A peer mastermind group is comprised of a small group of business owners and CEOs who meet regularly with the single purpose of helping each other succeed. We have found that small business owners are often on their own, and find they have no one to turn to. Whilst they may have employees, it is inappropriate to ask them for advice and support about major business decisions.
The concept of Mastermind Groups is not new, and was first introduced by Napoleon Hill in his book Think and Grow Rich (1937). He described a Mastermind as a group of at least two people who come together with the aim of solving problems. The idea of a mastermind has become trendy – and often we hear the world, yet have no idea what it actually means.
Earlier in 2019 I did a stint as CEO of a community business group called, BSW Connect. During my brief time in that space I commenced a Mastermind group for the local businesses. At the time we saw the need for connection of the local business community so that they could accelerate the fulfilment of business goals, personal desires and aspirations. The mastermind group would support other whilst amazing results.
The first group pf 8 people commenced and whilst it was open to both men and women, 8 ladies stepped up who were prepared to commit time to their growth.
So here are answers to 4 of the most common questions about the group:
- How will I benefit from joining?
- What happens during a typical meeting?
- What are the group’s ground rules?
- How long do you have to commit for?
How will I benefit from joining?
These groups have up to 10 members, and they offer a “safe place” where business leaders can ask questions and share information in an environment of total confidentiality. Group members encourage one another to set stretch goals and support them in achieving these objectives.
You will benefit from the strength of the group. Each person comes with their own life and business experience, and whilst you might think they can’t help you, the reality is totally different. Help and support come in spades if you take the time to ask for it.
Being part of a mastermind group offers significant benefits:
- a catalyst for growth
- professional support; develop business skills, give you insights and feedback on your projects and ideas, and stimulate you to think and do things you haven’t considered before
- ideas and solutions that you would not have found by yourself
- offering a fresh perspective, pointing out your blind spots, reminding you of your priorities, highlighting the most efficient path, identifying opportunities and pitfalls and helping you create a clear, efficient action plan.
- learn from others skills and experiences and expand your own knowledge
- You will be much more committed to your goals as you openly share them with your peers
- supportive colleagues; you will have a small network of people who are always willing to help you
- help you focus on the tasks and priorities that you need for success, even when you’re unaware of what they are.
- your overall attitude and business mindset can be influenced in a positive way
What happens during a typical meeting?
Although every group is unique, they involve meetings online where members take turns discussing their challenges and receiving advice and accountability. It is usually a 60-90 minute session, where each person has an opportunity to share and grow. Depending on the group, a face-to-face catch up can also be arranged. This is discussed when the group forms, and the decision is to be mutual. The group is formed to help each other, and this happens through discussion of the challenges and opportunities each person faces in their businesses. It’s all about business, and stepping up. Group members encourage each other to set bold goals, and support them in accomplishing them.
What are the group’s ground rules?
Each peer Mastermind group has guidelines to be adhered to so members can be open and willing to provide candid opinions and openly share their ideas, insights, and suggestions with the other members of the Mastermind Group. This is where the power in the group belongs.
How long do you have to commit for?
We wanted people who were determined to make the most of his or her life. The group is not about coming once and if you don’t like it, leaving. It is about committing to the people, the process and yourself. Those people commit to their groups and to actively contribute. It is important to have the same members over the time frame of the group, so that the synergy of energy, motivation, and commitment to each other remains. This creates a willingness to learn and grow together. People expect you to engage with them and support them, therefore a level of commitment is the key of a successful Mastermind Group. The group connects for 12 weeks.
Surround yourself with people who are going to lift you higher. — Oprah Winfrey
Merinda Smith will be starting a new peer mastermind group in the 2020 New Year. She is a certified business coach who facilitates peer mastermind sessions, board meetings, and business coaching.
Already we have a list of people who have expressed an interest. As always we will reach out to you all. So if you want to make a change in your business life, and believe in the collective thought processes of a group, which could lead to receiving timely and invaluable ideas, insights and direction, then maybe you could join us. If you need support to eliminate excuses, move toward and achieve whatever your individual aspiration might be, then maybe the group could be for you.
Contact Merinda to find out when the next Peer Mastermind is starting and if you are interested in joining.