Frequently Asked Questions
The right mastermind group filled with the right people and run the right way has the power to immediately and significantly grow your business. MasterMind2020 provide Corporate & Entrepreneurial training programs, Venture Funding and Business Coaching, We hear questions all the time as we work with members and potential clients. We’ve compiled some of the most frequently asked questions here and answered them for you.
I’ve heard two different things – one is that you should get other “like-minded people” and the other is that you should only join a group that has people who are doing “better than you currently are” so as to push yourself. Which one is right?
There is no “right or wrong”. There most certainly are differing opinions. It’s good to take a look at the differing opinions, and then make the final decision based on your situation and what feels best for YOU. Let me say this though – you should ALWAYS be looking for a group that has “like-minded people” to some degree or another. That doesn’t mean that they all think like you. It doesn’t mean that they have the same business as you. They don’t even have to have the same exact goal as you. But they should be working towards the same common goal. They should have an open mind about the power of the mastermind. They should be positive and excited about what the mastermind group can do for everyone in the group.
What makes a good purpose for a mastermind group?
There is no perfect answer to this question It doesn’t matter WHAT the purpose is as long as there is a defined and focused purpose, the mastermind group can be working towards that purpose. When there is a lull in conversation or perceived progress, the group can always go back to the purpose and say, “What have we been doing to move closer to our purpose as a group and individuals? How can we do it better?”
except to say that the more defined and to the point the better.
A broad purpose such as “to increase the sales of the members” does not give the group much of a purpose.
What business doesn’t want to increase its sales? How much of an increase would the group like to increase and by when? If it’s a group of internet marketers, is there a common goal of increased traffic, conversation rates, or page rankings? It could be something that is not totally business-related. The group could have a common purpose of increasing their business to a level of being able to contribute to a certain charity. such as www.MakingTheShift.org
Once someone has achieved “success”, why would they want or need a mastermind group?
The benefits of a mastermind group. You see, many people assume that a mastermind group is for people who are just getting started in their business. Or for people who are “stuck”. Or for people who are really struggling in a certain aspect of their business. So the further assumption is…once someone has hit success, why would they need to stay in a mastermind group?
for a good answer to that. Take a look at Benjamin Franklin and The Junto. Or The Inkling. What about the members of The Vagabonds? These were Presidents and heads of major companies. Successful men for sure! Just take a look at Bill Gates and Warren Buffett and work out why they meet up regularly, they are both successful? Absolutely.
There are MANY successful men today who are in mastermind groups. We talked about Jay Abrahams, Rich Schefren, Dan Kennedy, Frank Kerns, and more. Jack Canfield, author of Chicken Soup for the Soul is in a mastermind group. So is well-known business author John Assaraf. When these people decide to get together in a mastermind group, it’s not just to help the underprivileged! They ALL believe in mastermind groups themselves! While many of them are mastermind coaches, they BELONG to mastermind groups as well. Why? Well, let me ask you this. What is “success” to you? Is it a certain amount of money? To some people it is. To others is maybe growing a business to a level of success, and then turning ANOTHER business into a success.
Success for someone may be running a multi-million dollar business for 20 years – and then for the next 10 years “success” is starting a charity, or traveling the world, or figuring out how to be a better grandparent or a cook. In our lives there really is no end to success. We just change what our next success is going to be. So the answer to the question is when someone TRULY understands the power and the experience of the mastermind…and they have hit “success”, they DO still desire to belong to a mastermind group. Most people have a hard time letting go of being a part of the mastermind group when they have really found the magic that they can create in their business and their life. They simply look for a mastermind group that will meet their needs for the next phase.
I’m a very focused person – I want to make that if I join a mastermind group they are focused and I get something out of them. I can’t afford to waste my time. How can I assure you that my group will be productive and efficient?
If only everything in life could be guaranteed! It’s just not that easy though. Most mastermind groups do strive to be focused and productive. However, we have seen some that get sorely off track and end up being an excuse for a social occasion and simply labeled as a mastermind group. They really aren’t a mastermind group at all!
When you are looking for a group, you need to interview the group just as they may interview you. Ask them what guidelines they have in place for the mastermind group. You know you’re in trouble if there is a big pause followed by…” we don’t really have any guidelines per se”.
