Alright, so you’ve heard the term “mastermind” before. But you’re not entirely sure what it’s all about.
You’re in the right place.
What is a mastermind?
It’s a group of individuals who share a common goal, getting together to contribute their individual skills to help the group members succeed.
Like The Beatles, a band of four uniquely talented musicians all fuelled by the shared mission of becoming a worldwide phenomenon.
Or honey bees, who work together to build colonies that support each and every member bee.
Or entrepreneurs, who come together to share ideas, troubleshoot problems, and provide support so that every business owner in the group finds success.
Basically, masterminds are a rad improvement over individual efforts. In a business context, masterminds can be a game-changing tool for taking a company from surviving to thriving.
Read on to find out exactly what a mastermind is, how they work, and who they’re for.
Who Invented Masterminds?
Cavemen? Kidding. But the idea of gathering as a group to support one another and tackle a problem isn’t entirely new.
As far as we know, Napoleon Hill was the first person to use the term “mastermind,” some 80 or so years ago.
In his book Think and Grow Rich, he references a “mastermind alliance,” which he says is a “friendly alliance with one or more persons who will encourage one to follow through with both plan and purpose.”
Sounds good, right?
He also said that when two or more people get together, a third mind is created: “the mastermind.” Dun dun dun.
Napoleon viewed the mastermind as a separate force in the conversation.
“No two minds ever come together without thereby creating a third, invisible tangible force, which may be likened to a third mind,” he said.
So, 1 + 1= 3.
Translation: two (or more people) can create something much more powerful than individuals going at it alone.
Minds that work together create a “mastermind” that wouldn’t be accessible if everyone were solving problems on their own.
When talented individuals unite around a common cause, commit to each other, and pool their talents, magic happens.
Since Napoleon’s time, the concept of a third mind has morphed into mastermind groups, where people purposefully come together to produce that amazing mastermind alchemy.
1 + 1= 3, baby.
What is a Mastermind for Entrepreneurs?
In a business context, a mastermind is a group of business owners dedicated to helping each other with their individual businesses.
A mastermind is like a really involved advisory board that provides mentorship, accountability, and sometimes a kick in the pants.
It’s also sort of like having a group of business-oriented best friends who know you and your company extremely well. And they truly care about your success.
These are trusted people who can point out blind spots and be honest with you when you need some tough love.
Members receive guidance and feedback from other business owners who have complementary skills, knowledge, and experience.
They commit to contributing what they know to the group to help empower the group’s members to succeed. And vice versa.
How Do Masterminds Work?
Masterminds are typically “flat” organizations where there’s no dedicated leader or coach to teach the members.
Instead, members look to each other for peer input and feedback.
The best masterminds meet regularly and are structured and organized by an experienced facilitator (you can read more about the different types of mastermind groups here).
Some masterminds take place entirely online, some happen in person, and some are a blend of both.
Quality mastermind groups will also take the time and effort to strategically and carefully match members, so that there’s a good blend of skill sets and experience, and no personality clashes.
When the group has the right mix of like-minded people and an effective structure for collaboration, masterminds can be super powerful engines for business growth.
What Happens During a Mastermind Meeting?
The structure will depend on the specific mastermind but typically speaking, a mastermind meeting will include “hot seats” and accountability.
Hot seats are dedicated time for everyone to focus on a specific mastermind member.
That member will get to share a certain business challenge or opportunity, and the group members will ask questions, make suggestions, raise concerns, point out opportunities, and offer to make connections.
Accountability is a big component of the power of a mastermind, so most times this is included in the meetings.
It’s all about using the power of the group to empower the success of each individual group member. It’s awesome.
Who Should Join a Mastermind?
Any full-time business owner who:
- Wants to take their business to the next level
- Is open to listening to and accepting the ideas of others
- Wants to support other entrepreneurs by sharing what they’ve learned
If you’re a part-time entrepreneur, a mastermind isn’t for you. You need the experience that only comes when your business is your entire life.
If you’re looking to learn a specific skill for your business (like copywriting or product photography), a mastermind isn’t for you. You’re better off taking a course.
If you don’t trust anyone else’s advice, a mastermind isn’t for you. You’re not yet ready to work with the support of a team behind you. A mastermind is all about embracing and applying what other experienced business owners suggest for you.
You can find a more detailed guide to who should join a mastermind here.
Masterminds are our jam here at Kickass. We eat, breathe, and sleep masterminds.
Here’s a taste of what we offer for business owners looking for that little extra somethin’ somethin’ to fuel the fire and kick things up a notch.