How a Solid Mastermind Group Can Lead to Success

Sep 3, 2015 | The ONE Thing | 0 comments


Two minds are better than one.

If having another perspective is better, wouldn’t it be best to go even further down that line of thought and bring more minds into your business discussions? We’re not suggesting creating a mob mentality, but rather an exclusive assembly of thinkers that work together in a “mastermind” group.

The concept of a mastermind is based on harnessing the power of a collective, where a small group of complimentary businesspeople meet up on a regular basis to find solutions and offer advice on how to handle various life and work situations. Mastermind group members often find that this peer support and insight is the catalyst needed to take their careers to the next level.

There’s a lot to gain from a productive mastermind group. A study conducted in 2000 for the National Bureau of Economic Research looked closely at group decision making. The researchers found that group decisions were consistently better than those made by individuals. And the groups made decisions just as quickly as individuals

If you have complicated career decisions to make, a mastermind group could be the ONE Thing to help you sort out the best possible solutions.

They Provide Support & Reassurance

The collaborative nature of mastermind groups can sometimes feel foreign to sole proprietors that are used to being at the top of the totem pole. But taking a step back to get the perspective of peer business advisors can feel like a breath of fresh air. Going at it alone is rarely the most productive and efficient route. Most of the time it’s downright exhausting and fraught with uncertainty. Mastermind groups provide reassurance that you’re making sound decisions and covering all of your bases before making an important move.

They Harbor Big Thinking

We should never be afraid to go big, and big thinking is exactly what a mastermind group will help you develop. Members will push each other to try new strategies, as well as go outside of their comfort zones and think more creatively. They’ll support your aspirations and help you line up the dominos for bigger results.

It’s a Priceless Experience

Mastermind group members have valuable business and life experience that can help you save time, money and aggravation. That alone is beneficial enough to consider joining or creating a mastermind group. The value lies in the members, and the most successful mastermind groups are very discerning in who they allow into the fold because the focus is on long-term improvements not quick fixes.

The Characteristics of a Solid Mastermind Group

One key feature of mastermind groups is that they are exclusive. Only a select number of members participate, and not everyone is mastermind material. Here are a few characteristics that mastermind members might share:

  • Members are peers.
  • Members have unique business backgrounds and skillsets.
  • Members are able and willing to put in the time.
  • Members have a mentor mindset.
  • Members are just as eager to provide advice as they are to receive it.
  • Members are positive, problem-solvers.
  • Members are good collaborators.

One of the most valuable aspects of a mastermind group is the feeling of support that it provides. It is essential that everyone trusts and respects one another. Beyond that you have to know what type of mastermind group you want to belong to. Do the group members operate within the same industry or is each person in a different industry? Do members have similar personality types or is there a conscious effort to have a mix of working styles? Typically, the more diverse a mastermind group is the more value each member gets out of the experience.

The mastermind group may be professional in nature, but personal growth is a welcomed side effect. This comes from the close relationships that are cultivated among members. If you are at a place in your career where you are ready to mentor and be mentored, the decision to join a mastermind group is a no-brainer.

Do you belong to a mastermind group? Share your experience and insights with The One Thing’s social media mastermind groups on Facebook and Twitter.