9 Non-Negotiable Reasons Every Entrepreneur Should Join a Mastermind Group
You need to join a mastermind group! You should have even done it yesterday. Yes, time is running out. You want to know why you should join a mastermind group? Fine, I will tell you. But let me ask, have you ever found yourself in a situation you could not think your way out of and your friends had to come through for you?
You have? Great!
This is sort of the same way a mastermind group (or masterminds) works in the most basic sense. It is a collection of smart people who rally themselves as frequently as is necessary to help each other through challenges in their lives and businesses.
As a business owner, masterminds are of immense benefit. You should join a mastermind group because they provide a way for you to tap into other people’s enormous collective intelligence and resources to grow your startup.
Masterminds have existed for a long time; past the time of Napoleon Hill who has largely been credited for coming up with the concept. And yet it is relatively new to most people.
The truth is that no matter how experienced you concerning your industry, you cannot solve all the challenges that come your way. Most of the time two heads (or more in this case) are most definitely better than one.
Any business owner serious about the future of his/her business definitely needs to join a mastermind group. Here are a few reasons why:
- You’ll gain an exclusive and ‘beneficial’ inner circle of people when you join a mastermind group
I am sure all of us – at one point or the other – have had that one friend we wished would just go away. The kind of friend that just wants to chill, go to parties and lie around playing video games.
Such friends – as hurtful as it may sound – make it a point to add nothing to your life. Nothing of benefit I mean.
Members of mastermind groups are the polar opposite of this kind of friend.
People who are members of a mastermind come together because they want more from life than playing video games. So with one foot in the door, you already know that you are dealing with people who have dreams and goals they would like to achieve.
They are a group of like-minded individuals who are willing to use their experience, resources and intellect to help each other be better in the way they approach and solve their individual and business problems.
For example, I wouldn’t have known about the Leibster Award if not that Ikechi, my Aha-Now ‘mastermind’ group member nominated me.
So when you join a mastermind group, it means you have just put yourself and your business in a position to succeed.
2. It will help to keep you accountable
As a CEO, you are the owner of your business and oversee everything that happens within the company, therefore you answer to no one but yourself. This, however, can get real messed up real quick. Being unaccountable can create a false sense of invincibility, hence, setting your business up for a fall.
A mastermind group can ensure you maintain a disciplined behavior that is necessary for you to succeed in your business. For instance, the group can help you come up with a set of objectives to achieve and a deadline to meet said objectives. And they will hold you accountable for your success or failure to meet the objectives.
3. They’ll help you brainstorm and will always offer assistance when needed
Like I said earlier, you cannot solve all business challenges on your own. You are not meant to.
Mastermind group members often come from different cultural backgrounds and have different life and business experiences. This means that more often than not, they will have different ideas on how to tackle a business challenge.
And they will always offer to help.
Pooling together all the ideas they come up with can produce a solution better than anything you would have come up with on your own.
4.You will always be on a mental and psychological high
The idea of the ‘one man entrepreneur’ will almost never survive the ever-increasing brutality and competitiveness of today’s business world. A constant barrage of challenges and obstacles can cause any solo entrepreneur to lose the will to keep pushing.
Having a group that encourages you and rallies to help celebrate your wins gives you the much-needed mental energy/motivation to go on.
5.You’ll get to expand and extend your network
Anybody in business knows how important relationships are. The relationships you forge with those in your network (investors and customers alike) are crucial to the survival of your business.
When you join a mastermind group, you instantly add the members of the group to your network. What’s more, every member of the group will most likely have their own personal network of customers and investors as well. You typically earn those too and so your business network increases exponentially by size and reach.
For instance, check out how Hema Unnoop a member of my Aha-Now ‘mastermind’ group used this round up post to help me grow my network.
So don’t think crab; think octopus.
6.They always watch your back
Have you ever had a friend rebuke you for a behavioral trait you did not even know you had? It happens to the best of us.
For instance, when I was building My Startup CEO and still trying to get things running, guess who had my back? Ikechi Awazie!
Members of your mastermind group will help you to reveal and weed out character traits you possess that are poisonous to yourself and your business.
They create a profile on you and you get to see yourself through their eyes. This way you will see problems that would most likely have remained hidden in times of personal reflection.
7. It helps you to cross promote your products/services
This is one of the greatest ways that you and other members of your mastermind group can benefit from each other.
Let’s say you have a product or service for which you need to create awareness. And your startup marketing campaign is not converting as you want it to. Or maybe the people in your network who have patronized do not constitute enough market share for you to break even. Moreover, trying to steal customers away from the competition is a task daunting enough to discourage even the most driven entrepreneur.
But when you join a mastermind group, this will no longer be a problem. Members of your group can help you to promote your products/services to their respective networks. This will earn you increased market share without having to get in the ring with your competitors.
Introducing My Aha-Now Mastermind Group
I joined aha-now sometime last year. This is a community of bloggers who come together to share ideas and help each other succeed. I may not exactly call it a mastermind group because we don’t meet physically, and we number in hundreds, but I have formed mutually beneficial relationships with some incredible people there over the months.
I remember the first time the blog commenting superstar, and founder of Aha-now, Harleena Singh, visited, commented on, and shared my blog post, I felt so elated. Time will equally fail me to talk about the encouragement I have received from other great people like Ikechi Awazie who inspires people daily through his blog be a light to the world. Or is it Rohan Chaubey, Hema Unnoop of cre8te a positive life, Yvonne Wilson of Empowerment Moments Blog, and Yatin Khulbe of buddytation who have ended up being great friends to me so far.
Others include Rachel Newfire of Dig a little deeper that used her posts to teach me how to come to terms with who I am, overcome procrastination and then aim for success. Donna Merrill, who taught me how to develop a social media campaign. Sonal Talwar of Health Fundaa that taught me how to cultivate healthy habits which helps me to work hard without breaking down. Mi Muba of Be a Money Blogger that taught me a lot on making money from my blog. Andrew Warner of Shades of Info who taught me a whole lot about producing great content. Adrienne Smith that partnered with Harleena Singh to teach me how to become a blog commenting superstar, Enstine Muki that dishes out regular SEO and web traffic tips, Laiza King who I finally met earlier this month, and so many others.
These relationships have helped me in no small way to build a startup that is succeeding. And you can get similar benefits when you join a mastermind group
8. You get to collaborate in business
Members of your group can do more than give you advise or rebuke you when necessary. They are potential business partners or customers as the case may be.
In your mastermind group, you may find someone who is a perfect fit to work on a project with you – or vice versa. Collaborative effort by members of the team will help each one of you achieve more.
9. You’ll gain new business ideas
We can never have too many business ideas (implementing too many is a different story, but still). The process of brainstorming with your group – besides helping you solve your business problems – can yield new business ideas.
Often times these are completely new ideas, a good number of them not even related to your existing business. Just being in the same room with all this brain power can help you come up with new ways to expand your business or to start another entirely unrelated business.
In conclusion, gone were the days when your success in business depended on how wise, financially buoyant, and smart you are. The syllabus has changed. You need to get people involved because the business of the 21st century can not survive beyond a certain level if you run it alone.
Now is the best time to join a mastermind group. And if you have none around, you can form one.
Do you belong to a mastermind group? How long have you been there? In what ways has your business benefited because of this group? Please share your experience in the comment section. And kindly mention/link to one person whose mastermind has been of immense benefit to you this year.
Lastly, don’t forget to share this article to the members of your mastermind group. And kindly subscribe to My Startup CEO’s newsletter to receive regular updates from me.
Long live masterminds!