Choosing a Mastermind Group for Business Growth

Is a Mastermind group for Entrepreneurs right for me?

It’s 6:00 am, and as my eyes are slowly opening, I hear the anticipated WhatsApp ping spring to life. It’s my Mastermind peers checking in with bright eyed enthusiasm as a new day begins.

After 29 years in the corporate world, I launched my business with both excitement and uncertainty. As an entrepreneur, I found myself grappling with many questions, a lot of angst and misdirected guidance from well-intentioned people. That was ten years ago, and since then many of my questions have been answered (with new ones forming every day), the angst has subsided, and I found the support I was looking for in mastermind groups with fellow entrepreneurs.

For entrepreneurs who haven’t been in a mastermind or have but it didn’t hit the mark, here are the ins and outs of a business-focused mastermind to help you decide if joining one is what you need to evolve professionally and personally.

Get the creative juices flowing

Masterminds have been described as “engaging a third-greater mind” when minds come together. The creative energy brings new fresh ideas and solutions. We are blinded to fresh ideas when we are trying to solve problems on our own. Where we get stuck, others can see past the hurdle because they are not emotionally wrapped up in the situation.

There are two types of Mastermind:

1. Where a board of advisors focus on an individual’s success
2. Where the group focus is on everyone’s success through group coaching

The masterminds I’ve been involved in are the second type. It’s as though one person’s success drives the rest of the group to achieve success. Perhaps as entrepreneurs, we are competitive yet budding with ideas and connections to make. It also feels magical when we celebrate each other’s success.

Feeling the love

An entrepreneur’s life has its ups and downs. Between balancing home and work life not to mention the COVID curve ball. There are days we feel defeated and off our game. Masterminds give entrepreneurs a place to receive a little TLC (tender loving care) along with a bit of kick in the rear from peers who have faced similar situations. Your peers in the group are there to be your cheerleader and your second sober thought or during these COVID days; they dish out virtual hugs.

Let’s talk about structure

It all depends what you feel is a good level of commitment. Typically groups meet for a couple hours or more weekly or monthly. For entrepreneurs, we are busy yet are reaching out for new ideas, perspectives, and accountability. It’s important to choose a mastermind with a schedule that helps you keep on track.

In the mastermind group I host for entrepreneurs, we meet monthly as a group with individual accountability calls with other members. I find this strikes realistic a balance between work, home life, and getting the support and feedback when it matters.

Size is important

There are so-called mastermind groups with 100’s or even 1,000’s of members, which in my mind, is a good networking group but challenging to create the synergy with true connection and accountability.

Size does matter — it needs to be large enough to gain a variety of perspectives while at the same time, small enough to talk about individual wins and challenges.

I find the best balance is a group with 8–10 entrepreneurs who all bring their unique situations, struggles and aspirations to the zoom room.

Is a mastermind right for me?

In a small and intimate group of 8–10 people, it is essential that everyone is on the same page. This means:

• The group focus meets each of the members’ needs and objectives.
• Each member is 100% committed to attending and participating.
• Everyone is invested in developing and enriching the relationships in the group.
• You are coachable, meaning you are open to receiving ideas and advice.
• All members challenge one another to set audacious goals and, more importantly, to accomplish them.

To Pay or Not to Pay?

When it comes to developing as an entrepreneur and growing your business, the adage “you get what you pay for” rings true with masterminds.

You can quickly round up a few friends or colleagues and form a mastermind group, but without a dedicated facilitator, these tend to fizzle out over time. That is not to say there is anything wrong with a less formal structure of getting together to help people deal with immediate challenges.

When people pay to belong to a mastermind group, they are investing in themselves and their business. The level of commitment and accountability goes up dramatically when there is skin in the game.

Instead of asking the question “Should I join a mastermind group?” a better question is:

“What will I have to accomplish over this year to be able to look at this investment as a drop in the bucket compared to the value I will receive from these success-driven entrepreneurs?”

I would suggest that you decide based on a stretch financial goal. For instance, let’s say you have a financial goal to increase your gross revenue by $100,000 over the next year. You are looking at two mastermind groups; one is $50/month, and the other is $500/month.

Ask yourself these questions:

1. How committed will I be investing $600/year versus $6000 per year?
2. How committed will everyone in the group be?
3. Will I consider $6000 a year a “drop in the bucket” if I meet my $100,000 goal?
4. What level of business savvy will I receive from each of these groups?

You need to look at your reality of where you are financially right now, where you want to be a year from now and determine what kind of support you need to help you achieve that goal. And no, I don’t think it’s wise to spend $500/month if you are worried about putting food on your family table or wondering if the power will be turned off.

Strong Leader = Group Success

Although all Mastermind members participate and have a role to play during the meetings, successful masterminds have a facilitator who is a strong leader — a facilitator who has the skills to encourage members to take a deep dive into the discussions.

This is an important consideration when choosing to invest in a Mastermind. Questions to ask the coordinator (who typically is the facilitator) are:

1. What skills and competency do they have?
2. Have they had prior mastermind experience?
3. Are they currently in a mastermind group?

These are key questions to help you consider if a particular group is the right one for you. A skilled facilitator is a catalyst for building the synergy of the group. If the facilitator is skilled in the areas you wish to improve or learn, you’re in the right place. Notice if the facilitator is “walking their talk” in terms of their own personal and professional development and success.

Closing my morning

It’s 7:00 am, and I’ve completed my daily mastermind “Power Hour.” This daily activity that some of the members of my Mastermind committed to undertake to help jump-start our day. It consists of 20 minutes of cardio, 20 minutes of personal or professional development reading, 20 minutes of meditation/affirmations.

One member shares pictures of his morning hikes, words of encouragement and daily challenges are populating our WhatsApp feed. I chuckle and reflect that there was no bloody way I would have been up at 6:00 am exercising if it were not for my peers in this mastermind group.

About Brenda Hooper

Brenda Hooper is the founder of Discussions By Design Training and Coaching Services. As a certified Executive and Business Coach, and a Dispute Resolution Professional, she helps business owners and leaders develop their leadership, communication, and conflict management skills. For the past eight years, Brenda has been a member of various mastermind groups with a focus ranging from personal health to business development and growth.

Follow Brenda on the Discussions by Design Linkedin page.