be to support, hold accountable and help all members with their business challenges. They also need to be specific about their vision. After all, they become members to achieve success. The idea is that membership will help them achieve their goals. Every member should understand what their desired outcome is and be able to express it to the group. By understanding what each other requires from the group to meet their individual goals, this will help bond the members and push each other to achieve faster.

You need to have a high level of commitment to the mastermind group, otherwise you are a weak link. You can only get out what you put in. Being a strong member will ensure others are willing to go the extra mile for you because of the respect they have for you. Good diary planning is therefore essential and you should ensure the group receives priority over most other appointments in your diary.

I highly recommend you consider forming or joining a mastermind group. It could be the turning point for you and your business. As leading personal development and business guru Tony Robins says “it’s in the moment of your decision that your destiny is shaped.

Good luck!

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