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What is a Mastermind Group?

Alicia Vasquez
Sep 10, 2020 9:00:00 AM

Things have shifted considerably since the start of the pandemic. I don't need to get into the specifics; things have changed. 

We've all faced challenges, and so have our businesses. We've had to pivot, and I’ve seen first hand how powerful a community can be.

Business leaders are having to come up with ways to get more creative during this time of turbulence. One of the ways to overcome adversity is with the help and collaboration of peers inside a mastermind group. 

What is a mastermind group?

Depending on who you ask, the answers may differ. Mastermind groups are typically groups of 8-20 people who meet regularly to discuss a particular challenge or opportunity they face while tapping into the opportunity to collaborate and learn from other people who are also doing incredible things. 

Typically, mastermind groups are an excellent way for individuals to get a sense of community during entrepreneurship. They say that entrepreneurship can be a lonely thing. That can often be the case unless you position yourself up for a new wave of entrepreneurship that thrives on collaboration. Building a positive community to support each other to grow better together can make all the difference. 

I like how Philip VanDusen, branding expert, sums up the definition of mastermind groups in one of his videos:

“It’s a combination of brainstorming, education, peer accountability, support, inspiration and networking, all wrap up into one”. 

 

Types of Mastermind Groups:

Group Coaching: 

Group coaching has a structure where a central coach conducts the mastermind sessions. The person filling this role is responsible for providing value to the other members of the group. 

Business Mastermind Groups: 

These groups are typically oriented in the theme of business and entrepreneurship. Recently there has been an increasing number of mastermind groups related to stock investing. Depending on your desired outcome, business mastermind groups range in topic and frequency. 

Personal Mastermind Groups: 

This type of group is ideal when someone is looking for a personal growth experience or is hoping to find a community of people to serve as accountability partners in their lives. Personal mastermind groups can turn out to be rewarding for people who need support in relationships, addiction, or simply peers to geek out over your favorite game. 

Executive Board Group: 

An executive board mastermind group is a group filled with executives that you can lean to for a pseudo-board when facing difficult decisions in your company or your professional roles.  

There are other types of mastermind groups out there other than the four mentioned above. If you’re looking for the right mastermind group for you, feel free to reach out to us, we’re happy to connect you with one of our advisors and help you find a group that’s best suited for your growth goals. 

How to be successful in a Mastermind Group?

If you made up your mind to invest in a mastermind group, you're probably wondering how to make the most out of the experience. Here are 3 tips for new mastermind group members:

  1. Prepare. All mastermind groups have some sort of hot seat where you're able to talk about a problem you're facing and gather others' input. I know you're currently experiencing more than one tension but choose the one that could drive the most impact. What is the one obstacle that you're scared of? After selecting it, prepare what you're going to say to the group and practice. 
  2. Get specific. When asking others for their point of view, ask particular questions, so you get actionable advice. Also, do your best to get everyone's opinion; this way, you get different points of view from which to consider potential solutions. 
  3. Hold yourself accountable. Share your next actions with your peers so they can keep track of your progress. Ask for their opinions on your next actions, determine a plan of action, and do it. This is the only way you'll make this experience worth your investment. 

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How often do Mastermind Groups meet?

No mastermind group is the same, so you are bound to find different options from weekly to every other month. This element is more important than you may think, so give it some thought before committing to these groups. 

I recommend to go over your schedule and get a sense of what would be feasible for your particular circumstance. For me, weekly would be overkill, but monthly would hit that sweet spot. 

It's also important to keep in mind the purpose of the mastermind group you're looking to join. Are you developing a project where you need constant coaching, then hey, weekly could be right for you. But if you're a CEO looking to broaden your perspective, you probably won't need to meet that often.

Aim to find a time frame that allows you to keep up with what you've got going on while keeping you accountable.

Should I go to the Mastermind Group retreats?

I like to think of mastermind group retreats as the next evolution of a mastermind group, the Charizard to your Charmander if you will. These retreats are events attended by a selected amount of people that often have come out of a joint mastermind group. 

So they're like a business conference? Not quite. Although there can be a guest speaker invited, these retreats are more for the attendees to take a step back to evaluate and work on their big picture.

Why should I do it if I am already in a mastermind group? 

If you've been participating in an online mastermind group, then meeting people in real life will deepen your connection. I think that before 2020 we took for granted face-to-face interactions, and now we're rediscovering it as we start to settle into the "new normal."

If you feel like you often get caught up in the day to day hassle and find yourself always putting off strategizing for the bigger picture, I would highly recommend you consider attending a mastermind group retreat. It would allow you to take time away, have collective conversations, nurture your network, and get specific on how you want to grow your career or business. 

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Should you create your own Mastermind Group?

I'm not here to tell you what you should or shouldn't do. You can do anything you want, and I'm here for it. I just want you to have all the information you need before jumping into a new endeavor. 

Developing your mastermind group has its appeal in determining the focus of the meetings and the profile of the group members. Creating a place where like minded people can make connections and grow from them is a great place to start a project.

Here are some things to keep in mind and questions to ask yourself when considering creating a successful mastermind group:

  1. Determine the style of your meetups. Are you doing a free or paid mastermind group? Is it going to be only for entrepreneur types or can any professional attend? Are you looking for a small group? Do you have an overarching mastermind concept? Are you exclusively having virtual meetings? 
  2. Develop a mastermind program. How will you structure the mastermind meeting agenda? Are you going to have guest speakers or are you focusing on finding the right facilitator? Will you develop a questionnaire for every mastermind member to determine the similar goals?

Developing a mastermind group is no easy task. If you're a business owner, you probably don't have the time to be looking into all of the details, but you can start by inviting some local people to have casual meetings about business and see how it goes from there. 

Why did GGI create a mastermind group series?

We believe in continually building a growth collective, in the importance of understanding that people go further together. We are not a traditional agency. We thrive on collaboration vs. competition. With our unique value model, we can bring a personalized growth experience that professionals, CEO's and people passionate about growth can access from the comfort of their next adventure. 

We set out to create an ecosystem that inspired leaders to collaborate in ways unlike ever before. We invite you to challenge yourself to embrace this new normal. We challenge you to be part of tomorrow's leaders and take a seat at the table in the room where the magic happens. 

At GGI we bring you industry leaders across some of the world's most compelling companies to give you a Growth Mastermind Group session that will leave you feeling fulfilled, challenged, and in a position where you've already begun taking action in your business. Join a group of professionals who made the  commitment to grow in a way that fosters accountability and excellence. Reach out to speak with one of our growth advisors to learn more today!

None of us is as smart as all of us.” — Ken Blanchard

 

Did this answer your questions?

Leave a comment below with your thoughts, questions, and expert tips. 

I'd love the opportunity to connect with you via Zoom video to talk about what's working well at your company relating to growth for sales, marketing, service, people and technology. 

Help me find my "WOW" 

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