Mastermind Groups for Entrepreneurs: Why They Work

Mastermind Groups for Entrepreneurs: Why They Work

Almost all small business owners dream of growing their businesses, becoming successful, and making more money. They want to have better clarity of where their business is headed and to make better decisions. This is why Mastermind groups are an important piece of the puzzle for entrepreneurs.

To illustrate this, let’s go down a small (related) rabbit hole…

Have you ever watched a movie and gone, “Wow! How the hell did they create this?”

It’s MIND BLOWING, right? The entertainment industry, and specifically animation, is one of the most fascinating fields when you think about it. The amount of time and effort that goes into it is absolutely phenomenal!

The Rescuers is one amazing animation.

It has a really compelling script, which rescued Disney from its animation doldrums, earning $48 million upon release. It was so good that a few years later it became the first Disney animated film to have a sequel.

From the scripting to the visuals and the emotions displayed, its success made it clear that when great minds come together, even greater things happen. 

Something that most people don’t know is that The Rescuers was actually a product of a mastermind group with ‘9 old men’ hailed as Disney Legends. 

These highly-skilled men brought to Disney a wide variety of talents, ideas, and ambitions which resulted in an animation that is still highly regarded and loved today.

What comes out clearly to me is that Walt Disney strongly believed in the power of working together. In fact, one of his most powerful quotes goes, “Of all the things I’ve done, the most vital is coordinating those who work with me and aiming their efforts at a certain goal.”

6 Reasons Why Mastermind Groups Are So Effective for Entrepreneurs

It’s not a coincidence that many mastermind groups produce Uber-successful people. There’s a lot of value to be gained from being part of a group. 

Like one of our members said once, “It’s fantastic if you work alone to have that resource. It’s a no-brainer for me. I just think it’s a really sensible thing to do.”

 Here are 6 reasons why mastermind groups work:

  1. Challenge
  2. Ideas
  3. Confidence
  4. Collaboration
  5. Accountability and Focus
  6. Support

1. Challenge

There’s a famous concept called body doubling. It has been proven that you are more productive when a person works alongside you, either in person or virtually, as you complete a task you might otherwise neglect.

What comes out clearly is that working with other people can serve as motivation for you to do the tasks you consider hard or impossible.

That’s how mastermind groups work. With other people watching you and your progress, you are able to challenge yourself to do the mundane tasks, and because of this you start to see progress.

Here are two ways that it challenges you:

  • You Feel Inspired

There’s a lot to admire in every mastermind group. You see people making big plans to do something and they actually go after it.

It could be someone in a completely diferent line of work, but seeing someone else accomplish big things challenges you to do the same.

You find yourself asking, “If X can do it, why can’t I?”

  • Constructive Criticism

Sure, you can choose to do everything by yourself and still achieve a lot. But Mastermind groups encourage open and honest feedback. The team members will stop you and push you out of your comfort zone.

They will suggest ways to improve, and this feedback can help members refine their strategies and overcome obstacles.

This way, you are challenged to think bigger and do better. It’s a win-win situation!

2. Ideas

Imagine if Walt Disney had chosen to work alone, and stick to his ideas alone. How long would it take before he ran out of stories to tell? How long before the business started to collapse?

If you look at many success stories, there’s a team behind vouching for consistency and constant improvement. The only way to grow is to work with other people.

For small business owners, we may not always have access to an internal team, and that’s where mastermind groups come in. They give you new ideas to take home and work on. 

Through brainstorming, you will be consistently improving your business, and success will be inevitable.

Like Simon Crisp says, it’s like having a board of directors for your business.

Here’s why you get more ideas in a mastermind group?

  • Diverse Perspectives

A well-set-up mastermind group has individuals from different backgrounds, industries, and experiences. This brings a wealth of knowledge to the group.

This diversity of perspectives brings in a range of ideas and insights that members might not have considered on their own.

  • Collective Intelligence

Mastermind groups leverage collective intelligence.

Mastermind9, for example, boasts of almost 300 years of collective wisdom. With this, you are guaranteed to feel inspired by the ideas, perspectives, and strategies shared.

3. Confidence

I am yet to come across a business owner who has not had a moment of doubt. Times when you think, “Am I really on the right track?”

It goes without saying that confidence is among the major keys to success. So, little by little, you start to gain confidence. And if you believe in yourself, you can easily convince others to believe in you too!

