In a mastermind group, members pool their knowledge, experience, skills, and network to support and encourage each other to achieve their goals.

The combination of skills, knowledge, and experience can provide you with what you need to succeed personally and professionally, with a team of like-minded individuals cheering for each other. Whether you participate in a mastermind for personal or professional growth, you'll reap positive benefits.

5 Benefits of a Mastermind Group

While there are many benefits to being a part of a mastermind group, here are the top five:

1. Valuable Feedback

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Collaborating with a group of peers with diverse experiences, knowledge, and skill sets can provide feedback from perspectives you haven't considered. A mastermind group intends to support one another, so you can be confident that the feedback you get will help, not harm you.

Working on your goals can sometimes feel isolating. Sometimes we're afraid to share our goals because we don't want others to judge us. The feedback that is well-intended, well-informed, and well-timed can allow you to adjust your process quicker than you could by yourself.

2. Receive New Insights and Ideas

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As a member of a mastermind group, you can ask the group for help brainstorming ideas, including the solution to a problem you've encountered. You can leverage the collective brain power of the group to see situations in a new way that points to a clear path to the solution.

3. Expand Your Network and Create New Opportunities

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Collaboration is a critical element of a mastermind group. You may partner with someone in the group who is a perfect fit to work on a project, or a group member may know someone you would work well with.

Being part of a mastermind allows you to expand your network to that of the group members. Reciprocity in a mastermind group is vital to its success, so you want to ensure that you're giving as much as you're taking.

4. Quickens Growth and Provides Accountability

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Masterminds meetings usually conclude with members sharing what they hope to accomplish by the next meeting. At the next meeting, each member shares their progress with the group. If there isn't any progress to report, the member will have to share where they got stuck, and the group will offer suggestions.

Accountability is an excellent way to motivate yourself to accomplish daily tasks and continue learning to develop your growth. You're more likely to achieve your targets when you make conscious commitments to people you respect. If you manage a remote team that works remotely, you may be interested in learning ways to improve accountability on your remote team.

5. Develop Positive Habits

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While participating in a mastermind group, you can learn new habits by observing how fellow members act, think, and speak. You can get valuable learning opportunities from watching your colleagues and their experiences.

One of the skills you will master as a participant in a mastermind group is giving and sharing feedback, which can be helpful if you're in a management position or aspire to be.

Steps to Creating a Mastermind Group

If you're considering starting a mastermind group, here are the steps you can take to create one:

1. Solidify the Intention of the Group

The first step in creating a mastermind group is to determine the primary intention of the group. What will be the common denominator of the members of the group? What is the purpose of the group? The answers to these questions will help determine who you'll invite to participate.

In most groups, members focus on a broad area in which they want to improve. Some masterminds focus on business startups, others focus on the needs of corporate executives, and there are also parenting masterminds. The areas of focus for a mastermind group are endless.

2. Choose a Platform

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Mastermind groups can meet in person or virtually. With many people strapped for time and traffic becoming an issue in most cities, groups are increasingly choosing to meet virtually by Zoom, Google Meet, or another virtual meeting platform, including conference calls or messaging services.

Before solidifying your choice of platform, you should ensure that all members are comfortable with the option to guarantee full participation. It would help if you also had a backup in case service isn't available due to technical issues. If you're researching platforms, you may have heard about GroupRoom; you can learn what GroupRoom is and find out if it's better than other video chat platforms.

3. Find Group Members

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The ideal size of your mastermind should be 4-6 people. Keeping the group small provides allows each member to have time to share at each meeting. Seek people that have the following:

  • Kindred ethics, values, and beliefs
  • Similar experience levels
  • A kindred desire for achievement and ambition levels

4. Establish Group Rules

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To ensure everyone feels comfortable sharing in the group, you may ask members of the group to sign a non-disclosure form. If your mastermind has a business focus, you may have a rule about not having people from the same industry in the mastermind group, so you don't have to deal with competitors at the table.

Some mastermind groups have rules about how many meetings a member can miss before removal from the group. Groups establish other rules, including muting your phone during meetings, no interruptions, and being willing to accept constructive feedback.

5. Determine How Often You'll Meet

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You'll have to decide how often you want the group to meet. Will the meetings take place monthly, bi-weekly, or every week? You'll also have to set the meeting time and establish how long each session will be.

It may be helpful to establish a schedule for the quarter or the next six months, so members can add it to their calendars and avoid scheduling conflicts. Keeping the day and time consistent helps to ensure members remember to include it in their calendars and won't forget about the meeting.

If you're looking for a tool to find dates that work for everyone, you may want to check out the best free meeting scheduling apps to find a common time slot.

6. Set a Time Limit

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One of the primary reasons for keeping the mastermind group small is that most meetings have each member get a chance in the hot seat at each meeting. The hot seat is an opportunity to share your wins, challenges, and updates on your commitments from the last meeting.

To set your time limit, you'll have to decide how much time each member gets to share their progress. Once you select a time limit, you'll want to make sure you abide by it, or group members may get frustrated and stop attending because they don't feel the meetings are a good use of their time. To avoid this, you may want to check some tips on how to run a productive virtual meeting.

7. Choose a Meeting Structure

Having a structure can help meetings run smoothly and on time. Once you set the format, communicate it to all group members.

You can choose to rotate the hot seat, so each person gets more attention when it's their turn, or you can decide that everyone gets a chance at every meeting. The goal is to have a structure that provides the most value to all the group members.

8. Begin Your Mastermind

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Once you've found your group members, set the rules, established the schedule, and determined how and when the group will meet, the next step is to get started and have your first meeting. After your first meeting, you'll wonder why you waited so long to create one!

Are You Ready to Be a Part of a Mastermind?

If you're ready to work on your goals with a team of people working on their own goals and willing to collaborate and support one another, then it may be time to be a part of a mastermind. You can start your own, or you can join an existing group.

The critical thing to remember is that you want to align with like-minded individuals willing to support and encourage you to pursue your goals while you do the same. Some apps can help you run your meetings effectively and efficiently if you're hosting them virtually or in person.