There are three basic types of Mastermind Groups for entrepreneurs:
- Do-it-Yourself (DIY)
- Managed Peer Mastermind
Each is structured differently from the matching of participants to the coordination of the group. Each has its pros and cons.
There’s no one “right” way to Mastermind. The key is to figure out what you’re trying to accomplish by joining a Mastermind and find the type of group that works best for you.
Some individual coaches and trainers offer Masterminds. You may be familiar with Masterminds from Russell Brunson, James Wedmore, Michael Hyatt or Joe Polish.
Typically these are only offered to the top students of their online courses or memberships. The price ranges between $30,000 and $100,000 per year.
There are other coaches and professional organizations who offer Mastermind groups at lower price points. They essentially just put people in groups and give guidelines for managing themselves. The pros and cons of these are more in line with the DIY Groups, which are covered in the next section.
- You have direct access to the coach.
- The coach can go deeper on strategies and tactics that they have taught in courses or memberships.
- You can get the coach’s direct input on implementing their teachings in your business.
- You’ll be in a group of people who are well-versed in the coach’s teachings so you can get guidance from others who have taken similar approaches in their businesses.
- Sometimes you could get promoted by the coach to their large audience of followers.
- Sometimes the coach could provide introductions to people that you may not be able to access on your own.
- Most times these groups will meet in person one or several times each year.
- Typically there is not a rigorous application process for joining. There are varying ways to apply for a coach-led mastermind, but most times it’s the coach hand selecting people that they know or their top students. Sometimes you can get in because there is an opening. It’s unclear what factors are used to determine if and how the group members will be a good fit for each other.
- These groups can end up being a group coaching situation – instead of a Mastermind. The big difference: in group coaching, the coach leads and teaches their way of doing business and in Mastermind Groups, you get the varied experience of everyone in the group.
- The groups can get to be quite large, some up to 100 people, which limits your access to the coach and provides you a small amount of time when you are getting direct input on your business.
- Group members tend not to step up and offer as much feedback because they defer to the coach. They think that it’s the coach’s job – not theirs – to provide the service and solutions. They also aren’t necessarily comfortable offering input that is different than the coach would recommend.
- If the coach isn’t growing and expanding their teachings, the approaches and solutions could be stale after a period of time.
- Coaches aren’t 100% focused on their Mastermind Group. They have other aspects and elements of their business to run.
DO IT YOURSELF (DIY)
DIY Mastermind Groups typically form when an individual recruits acquaintances from a Facebook group to team up and participate in a Mastermind. Offline it could be someone gathering up business contacts.
It could be a group that you start. Or a group that someone else has started and that you join.
Most times these groups are free.
- Free most of the time (although see DIY Weaknesses below).
- Can be productive and useful if there is a great amount of luck that the participants are well matched (this doesn’t happen often).
- Can be good if run by a strong leader.
- Most people put zero value on free stuff. There’s a lower commitment to the group because of this. People will miss meetings and not engage fully.
- DIY groups have no analytical matching of the participants. Most times groups are formed because warm bodies are available. What this creates are group dynamics that don’t work. Personality types don’t mesh well. Communication styles are opposed. You’re at different stages of and aspirations for your business. You may have a tremendous lack of diversity when it comes to tactical skills.
- You may find yourself as the smartest person in the group. When the matching is not done analytically, you could find yourself giving all the feedback and teaching everyone else, but getting very little out of it yourself.
- The group leader will be winging it and fumbling along the way to try and figure out how to best structure and manage the group. That’s because Masterminds are not this person’s area of expertise. They’re probably a great person, but it’s not their strength.
- Those who are committed to the group and are participating can be very frustrated with those who are not. It creates serious drama.
- Being the group leader and a full participant in the group is nearly impossible. There’s a big difference between doing all the pre-planning and meeting coordination for a big group of people and simply showing up and fully participating.
- If this is an online group, these groups most times won’t meet in person which limits the level of connection and intimacy.
- These groups tend to fizzle and burn out pretty quickly.
Managed Peer Masterminds are groups that are analytically matched for the best connection between the participants and professionally managed with a proven structure by a company that’s sole focus is Mastermind Groups.
Full disclosure: there are very few companies focused on Masterminds. Some do just matching. Some teach others how to run their own.
We think none compare to Kickass Masterminds, of course. The Managed Peer Mastermind Strengths and Weaknesses are based on Kickass Masterminds only.
To belong to a Kickass Mastermind it’s $5,000/year and that includes two live events. That pricing is only available for the groups that are matched in December 2017. Pricing increases in 2018.
Managed Peer Strengths (speaking for Kickass only)
- Groups are formed based on a matching algorithm that takes into serious consideration more than 50 factors including psychology, communication, intelligence, business stage, business growth aspirations, tactical skills and more.
- Not everyone who wants to participate is accepted. There is a rigorous application and interview process to ensure only the best of the best make it into groups.
- These groups have a professional manager assigned to the group. This person handles all group logistics, communication, and planning. They also run the meetings including keeping the group on agenda. They provide recordings and notes from meetings.
- There is a proven way for the group to best interact with each other and get the most benefit including a process for daily communication and a more involved monthly meeting.
- Because the groups have been matched based on a diversity of background, skills and business philosophies, you get a variety of solutions offered up for your business challenges.
- Group members are deeply committed to each other for a minimum of one year.
- Meeting twice a year in person increases the closeness of the relationships and the level of trust.
Managed Peer Weaknesses (speaking for Kickass only)
- You don’t get your favorite coach’s input directly on your business.
- You don’t get potential introductions from your favorite coach’s network of contact.
There are pros and cons to each type of Mastermind Group. The most important thing is figuring out what’s most important to you and then finding a group that’s a good fit for that.
With these three different types of Mastermind Groups for Entrepreneurs, there’s sure to be one that’s a good fit for you.