The idea of a mastermind group has been around for a long time. In fact, it was Napoleon Hill who first coined the term “mastermind” in his 1925 book, “Think And Grow Rich.” Masterminds have been used by successful people all over the world, even before they were called that. I’m in a mastermind group right now and I can’t tell you all the ways my participation in the group has changed my life and improved my business. It’s been that kind of benefit to me for a long time, and I can’t believe I’m just now telling you about it. But better late than never, right? So listen as I explain what a mastermind group is, why I’m in one (and a huge fan of them), how it benefits my business, and so much more!
You hear about “masterminds” all the time, but what are they?
A mastermind group in the context that I’m discussing on this episode is a group of professionals who get together on a regular basis to seek and give advice to each other in relation to what each of them is doing in their business. They can be structured in many ways but the main goal is for each member to share their expertise and insight – AND for each member to glean valuable insights from others.
As you might imagine, a mastermind group can become very close relationally speaking, as each member becomes intimately aware of what the others are doing in their businesses and are committed to holding each other accountable for the actions they commit to during the group time. That means you also receive the benefit of friendship and referrals. Listen to learn more and to hear how my mastermind group is structured.
What does a mastermind group look like?
There are no rules about how a mastermind group is structured, but those who have taken part in masterminds for years have learned that without a clear structure everyone will feel their time has been wasted – and the group will be ineffective. In the case of my mastermind group, we meet quarterly – which I really like, and we meet for 3 hours each time.
Here’s what we do each time we meet:
- Each person shares a recent win – 10 to 15 minutes
- Everyone is held accountable for their action items from the last meeting – 10 to 15 minutes
- 6 people are on the “hot seat” and are able to ask for help and advice about a particular situation in their business – 25 minutes
- Everyone in the group shares a final action item they intend to work on before the next meeting
Listen to learn how this meeting agenda helps us stay on track and move our businesses forward.
If you want personal and professional sharpening, a mastermind is for you
It’s hard to build a business by yourself, primarily because every one of us will have blind spots that limit our effectiveness. We need the help and insight of others to keep us on track and moving in the right direction. There is nothing like meeting regularly with a group of people who are also eager to grow and succeed – and who are willing to hold you accountable in firm but loving ways – to put yourself on the fast track to growth.
The opposite is also true: If you are not willing to be honest about your successes and your failures, don’t want others seeing and speaking about what you’re doing in your business, or are unable to receive feedback so that you can grow, you may not want to get into a mastermind group. I, for one, think you’re crazy if that’s how you feel about it, but hey – to each his own!
How do you know who to invite to your mastermind group?
Every mastermind group will have its own unique mix of people – in terms of professions and types of business as well as with a diverse mix of personalities and backgrounds. In my mind, that’s exactly how it needs to be. You don’t want to be in a group with a bunch of people who are just like you and who do exactly what you do. You want varied perspectives to maximize your potential for growth.
When it comes to the type of people you want to involve, my only requirement is that they need to be people you look up to in some way. You want to ensure that the people there are people you want to learn from and people you want to help. When that’s the case, everyone benefits. Listen to learn more. I can’t encourage you enough to get into your own mastermind group as soon as you can.
Outline of this great episode
- [1:32] The launch of the Agent Rise Summit – Oct. 24-25
- [7:10] What does a mastermind group look like?
- [10:02] How a mastermind sharpens you and keeps you on track
- [12:53] The agenda for a powerful mastermind group
- [17:01] Why a mastermind serves entrepreneurs so well
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Resources and Links mentioned in this episode
- Watch Masterclass “5 Steps To Building An Uncommon Real Estate Career”. It’s free. https://neilmathweg.lpages.co/agent-rise-masterclass/
- To get my listing presentation tips, text “LISTING” to 44222
- Join the Agent Rise Facebook Group (free) at Facebook.com/groups/agentrise
- To learn more about coaching, go to www.neilmathwegcoaching.com
- If you want to see my website as a REALTOR in Madison Wi go to www.neilmathweg.com
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