I often hear a piece of business advice saying you need to network and you need to seek out mentorship. That’s entirely true. With these two things, your business will grow at an exponentially faster rate.
Whenever I start a new business venture the first thing I do is search for something called a mastermind.
A mastermind may also be called a hive mind, or simply a group. Whatever fancy term you want to use, it’s a group of likeminded people determined to succeed. You have those who’re just starting out and those who’ve already made it and want to help.
Some people charge money for them to keep them exclusive and others are completely free.
Joining a mastermind is the best thing I ever learned how to do.
It’s Mentorship and Networking All in One
The concept of a mastermind is nothing special. In fact, it’s incredibly simple. It’s a group of people in one place all helping each other to grow and improve, nothing more.
I prize the networking and the mentorship opportunities, and credit them for my success.
You have the chance to ask questions of those who have already made it. You get tips from people who’ve discovered something. It’s a mutual society of help from both beginners and experts.
When I started my freelance writing, novel writing, and Medium ventures I joined masterminds on Facebook. These groups gave me guidance, tips, and leads so I could grow.
The information contained in those groups I would never have had access to without months of searching. Yet here everything was in one place.
Think about how much help that is for a new business venture.
This is a Time Issue
One of the most important tips I learned from Tim Ferriss in The 4-Hour Work Week was to get information second-hand. I try to practice this in many areas of my life.
Why would I do all that research to discover something when someone in my mastermind has already done that?
I just cut hours of work out of my life to already have the answer.
Why would I spend months doing something that may or may not work when someone in my mastermind has already done it and reported their results?
I just saved months of fruitless searching because the mastermind already had the answer.
Time is money in business, and you don’t want to spend hours of working when you can spend those hours on something else instead.
We all stumble upon new information and the point of the mastermind is to tell others so the whole group can save a considerable amount of time and effort.
For a mastermind to work everyone has to give and take.
The Perfect Formulae for a Mastermind
The reason why masterminds fail is they don’t have the right mix of people. And when I say mix I’m not talking about personalities.
When I say a mastermind is bottom-heavy what that means is there are too many people who’re just starting out and not enough experts providing in-depth knowledge.
Sure, lots of newbies working together is still better than nothing, but this isn’t a good mastermind.
What you want is as many experts as possible to balance out the number of newbies. That way there’s always new information and the newbies always get their questions answered.
How to Find the Right Mastermind for You
Masterminds are difficult to run, and I’d hate to be the one to take responsibility for that. There are so many failed masterminds that consist of spammers, bullshitters, and drama.
The right mastermind will not only give you access to information but great friends in the process. Networking and knowledge come in equal measure.
For me, finding the right masterminds come through recommendations. I don’t recommend just searching blindly as there are far more pieces of coal than diamonds.
I also don’t discriminate based on whether you have to pay for it or whether it’s free (although I prefer the latter).
I also believe it’s important to join more than one mastermind. Some groups are better for certain things. I find that some groups are better for practical information, whereas others are best for people sharing their numbers and allowing us to analyse them.
You also need to beware that there are a lot of scammers who’ve achieved nothing but selling a bunch of idiots access to their ‘exclusive’ mastermind group. These ‘fake it until you make it’ people are the vampires of the industry, so watch out for them.
It definitely takes a considerable amount of trial and error, but masterminds are such a helpful tool for any type of business.
Have you joined a mastermind before?