Dr. Bill Dyment- February 19, 2014
In May, 2013, I formed a mastermind group of six with the help of my colleague and friend, Trent Adams. It is not an exaggeration to say it was the best business decision made all year. Not only have we dissected each of our businesses in a grueling but highly-rewarding fashion that would make the Shark Tank venture capitalists proud, we have laughed together, challenged, and been there for each other through personal and business changes, crises, and triumphs.
Our rules were fairly simple: Each person committed for three months to meeting for 90 minutes every Wednesday before work and 80% attendance was required, no exceptions. To our delight, it worked and all agreed to continue for at least a year. Today, we routinely turn down requests to join our group as word has gotten around that we have a good thing going. Truly, we all feel as if our investment of time has become an almost unfair business advantage. What’s more, it has been a commitment to myself and my business development, I wish I had implemented years ago. This post is designed to explain a bit more about mastermind groups, in general, to help you decide if joining or starting one is right for you too.
If you haven’t heard much about mastermind groups yet, you will. Thanks, in part, to the praise they have been receiving from some of the top business podcasters, they are springing up everywhere these days. Mastermind groups are usually limited to a maximum of 8-10 people. While not a new phenomenon—Ben Franklin was in a Philadelphia group he called the “junto” (latin for “meeting”) for 37 years, they are experiencing a fresh, 21st century resurgence. Some take place in-person, others are made possible by fast web-based video and cheap phone connections. All are fueled by a growing understanding that collaboration with others is the primary way of succeeding in today’s interdependent marketplace.
Loosely defined, mastermind groups are any gathering of individuals who meet virtually or face-to-face to share ideas, encouragement and accountability. That is where the similarities end. Mastermind groups can take many forms and serve a multitude of purposes.
Some meet to discuss broad business strategies, goals and development, for example, the challenges of running a small business or working in a traditional corporate environment. Others groups are more “laser-focused” limiting participants and discussion to a certain field- a group of H.R. professionals, investment bankers, or independent authors, etc. Still others form around a mentor-leader and exist to help participants develop a targeted skill like becoming a paid speaker, achieving a fitness goal, or finding a new job. Lastly, some assist others in a more formalized group coaching capacity, be it “life coaching,” a more general approach or executive leadership coaching, somewhat more specific.
Who is the best fit for a mastermind group?
“Solopreneurs” and corporate leaders “on the move” are especially drawn to mastermind groups. Many well-known entrepreneurs report being a part of two or three at the same time, each for a different career development purpose. It is not hard to see the immediate appeal of mastermind groups for those who work, at least part of the time, in their own business, hope to launch such a venture soon, or want to quickly move up the corporate ladder. Mastermind groups provide a clearer focus, powerful accountability, and better strategies. For many, these benefits can easily add more than $10,000 to one’s income in a given year, as they did for me, something most people in business for themselves immediately grasp. The trick is finding the right group for your goals.
For those individuals who work in a traditional job or are not seeking to start their own business, big or small, the answer to should you join a mastermind group is, “It depends.” Not everyone desires the assistance of others with maintaining excellence and constant improvement. For those who are content with their jobs, busy with family, and not planning to push through a barrier to achieve much more, a mastermind group may not be a fit. That said, we have found a number of people who are not in business for themselves who wish to speed up their knowledge about what they will do in the future. Some hope to launch a small internet business they can expand later in retirement, others need accountability and a road map for a desired book, career transition or health goal.
Much more could be said about mastermind groups but, for now, we hope we have got you thinking about your own needs and piqued your interest a bit about joining or starting a group yourself. If we can answer any questions or you are interested in joining a virtual group we are considering this spring, please let us know. Next time we will share some tips about successfully launching a mastermind group, suggested group formats, and useful curriculum and resources. Stay tuned!
–Dr. Bill