“You are the average of the five people you spend the most time with.”
How does that strike ya?
Do you feel like your average is pretty freaking high, because your business inner circle is filled with people you majorly respect, who run businesses that you majorly admire?
OR, does thinking about that quote hurt a little bit (or a lot)?
Jimmy Rohn could have been talking about online mastermind groups. Because when it comes to mastermind groups, it’s absolutely, no exceptions, insaaaanely critical to be matched up with the right people.
These are the people that you’ll be spending the most time talking biz with. So they better be people that lift you up and make you AND your business better. Otherwise, what’s the point?
This post is all about why successful online mastermind groups are all about the people, and how to find a group with the best people for you. Read on 👇
What Makes an Online Mastermind Group Successful
There are three main factors that determine whether an online mastermind group will be a wild success or an epic failure:
- The structure for collaboration
- The people in the group
- Having an expert guide
With the right people, the right chemistry, and the right guide, a mastermind group is a magical experience for boosting your business.
Buuuuut with the wrong people and a bad group dynamic, the experience can be frustrating AF and a big waste of time, money, and energy.
Like when other group members are way ahead of you in their businesses and you don’t understand half the words they’re using.
Or when you’re the smartest person in the group, and you’re always giving but never getting.
Or when you feel like you can’t trust other group members with your unique ideas.
Getting in the RIGHT group with the RIGHT people is essential.
The Most Important Factors for Matching People in an Online Mastermind
Creating an awesome group dynamic is the foundation of a successful online mastermind group.
It’s not about finding a group of people that are super similar. It’s about finding the right mix of commonalities and differences.
To create a productive mastermind group dynamic, there are several factors to consider. Like…
- Psychological type. Certain types of people work better together.
- Personality. People should like each other.
- Age and generation. Different generations view and approach the world and business differently.
- Intellect. It matters.
- Background. Having similarities and differences is important.
- Business status and aspirations. Someone building a massive empire is on a way different trajectory than someone building a solopreneur business.
- Areas of expertise. Having a variety of skill sets and experiences is key.
- Attitude. No need to expand on this.
Different Kinds of Online Mastermind Groups = Different Matching Approaches
You can’t lump any ol’ people together and expect to have amazing group dynamics.
There are three different types of mastermind groups and each one assembles its members differently.
The three types of mastermind groups are:
- Coach-led mastermind groups. Usually a group coaching program that’s been dubbed a mastermind.
- Do-it-yourself (DIY) mastermind groups. When a well-intentioned entrepreneur pulls friends and acquaintances together.
- Professionally managed peer mastermind groups. Analytically matched and professionally managed groups.
Read all about the pros and cons of the different types of mastermind groups for entrepreneurs.
Each kind of mastermind group takes a different approach to selecting its members. Let’s look at how each one does it, and what the benefits and drawbacks are.
How Coach-Led Mastermind Groups Are Formed
Sometimes, an application is required. But most of the time, the coach invites people they know and like, or the top students from their courses and memberships.
IF there is an application, it tends to be short and based solely on an individual’s current business situation — such as revenue, email list size, and social media following.
It’s unclear how people are actually matched in coach-led groups, as it’s not transparent. Sometimes these groups are well-matched and productive, and sometimes they’re not. The outcomes are inconsistent.
If you want to join a coach-led mastermind, always be sure to ask how the matching is done so you know whether you’ll be in the best possible circle of people for your biz.
How DIY Mastermind Groups Are Formed
The creation of DIY mastermind groups usually goes down like this:
- A very well-intentioned entrepreneur is seeking accountability and community
- They think “Well damn, I’ll just start my own mastermind group!”
- They post in a few Facebook groups that they’re looking for mastermind group members
- They ask some business friends and contacts if they want to participate
- They’ll make a list of everyone who raised their digital hand
- Boom! DIY mastermind group
The problem with that process: there’s zero vetting. Sure, the DIY group leader probably won’t let a known jerk into the group, but that’s usually the limit of analysis.
More often than not, these groups fall apart because the people involved aren’t a good match for each other and each other’s businesses. It ends up being awkward and a waste of everyone’s time and energy.
How Professionally Managed Peer Mastermind Groups Are Formed
Companies that are solely focused on managing successful 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 in the right groups.
Our groups work based on the power of the individual members and their chemistry, so we have no option but to carefully review, select, and match people.
We have a pretty intense application for people interested in becoming members; part of the application requires submitting a video about what you want to get out of a mastermind and what you can give to the group.
There’s also an interview component where we get a deeper sense of the individual. Then we personally match people into groups based on more than 50 points — some purely analytical, and some intuitive.
The combination 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 trustworthy, engaged, and mega effective.
Ready to Find YOUR People?
You’ve come THIS far in your business, all by yourself. The right online mastermind group with the right people can be the X-factor that takes your business to the next level.
But you probably need to know a little bit more about this whole mastermind thing before you start divulging your deepest biz secrets to strangers, right?
Thought so. Let me — Sara, CEO of Kickass Masterminds — be your guide.
Over the course of a no pressure, no weird sales tactics, just friends phone call, I’ll answer every single one of your questions about:
- What an online mastermind group REALLY looks like
- What you can expect a mastermind group to offer you
- Whether you need a mastermind group at this stage of your biz
- Anything else mastermind-related that you’re curious about
I can also tell you whether Kickass Masterminds is a good fit for you. And if it’s not, I’ll point you in the right direction.
Sound good? Cool. Can’t wait to chat.