GB Ep 21: The Benefits of Joining a Mastermind Group

Startup Stock PhotosAre you thinking about joining or starting your own mastermind group? Today on Growth Bites we’re talking about how you can benefit from  joining an entrepreneurs forum, organization or other group to get professional feedback and guidance. A mastermind group is also a great way to hold yourself accountable to your goals and progress.

  • A mastermind is a group of people from various professions that serve as your own little board of directors. [01:30]
  • It’s difficult to go to friends and talk about your business as an entrepreneur. Meanwhile, like-minded individuals with similar experiences will have more relevant and helpful advice. [01:58]
  • An entrepreneurs organization allows you to join a forum of a group of people from different businesses who are successful and can offer advice. [02:40]
  • I formed an Internet Marketing Mastermind with people I respect and think I can learn from. We have a specific agenda and talk about the things we promised to do the month before like increase revenues by 10%. [03:37]
  • A mastermind group can help keep you accountability and discuss any struggles or big wins. [04:08]
  • Have a moderator to keep things organize and set a criteria for who gets placed into the group. [04:51]
  • Set ground rules for your meetings so everyone stays respectful of each other’s time. For example, if you’re late, you might get penalized for $100. [05:10]
  • To find an entrepreneur’s group, try EO, YPO, World’s Presidents, or Vistage to start. [06:02]
  • Use a platform like MeetUp to form your own group. [06:26]
  • Many mastermind groups are free, but you could pay up to $25,000 a year just to be in it. They have their merits, but as long as you have a group of people you respect, you can do it for free. [06:51]

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