“You are the average of the five people you spend the most time with.” Jim Rohn
How’s that strike ya?
Do you feel like you’ve already nailed this because your business inner circle is filled with people you freaking respect? People who have businesses that you admire?
Or are you saying, “Ohhhhhhhhhhh shit” right about now?
This quote directly applies to an online Mastermind Group because those are the people you’re spending the most time with.
That’s why it’s abso-freaking-lutely critical to be matched up with the right people in a group.
Mastermind Success Factors
There are two main factors that determine the wild success – or epic failure – of an online Mastermind Group:
1. The people in the group
2. The structure for collaboration
With the right people, a Mastermind Group is an epic, transcendent experience and boost your business. When the group dynamic and chemistry is right, it’s kinda like magic.
With the wrong people and a bad group dynamic, it’s frustrating AF and a fat waste of time, money and energy.
It sucks when the group members are way ahead of you and you don’t even know the meaning of the words they’re using.
It’s even worse to be the smartest one in the room and always giving and teaching – but not getting anything out of it.
It’s a shitty experience when you don’t trust or like the people in your group very much and the group dynamic is…choppy and weird.
It’s awful when you feel like you can’t be candid and share because someone is going to take your idea and run with it in their own business.
Getting in the RIGHT group with the RIGHT people is key.
You can’t lump any ol’ people together and expect to have amazing group dynamics.
How Groups are Formed
There are three main types of Mastermind Groups and each forms groups quite differently.
The types are:
- Coach-lead – most often a group coaching program called a “Mastermind”
- DIY – a well-intentioned entrepreneur pulls friends and acquaintances together
- Managed, peer – analytically matched and professionally managed groups
For additional details about each kind of group, click here.
Let’s break down how each type of group does its group formation and matching.
In coach-lead groups, sometimes there is an application, but often times there is not. Many times the coach asks people that they know and like. Or they invite their top students from courses or memberships to participate.
If there is an application, it tends to be short and be solely based on the individual’s current business situation, such as revenue, email list size and social following.
It’s unclear how the people matching part of forming coach-lead groups is done because it’s not shared.
Sometimes these groups are well-matched and productive and sometimes they’re not. There isn’t a consistent outcome.
If you want to join a coach-lead Mastermind, make sure to ask how the matching is done.
Creation of groups with DIY Masterminds usually goes down like this: a well-intentioned entrepreneur is seeking accountability and community.
Then they think: “Damn, I’ll just start my own Mastermind Group!”
So they post in a few Facebook groups that they’re looking for Mastermind group members and they’ll ask some business friends if they want to participate.
Quite a few people will say, “Count me in!” And the entrepreneur will start making a list of everyone who raised their digital hand.
There’s no vetting at all. Sure they won’t let in someone who’s been a jerk, but that’s about as much discernment as these kinds of groups get.
More often than not, these groups fall apart because the people aren’t a good match for each other. It ends up being awkward and a waste of everyone’s time and energy.
Managed, Peer Matching
Companies that are 100% focused on Mastermind Groups tend to have a more rigorous matching process.
We can’t speak for all of them, but Kickass puts a tremendous amount of analytical and intuitive work into matching people into the right groups.
We have a pretty intense application that includes a video on what you want to get out of a Mastermind, but also what you can give to the group.
There is also an interview to dig deeper into the individual and to get a better sense of them as a person.
We then hand-match people into groups based upon more than 50 points – some are purely analytical, but some are intuitive.
The combination of both of these approaches results in a group that’s able to go deep and wide with each other very quickly. It creates a group dynamic that is dead effective.
Because our groups are based on the power of individuals in the group and the chemistry that they have together, we believe there is no other option but to carefully put people together in awesome groups.
Important Matching Factors
Creating a remarkable group dynamic is foundational to having a successful online Mastermind Group.
It’s not about finding a group of people that are really, really similar. It’s about finding the right mix of commonalities and diversity.
Some factors are most effective when people are similar, but others are way better when there are differences and new perspectives.
There are many factors that need to be considered when creating a productive group dynamic.
A few are:
- Psychological type – certain types of people work better together.
- Personality – this matters when it comes to group dynamics, just think about how you like some people and not others
- Generation – different generations view and approach the world and business differently.
- Intellect – it matters
- Attitude – no need to expand on this
- Background – alikeness and differences are important here
- Business current status and aspirations – those who are building massive empires are on quite different trajectories than those building a solopreneur business
- Areas of expertise – this is where diversity and varied experiences come into play big time
An online Mastermind Group with the wrong people isn’t worth your time, energy or money. They’re probably good people, but that doesn’t mean they’re a good fit for your Mastermind.
But an online Mastermind Group with the right people can be that x-factor that takes your business to the next level.