What a Business Mastermind Can Do for Your Success

by Melanie Benson

A mastermind is a group of highly motivated people who share common goals. And for most entrepreneurs, you might not realize how valuable it is to your success as a business owner until you’ve been in a really good group.

Mastermind is a term that’s been stretched and watered down by many marketers over the last 10 years. Traditionally, a powerful mastermind would be made up of peers who come together to support each other’s success in business. But self-run groups can quickly fall into peril as the individuals get busy with their own lives. Today coach-facilitated masterminds have become a powerful support system. A good group like this is not the same as a lecture-type mastermind where one “guru” shares their message repeatedly. Nor is it a huge event with lots of speakers. The best groups are shaped by the facilitator and require an application.

I’ve been in and facilitated mastermind groups for over 22 years now. I can’t imagine trying to grow my small business without being constantly challenged to be the best version of myself through my mastermind partners.

There is something magical that happens in a mastermind group (at least the way I run them) that just doesn’t happen when an entrepreneur is on their own. It’s even difficult to access private coaching. Think of it as “collective wisdom meets a flood of new opportunities.”

Napoleon Hill in Think & Grow Rich talks about the ability to access a “third mind.” The energy created in a mastermind is a lot like a think tank with soul and deep-felt connection – the synergy of different ideas, experiences, business models and knowledge comes together to create an out-of-the-box idea you just can’t connect to on your own.

I’ve witnessed this collective wisdom unleashing a brilliant idea as I watch my members in action: one person shares, another builds on top of it, then as the coach I swoop in and put a structure around the idea so the member can be in action.

In my own personal mastermind experiences, I’ve uncovered gems around marketing, leadership, and client fulfillment that I never knew existed. I was able to tap into a wealth of marketing experience that would have taken me 20 years or more to uncover on my own.

So why should an entrepreneur with so little time invest in a mastermind? Let’s just say it’s one of the most powerful results accelerators I’ve ever found. Here are a few of the outcomes you would expect from a good mastermind group:

1. Mastermind partners often see the opportunities that are in your blind spot. Something you’ve dismissed a thousand times the mastermind will present to you in a way that you see the million dollar pay off right in front of you.
2. Masterminds are like new business epicenters. Often deals come together quickly because the people in the group are exposed to your superpowers in a safe, non-sales environment.
3. The relationship bond opens doors fast. Lifelong friendships, powerful strategic alliances, and access to privileged industry secrets – it all comes pouring out.
4. It’s an idea incubator. Before you launch that next great idea, running it by your mastermind can help you flush out issues and work out kinks without the costly launch mistakes hitting your bank account.
5. Accountability is paramount. The cherry on top is you know you can’t play small because your mastermind partners are holding you accountable – they are challenging you to play bigger and get outside your comfort zone.
6. A mastermind should challenge you while making you feel unstoppable. The right group will often feel slightly intimidating as you should be surrounded by people who are up to amazing things. But as the bond grows, you should feel that they’ve got your back and you can talk about anything you are facing.

Ultimately, the right mastermind group for you should inspire you to play a bigger game, will help you access new possibilities, and help you shake that isolation feeling that most business leaders feel.