10 Reasons Why You Need a Mastermind Group

Jan 11, 2013Work Uncaged

While you’re reading this, I’m at a Mastermind retreat with some amazing people. I can honestly say my interaction with this group has changed my life and my career for the better.


What is a mastermind group?

It’s a group of folks, about 6-10, who gather around a common bond and have strong expertise. These folks are self starters, highly motivated, and go getters.

How do I form a mastermind group?

Glad you asked. My friend Thomas Umstattd formed the one I’m a part of. He thought of the people he knew who had a bent toward entrepreneurialism, had a business bent, and loved words. He asked us each individually. I think the majority of people he asked said yes. In our group we have: an entrepreneur (successful), several novelists, a literary agent, a web guru, a publisher, editors, and a successful web business owner.

When do mastermind groups meet?

We meet about every two weeks using Google hangouts on Google +. The advantage of that is that we can see each other. We meet for a little over an hour and come to each meeting with an agenda item to discuss. We’ve talked about capitalizing on Goodreads, figuring out Amazon for promotion, optimizing Facebook, doing effective book launches, sharing 6-week goals, and managing passive income, to name a few. To schedule meetings, we use Doodle. For minutes, we keep a running document via Google Docs.

Why should you create/join a mastermind group? 10 reasons.

  1. They’re free. It’s not often you can get business and marketing advice for free. And the advice we share with each other is highly valuable.
  2. It takes a village to succeed in any business. Gone are the days of Lone Ranger business folk. We need each other. Often I’ll present a conundrum to the group, thinking I’ve exhausted every way to figure the situation out. Their perspectives are always different and fresh.
  3. You can combine your efforts to bless each other. Many of the masterminds helped me with a recent launch, offering products and services to folks who bought Everything.
  4. We all have blind spots that we simply cannot see on our own. A mastermind group sees your blindspots and helps you navigate around them or overcome them.
  5. Ideas. If you struggle to find creative ideas to boost your business, a collective of 10 people will exponentially add to your idea pot.
  6. They ask great questions and help you see a project from every angle.
  7. They have a wealth of experience to offer when you’re trying something new. This can help you avoid their mistakes.
  8. They provide empathy and support when your business is going through transition. Sometimes all I’ve needed is hearing, “I’ve been there,” or “You’ll get through this.”
  9. Meeting every two weeks and sharing your goals keeps you accountable. We have to give an account of our action items at the beginning of each meeting.
  10. We pray for each other, particularly when things are rough. It’s heartening to receive business advice from someone who is praying for you.

So there you have it. 10 reasons why you should form a mastermind group. I triple dog dare you to start one this month.

Q4u: What would prevent you from being a part of a mastermind group? What benefits are you most interested in?