The Importance of Mastermind Groups

how to create a

Many entrepreneurs feel alone at times and cannot connect with friends or family because they simply do not understand, that is where mastermind groups come into play. Mastermind groups can be your secret weapon when it comes to staying focused and making progress.

A mastermind group is a selection of people who are actively trying to accomplish a similar goal. Once a week or more, this group meets either in person or via video chat to discuss their problems, their wins and to keep each other accountable for the tasks they said they would achieve. At the end of the meetings, each member tells the rest their goals for the next week.

What Can You Create A Group For?

Mastermind groups have typically been used by entrepreneurs trying to achieve similar goals but this is not the only use for them. So what kind of achievements can you use mastermind groups for?

  • Starting A New Business
  • Learning A New Skill
  • Passing College Classes
  • Increasing Your Income

*The worlds smallest list of types of mastermind groups…

The Benefits of A Mastermind Group

The benefits are limitless but I want to point out a few in this post. Not only are you gaining a support group but you are growing your knowledge net. Whenever a member learns something or tests something that works, they will share that will you, helping you become successful much quicker than learning everything on your own. Here are a few more benefits of joining a mastermind group:

  • Support Group
  • Increased Productivity
  • Increased Focus
  • Drive
  • Commitment
  • Less Stress

Because the members are there to help one another you can go to them for anything. No more stressing out because you cannot figure something out or because you are stuck. Because each member knows your goals for each week and what you are working on, they hold you to a higher standard of accomplishing your goals with no excuses accepted. If you failed, it is because you simply chose not to accomplish your goals, this helps in re-enforcing your productivity and focus.

Creating One Is Easy

To create your own group all you need is active members, preferably no more than 5 people and a way to communicate each week. Using services like Google Hangouts or 2 Alternatives To Google Hangouts . To create a good group and be efficient you will need to create a structure for each time you meet. A structure like so;

12:00 Welcome/Agenda

12:05 Sharing a ‘win’ from the previous week

12:20 Hot Seat – One Member
-What are you working on?
-What’s working for you?
-With what do you need help?

12:40 Last Question
-Who can help (member) with their problem?

12:50 State your goal for the next week 1:00 End
Taken From: SPI 098 : Millionaires and Mastermind Groups with Jaime Tardy (and How She Got Me to Say Yes)

Obviously you can play around with the structure but this is a great template to get you started to a successful mastermind group. The overall objective is for each member to grow and achieve their goals with the help and support of the other members. If you are still not completely sure of the importance or value of a mastermind group, read this quote;

“When a group of individual brains are coordinated and function in Harmony, the increased energy created through that alliance, becomes available to every individual brain in the group.”
Napoleon Hill – Think and Grow Rich

I am happy to say that I just joined my first mastermind group and am incredibly excited to see where it goals and the things we achieve together.

Dillon Carter

Hey there! I'm a young entrepreneur who blogs about my personal experiences, hacks and lifestyle while also teaching people how to begin working with virtual assistants.

  • Pingback: Quora()

  • Pingback: My Monthly Report April 2014()

  • Ronan Leonard

    Hi Dillon, Is your mastermind group still going?

  • Hello, I need a minimum of $3000 to start my new business venture a mastermind group will jeopardize growth.