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Why are masterminds so important and how do they add value?

We all know, Entrepreneurship can be a terrifying and an unchartered journey. It becomes a whirlwind where you feel everything doesn’t work out as you would like it to be. I have heard of so many people who often feel like they are running a race that nobody else even knows is happening.

Without a doubt, everyone wants to be successful in their business journey and along the journey one is sure to encounter roadblocks. Napoleon Hill’s book “Think and Grow Rich” highlights how successful entrepreneurs achieved their success, and you will discover that majority of them – if not all – rode on the back of business mentors who have walked alongside them and played a role in their fame.

Now let us explore. What does a mastermind mean?

A mastermind is a small supportive group of entrepreneurs – usually between four to 10 people – with similar business objectives. It tests people to raise the bar by inspiring and motivating each other to create and implement goals, and support each other with total honesty, respect, and compassion. Here are a group of think-tanks that understand the entrepreneurial journey as well as know what it takes to make choices that impact a business. It is similar to mentoring, but has different components. They are a haven for aspiring entrepreneurs and a platform for connecting with other like-minded people.

why are masterminds important

A Mastermind Group

One more thing about masterminds…Why join a mastermind group?

Ask anyone at the highest levels of success, and they’ll tell you they didn’t do it alone. Masterminds help you overcome many business challenges through sharing. Many top athletes, entertainers and business people had excellent mentors to show them the way. Henry Ford whipped poverty, illiteracy, and ignorance by allying himself with great minds, Andrew Carnegie attributed his entire fortune to his mastermind group. The group gives you the opportunity to face challenges through a brainstorming session where each participant brainstorm on ideas based on past experiences.

Mastermind groups provide incredible benefits to business leaders who attend them. By associating with other founders and experts, you get help with your most stubborn problems, hold yourself accountable to your peers, and take inspiration from the success and struggles of others.

A Mastermind Group is not a Networking Group or a Meetup Club – it is for individuals who are serious about growing their business and who have the grit and discipline to follow through. Mastermind groups are there to help you solve your problems, not to pitch for new clients. If people think you’re there to source clients, they won’t engage with you. But they’d be happy to open up about their struggles they face if you provide context from your own experiences.

Another huge benefit is that, Mastermind groups allows you to share your collective experiences and wisdom to help each other problem-solve collectively. When something doesn’t work, your mastermind colleagues will hold you accountable encouraging you then allow you to succumb to setbacks.

A person who joins a Mastermind Group is pretty determined and aims to make the most of his or her experience. Most high achievers and passionate people would join such a group — meaning people who are aware of their time and energy. Those people commit to their groups to contribute. People expect you to engage with them and support them, therefore a level of commitment is the key focus of a Mastermind Group.

Since masterminds requires that you meet with other people regularly, you get to develop and grow your people skills. The digital age and the pandemic has reduced the opportunity to connect socially.

People are a great asset to any business. There needs to be a working environment that allows people to contribute their ideas in alignment with organizational needs.

Final thoughts

The “Mastermind” industry is at record highs due to the value it adds. The benefits above are why the concept and practice of masterminds are increasing in many parts of the world. It has truly grown in an unprecedented way. Participants, in their own words credit their success due to their Mastermind groups. The great Jim Rohn said it best, “You are the average of the five people you spend the most time with”. This is no doubt the very foundation of what a mastermind group is.

There are many anecdotal evidence and stories that show how such communities have improved the lives of many professionals and entrepreneurs. Consider joining or even forming your own Mastermind group. You not only help others to improve the quality of their lives, you get to create transformational experiences and tap into a rare form of collective wisdom.

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