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The idea of coming together in a small, focused group is not an entirely new concept. Mastermind groups have always existed solely for the purpose of exchanging ideas and are dedicated to mutual growth and building members up. In 1925 Napoleon Hill used the term “Master Mind” in his book ‘The Law of Success’. He pointed out that being a part of a mastermind group was critical to his success. As illustrated by Napoleon, the core value of a mastermind group is the synergy of motivation, idea exchange, energy, commitment and the willingness to learn and grow together.
Members in a mastermind groups raise the bar by challenging each other to set goals, improve personal skills, business skills, brainstorm ideas and support each other with utmost respect and honesty. So, whether you believe in the power of a mastermind group or not, it’s important to examine some of the benefits you stand to gain by collaborating with other likeminded individuals.
This blog post will examine some amazing benefits of joining a mastermind group.
A common element of a mastermind group is accountability. At the end of each meeting, you will most likely have new insights, ideas and objectives that you must work on before the next meeting, which you will be held accountable for. This will ensure that you maintain a high degree of discipline and habits needed to achieve your goals. It’s easy to be distracted or lose focus, but remembering that your mastermind group members are waiting to hear from you will keep you focused and engaged. Moreover, there’s something stimulating and motivating about knowing that you’re not in it alone. As entrepreneurs it’s easy to become isolated and realizing that others are emotionally invested in your success will keep you right on track.
Feedback and Input
Mastermind groups affords you the opportunity to receive feedback and input from highly experienced and successful individuals on how best to harness available resources for maximum productivity. In most groups there’s an allotted time for members to talk about challenges they are facing and approaches they have tried thus far. The other members of the group then brainstorm on practical solutions to the problem. This usually brings about a new pattern of learning that is accompanied by growth. And it contributes to the overall objective of a mastermind group – helping each other to achieve unprecedented success.
Collaboration & Expansion
Mastermind groups are usually consisted of individuals with unique experiences, skills and connections. Interacting with these individuals affords you an opportunity to share your challenges and there’s always a possibility that someone in your group will have a solution for you. It is usually not surprising to find out that someone in your group has faced and overcome similar problems you’re currently facing, regardless of their industry (even if it’s different from your own). Associating with a mastermind group exposes you to new ideas, processes, systems and tools that can mean the difference for you between success and failure.
Joining a mastermind group brings you in close proximity to a group of people who are all committed to supporting each other with honest feedback, constructive criticism as well as insights and solutions to business and personal problems that you might not have thought of. Mastermind groups are the hub of creativity and new ideas, as different people unite to work together on a common goal and objective.
Decision Making and Support Group
A mastermind group offers constant support especially during challenging times. You can always count on members of your group to review your options before making crucial decisions. This will help you to weigh the pros and cons and think about the probable outcomes before you commit yourself to a certain action. You can also draw from the wealth of experiences and knowledge of your group members. Each group member brings a unique business and life experience to the group and you can utilize this effectively to improve your business, career and personal life. At the same time, you will gain confidence as you get recognized for your contributions to the group.
Personal Success and Growth
As a member of the mastermind group, you will be motivated to think bigger and do better because you’re surrounded by people who are ready to provide solutions to your problems and help you focus on your goals. No more missed deadlines because your group will know how to support you towards achieving even more of your goals. You will get regular encouragement and inspiration that will come in handy especially when faced with insurmountable obstacles. This will keep you going when you feel like giving up. When you see fellow members doing amazing things, you will stretch beyond your boundary as you strive towards greatness.
Satisfaction and Fulfillment
You will experience personal satisfaction and happiness as you also help others reach their potential. The support you get from the mastermind group transcends beyond the brainstorming stage. Members become genuinely interested and invested in each other’s success. You will find out that group members have different strengths and weaknesses and doing what you can to help someone else is hugely rewarding personally. So ultimately, it’s a win-win situation that allows you to expand yourself, help others and at the same time achieve your set goals quicker.
The Bottom Line
There you have it! Whatever your goal or vision is, a mastermind group provides the support and connections that you will need to achieve success in your business and personal life. Napoleon Hill states “Deliberately seek the company of people who influence you to think and act on building the life you desire”. Join a mastermind group and experience firsthand the power of the “Master Mind”. Reach out to me if you would like to join one of my mastermind groups. And I’d love to hear about your experience with mastermind groups.
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About the author: Kyle Kalloo is the Chief Executive Officer, Business Coach with Change My Life Coaching and Change My Business Coaching. Through his management training and experience with McDonalds, Famous Players (Paramount) and WestJet, and all of the ongoing learning and development he’s completed, Kyle has refined and perfected skills and processes and is eager to share how to execute them efficiently to help individuals and companies achieve even more of their dreams. 83% of Kyle’s business comes from referrals. https://www.changemylifecoaching.ca and https://www.changemybusinesscoaching.ca