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Mastermind Groups Explained

Mastermind Groups Explained


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The mastermind concept has been around for a long time. Many entrepreneurs will make references to being part of a mastermind group and credit the group in many instances for a big part of their success.

The mastermind concept is simple: you gather with like-minded individuals to help motivate and build each other’s businesses. It’s a great tool for really developing a close network of confidants, business mentors and life-long friends.

It’s been said no man is an island, and the mastermind concept really reinforces this. It’s much easier to build a profitable business when you have an army of like-minded individuals behind you than when you go at it alone.

However, not all mastermind groups are created equal, and as you’ll be spending a great deal of time with this group and modelling your business around many of the aspects of it, it’s important to find the right one for you.

Here are a few points to keep in mind before jumping into the mastermind concept.

Find like-minded individuals. This seems like an obvious point but many people get caught up with the mastermind concept and dive into a group that isn’t quite right for them. Take your time finding a group of like-minded individuals.

If you’re looking to build a profitable business, people that are positive and forward thinking will be a better choice than ones that are negative or dwell on what “can’t be done” rather than what can be achieved.

You’ll want to find people who also share similar business values and ethics to your own. If your goal is to build an ethical business which makes the customer the number one priority, then partnering with a group of people who simply want to “get to the top at all costs” is probably not the right choice for you.

Give yourself room to grow. Aim to find a mastermind group of individuals who are already in the place where you want to be. You’ll grow and learn more as an entrepreneur from people who are more successful than you, than by being in a group where you are at the top level.

If your group doesn’t give you the opportunity to grow as an individual or entrepreneur, you may find yourself stuck and not achieving the things you’d like. Find a group of mixed abilities where you can all benefit from each other and grow as entrepreneurs.

Expand your field. Although it can be helpful to mastermind with people in your same field, it can often be more beneficial to have a mixture of different backgrounds. The business principles are often the same even for different markets. You may grow and learn from the strategies used in different markets to your own. At the very least, you may find a fresh perspective and new approach to take within your own marketing.

Have a mixture of different markets within the group also keeps things interesting and progressive. And who knows you may discover a new potential market you’d like to get involved in.

Make sure your success is celebrated. This is perhaps one of the most important aspects of finding the right mastermind group. Often times, people may become jealous or resentful of someone else’s success. The right group will celebrate your successes along with you. Instead of feeling bad because you have achieved something they haven’t, they’ll use you as an example for their own growth and development. In other words, your success will help motivate and push them to work harder – that is what the mastermind concept is truly about.

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