Working in Mastermind Groups – Three Things to Look for When Joining a Group

Working with support is imperative to business success.

There are a lot of types of support you can engage in to help grow your business, like mentoring, training, coaching, etc. When you commit to learning and growing using these support systems you will always take away something of value. Today I’d like to talk about three things to look for when you are thinking of joining a mastermind group to get the support you need to grow your business.

Three things to look for:

  1. Is there an opportunity for great communication and sharing?

When you join a mastermind group you need to feel comfortable to share your struggles and issues. When you are asking for feedback, you want to feel you are in a place where you can be safe to describe the things and feelings that are holding your back in order for your team to help you move forward. You will want a team that can help hold you to your vision and will join you in rejoicing in the value of the ideas you bring to your business.

When you give feedback to others in the group you want to feel comfortable to share your ideas, experiences, and education. Make sure that the people in your mastermind group are open to receiving your expertise without pushing back or deflating the value of all gifts given.

Everyone has the right to be correct in their business, but everyone must be open to the possibilities and opportunities that will come with the interaction of the group.

  1. Am I a fit for the group?

When committing to a group you want to know that the people in the group are a good fit for your needs. If you are newer in your business you will be focusing on the basics of operating a business, things like:

  • Do I need a business licence?
  • Do I have to charge taxes?
  • Where do I need to market my business?

When you have been in business for a few years but not yet generating a sufficient profit to pay you what you are worth, then you will be focusing on different aspects of business like:

  • Attracting more clients
  • Hiring contractors
  • Managing time
  • Increasing the income of the company.

Business owners of successful growing companies have other challenges, such as:

  • How to let go of control
  • Who to hire
  • How to manage the people and departments.
  • How to structure a large company
  • Going public or getting venture capital investment

Finding the group where you and the others in your group are working through the same challenges and stages of your businesses will give you more opportunity to help others and they will have more opportunity to help you. Being in a mastermind group where everyone is ahead of you in business will leave you feeling ineffective as a support for their business and being in a group where you are farther ahead then the others will drain your energy because they will need more from you than you will need from them.

  1. Does the group have systems in place to ensure compliance and commitment for each person?

Whether you purchase a seat in a group or you start a group of your own, you should have a program with rules and expectations that the participants must agree to. Group dynamics can sometimes lead to difficult situations where one person may feel left out, someone is disrupting the meetings, one  feels entitled to more then the others, or a person does not feel heard and stops participating. At the very least you will need to ensure these three things are in place:

  • An agenda – what a person must prepare and what to expect from each meeting.
  • A contract – between the person and the group, stating the person’s commitment to the group and to their own involvement.
  • Behaviour expectation – acceptable and unacceptable –what can happen if a person does not follow the rules.

Don’t stop at one type of support. The more you reach out to learn the more you will understand what you can do with your business and the more opportunities will open up to you.

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