Is a Mastermind group right for your business?

When I launched Acuity Path in 2020, I launched with the idea that Mastermind groups would be the foundation of my business. A way I could help thousands of entrepreneurs a year.

I didn’t call them mastermind groups; however, I called them accountability groups. Regardless of what I call them, a mastermind group can be a great addition to your business.

In this blog, I will share what a mastermind is and help you determine if a mastermind is right for your business.

What is a mastermind?

In his book “Think and Grow Rich,” Napoleon Hill was the first to introduce the idea of mastermind groups. Hill believed that a group of people coming together with a common purpose could create more than a person could on their own.

Masterminds can be formed around personal development, a creative project, or any number of ideas. However, I focus on the use of a mastermind for business.

In business, a mastermind is often a small group of people who come together regularly to help each other achieve their professional and personal goals. They share ideas, insights, and experiences and provide feedback, support, and accountability.

Because each member has a different background and experience, the group provides different perspectives and knowledge that can give a member a business advantage.

Usually, a mastermind meets regularly and can include activities such as accountability checks, brainstorming, and goal setting. Many include celebrating member successes and encouraging members to get help with challenges and feedback. You will find that this is how Acuity Path structured our groups. We start with wins, do an accountability check, and then open the meeting up for members to get help with challenges, ask questions, or seek feedback.

We share some good laughs and virtual high-fives in almost all meetings. We have also shared pain and offered support when needed. My mastermind groups are something I’m proud of.

Is a Mastermind group right for you?

Mastermind groups are worth it but are not suitable for everyone.

If you are a business owner with a growth mindset and want to uplevel your business and yourself, then yes, I think a mastermind group is for you. The group will help you think bigger and reach your goals.

With a mastermind group, you will have the other members’ experience, insight, and support. They can help you solve problems faster and avoid mistakes. The accountability will help you stay motivated to stay on track with your goals, and when you are developing new material, the group can provide feedback and even help you brainstorm. This group may be able to help you in ways you could never imagine.

However, if you are looking for more of a social group or don’t want to be held accountable or receive feedback, then a mastermind group is not for you.

How a mastermind is different from coaching or a course.

If you have never been part of a mastermind group, you might wonder how they differ from coaching or a course.

Let me explain the difference. A course or program is educational. It has a path, and you follow the curriculum sequentially. Courses are usually predefined with no personalization. Mastermind groups do not follow a pre-defined path. They have a structure, but what happens within a group is unique to the members and their challenges.

Coaching is either in one-to-one or small-group settings. Usually, a specific goal is in mind when you start working with a coach. You work with the coach to create a specific transformation in your business or yourself. The work is very individualized. Often, coaching is done in a container with a particular number of hours or sessions. When the work is done, you choose another specific outcome or complete the coaching agreement.

Masterminds are often ongoing. Your goals can change as your time needs and priorities change.

Masterminds do not replace coaching or courses. There may be times when you need a coach and/or a mastermind group, and other times when a mastermind is all you need. It’s important to consider your needs and pick the solution to meet your goals.

How to find a mastermind group that is right for you.

I am not the only one who facilitates mastermind groups. There are many groups out there. Some groups are even free.

But not all groups are the same. Therefore, it’s important to look for what will fit you. To find a fit, think about what you want and need, and then start looking around.

Consider the following when considering if a mastermind is for you and the group is the right fit:

Commitment: how often does the group meet? How and for how long? Do they have a minimum commitment period? Once you know all this, ensure you can commit to the time.
What do they do at the meetings? How often will you get to request help? If you are in a group where you only get to bring your challenges to the group once every few months, that may not give you the support you need.
Are you willing to share? Mastermind groups work because members are willing to help each other. Be sure that you are comfortable sharing your ideas and receiving advice.
Are you willing to be held accountable and grow? You may think this answer is an obvious yes, but not all entrepreneurs are willing to be held accountable or ready to learn from others. Be honest with yourself before you commit to a group.
Look at the facilitator. Do you respect them? Can they control a room? Have they had training?
Who is in the room? Is the people in the room the right fit for you? Can you learn and grow from those in the room?

If you determine a mastermind group is right for you, find your group and commit! You will be glad you did!

Deliberately seek the company of people who influence you to think and act on building thelife you desire.
Napoleon Hill

Let’s stay connected. I offer monthly tips to help you with productivity and self-leadership.

Want to learn more about how I can help? I offer a free 30-minute strategy session. Book HERE