Here’s why a mastermind group helps you to build confidence:

  • Validation of Ideas

In a mastermind group, you’ll have a team of business owners vouching for you and encouraging you. People who look at things from a fresh perspective and give you an actual reason to believe in yourself.

When members of a mastermind group offer constructive feedback and validate the ideas and goals of others, it reinforces the notion that their thoughts and contributions are valuable.

  • Overcoming Limiting Beliefs

How many times have you been caught in the trap of not following through because you don’t think you’re good enough? With a mastermind group, you build your confidence because your team members identify and challenge your limiting beliefs.

With challenged limiting beliefs, your confidence grows, and you are more willing to take risks and explore new possibilities.

4. Collaboration

Collaboration is an extremely powerful tool. If Jan Khoum and Brian Acton had not come together, Whatsapp would not be what it is today. Same for companies like Proctor and Gamble, Facebook, Microsoft, and Apple.

It’s also the same with mastermind groups. You may find someone in the group that is a perfect fit to work on a project with you. Or, you may be the perfect person to help another member as well. 

Here are two ways collaboration is fostered in a mastermind group:

  • Accountability Partnerships

In some mastermind groups, the members are usually paired up randomly as accountability partners. This involves regular check-ins and mutual support to help each other stay on track with your goals.

  • Knowledge and Skill Sharing

In a mastermind group, members often share their expertise and knowledge with others in the group. By exchanging skills and experiences, they strengthen collaboration and facilitate mutual growth.

5. Accountability and Focus

There’s a really funny story that’s been repeatedly told about accountability. Four university students decided to spend the whole night partying even though they knew that they had a test the next day.

In the morning, they came up with a plan to lie to their professor and get out of taking the test. They went to their professor and said they weren’t fit to take the test because they got a flat tire the night before and had spent the entire night pushing the car back to campus.

The teacher agreed to have them resit the test 3 days later.

The four students came back after three days, having read and being confident that they’d do well.

The professor put the students in separate rooms and presented them with the question paper.

It had only 2 questions.

What is your name?    (1 point)

Which tire was flat?     (99 Points)

Front right

Front left

Back right

Back left

Everyone needs some sort of ‘professor’ in their lives. Not necessarily someone with authority over you, but someone who can hold you up to your truth.

Here’s how mastermind groups offer accountability:

  • Collectively as a Group

At the end of each mastermind group session, you will have an action plan, and objectives you need to meet before the next meeting which the Group will hold you to account for.

It takes real discipline to succeed in any endeavour. Being held to account by your mastermind colleagues ensures you maintain the disciplined behaviour necessary to succeed in your business.

  • In Smaller Pairs

As we stated earlier, many mastermind groups adopt smaller accountability groups to help each other chase after goals.

In these smaller groups, you are able to gain a lot from one another by checking in much more often than the bigger group does. This keeps you on your toes.

6. Support

If anyone tells you that business is easy, they’re lying to you.

Between time management, operations, marketing, HR management, and all of the other plates you’ve got to spin, it gets overwhelming, and you need a support system.

This support can take you so much farther than you think. A mastermind group serves as a business support group where you can celebrate and lament about entrepreneurship.

How does this support manifest?

  • Navigating Challenges

Perhaps you have a difficult employee or a legal problem. Chances are that your mastermind colleagues have experienced the same issue. 

You will never be short of alternative suggestions on how to overcome issues. Your mastermind groups will support you both physically in navigating the challenge and emotionally.

  • Encouragement and Motivation

Mastermind groups create a safe and non-judgmental environment where members encourage each other and can be vulnerable without fear of criticism. 

This psychological safety fosters open communication and trust among the group. Additionally, you will develop deep and meaningful friendships over all the business help.

Summary

In conclusion, mastermind groups work because they push you to think in a direction that leads you towards success. It’s much easier to solve a problem when there are people around you who want to see you succeed almost as badly as you do.

The 6 reasons why you should join a mastermind group are:

  1. Challenge
  2. Ideas
  3. Confidence
  4. Collaboration
  5. Accountability and Focus
  6. Support 

We run FREE regular mastermind group taster sessions, and you can book your spot here.

Come and experience what it’s like to be part of a mastermind group. Alternatively, get in touch with us. We can link you to a mastermind member to talk you through Mastermind9 and its benefits.

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