Also, ask what the general agenda is for the meetings. This will give you a good idea of how efficient they are. Again, no agenda is a big red flag. That usually means a mastermind group that flounders for much of their time. Ultimately, much of what you get out of a mastermind group is what you put into it though. Going in with a positive attitude of “this is going to be a GREAT opportunity for me and my business” instead of “this had BETTER be worth it and not waste my time” makes all the difference in the world. When you are open-minded and looking for positive opportunities to happen, they will come to you. You will find the nuggets instead of focusing on the negatives. Lastly, if you do join a group that just doesn’t work out for you, don’t give up on mastermind groups. Just because one doesn’t work doesn’t mean NONE work. It’s like dating…most people don’t find their spouse on the first try! You may not find your perfect group on the first try either! But you’re not married to a group…you can move on until you find one that is efficient and productive enough to fit your needs. Just remember to stay open-minded along the way.
I’m a really busy person, and I just don’t know if I can commit to showing up in each meeting. Should I still consider joining a mastermind group?
If you really think you can’t commit to a mastermind group on a regular basis, I would seriously reconsider joining. It’s simply not fair to the other members.
Here’s what typically happens when members show up sporadically. The first part of the meeting is spent going over some of the goals from last time, and the people who weren’t there inevitably have a question or input on what was previously discussed. Then as the meeting progresses and someone refers back to something that was discussed in the last session, someone who wasn’t there will ask for it to be explained. Time is spent going back over the item. Often times the person who wasn’t there will have input or insight, and the item is REHASHED. This is re-hashing instead of moving forward. Progress is often slow in a group that has members that are frequently missing.
Of course, circumstances do come up that you can’t help, and sometimes you will miss a meeting. However, if you know it’s going to be regular, evaluate if this is really a good step for you right now.
That being said, I would like to make another observation. I have had plenty of people join a mastermind group thinking they were “busy people”. One of the eye-opening parts of the mastermind group was finding out that they were actually time-wasters doing busywork, not necessarily busy people. The mastermind group ended up being one of the best things they ever did for themselves and they were for more productive in their business for joining.
I’ve seen people who have reluctantly joined a mastermind group thinking they didn’t really have the time…only to turn around and make sure it was the TOP priority in their business. They found it to be such a productive part of their business they made sure to clear their calendar for their mastermind sessions. They wouldn’t miss it at all possible!
I don't like to be sold, are you going to sell me something?
Business Growth Club is all about genuine conversation, not sales pitches. Again, Every week there is a different "light theme" to help drive the conversation and encourage members and guests to get to know each other more deeply and more quickly too. The big difference at the Business Growth Club is that we expect and encourage everybody around the table to interact with your presentation. They may ask questions, make comments, maybe make an offer, or even add a bit of humor.
Do I need to Become a Member to participate? is this for a specific type of business or professionals?
The Business Growth Club is not exclusive. That means absolutely everybody is welcome even if we already have a member in the same business or profession. We have often found that people who look like competitors can really work well together and refer to each other business. If you haven't registered to become a member register here and make sure you confirm by opt-in the email we sent.
I don't have a business, can I participate?
Absolutely, The Business Growth Club believes that genuine business referrals happen naturally between people who have developed trust through a deeper relationship. There are no referrals passed in the room and no bits of paper to fill in. We do encourage members and guests to be clear about whom they would like to be connected with. We also encourage members and guests to have face-to-face one to one meetings.
As you will find out when you visit us we are relaxed about networking but serious about business development and personal development.
How many people are in the group?
The Business Growth Club is an independent, not for profit weekly business networking group Therefore we do not need to aggressively recruit new members to please a national or international organization.
The Business Growth Club is keen to maintain the quality of its members rather than just increase the quantity. Weekly business networking is about the quality of good relationships rather than the number of people around the table.
Do I have to support a cause?
Our community encourages the support of our charity project www.makingTheShift.org. You can either enjoy our meetings and support children's education with your subscription for $20 a month and the opportunity to change the world.
We all look forward to meeting you at MasterMind2020 online groups meetings.