What to Look for in a Mastermind

There are many misconceptions about mastermind groups and peer advisory board. Here I’ll share the most common myths of mastermind groups so that you get a clear picture. If you have more questions for me, please let me know.

Years ago, when I was approached to join a mastermind group, I could not comprehend how in the world a group of peers could help my business grow. Aren’t we all stumbling about together? Once in the group, I had so many epiphanies and new avenues to consider. I wish I had joined one sooner!

How Do I Know What Mastermind Group to Join?

Myth – “You should only join a group that has no member who could be considered your competitor”.

You may see many opportunities to join mastermind group or peer advisory boards. They come in different flavors, so ask questions and know what’s right for you. Will it specialize in your industry, or will it be industry-exclusive?  Will it be professionally run? Is there an application and vetting process? How big a group? Is there a format and agendas? And while you’re interviewing mastermind groups, keep these myths in mind.

How Effective Is It?

Myth – “Any group of people can get together and form a mastermind for free”.  A no-cost, non-professionally run mastermind group comes about when business buddies get together on a regular basis. But they have not been trained as a Mastermind Leader, there’s no agenda or prep work, there’s no appointed leader/facilitator, and there’s difficulty in consistent scheduling. Free typically means no real obligation of time or effort. Not a sustainable business development model. Professional Mastermind Facilitators have received training. We prepare ahead with material and agendas. You know exactly what to expect.

Myth – “People giving their opinions doesn’t fix your business.”  True, other people cannot fix your business. Your coach doesn’t fix your business. YOU fix your business. As the owner of the business, you’re the owner of the problem and the chooser of the solution. However, getting new perspectives from a peer advisory board can give you a whole suitcase full of options you would not have had solo.

Managing Time

Myth – “This is going to take up too much of my time.” Professionally run Mastermind Groups have determined the frequency that works for their target audience. My Clear Path Collaborative serves small business owners who have lots to do – so we meet live on zoom 2 times per month, 90 minutes each session. We also use Slack to continue conversations and bring up additional situations for brainstorming.

Myth – “I won’t get as much attention than if I had a private coach.” That may be true depending on which mastermind group you sign up for. I baked in individual strategy sessions into the Clear Path Collaborative membership, so you get the best of both (private coaching and group discussions).

Myth – “I’ll be expected to present a challenge every time and work on an action plan”. Some mastermind group formats include time to work toward a project. Others may expect that you present a challenge at every meeting. They may have formal accountability set up. If you’re concerned about what may be expected of you, it’s best to ask direct questions and get a clear description in writing.

Getting Along with The Other Members

Myth – “I can’t see how I can help anyone else”. This a concern I hear often, but it always turns out to be untrue. Every human being has been through various experiences not just in business but also in life, and all of those are helpful when shared.

Myth – “The others do not have the experience to help me” is a concern from seasoned business owners when they don’t wish to be in a group with newer owners. When I interview each applicant, I get to hear their whole work history. So if someone launched a new marketing business, they may be considered a “newbie” – but in reality that person handled the marketing for another company for many years. I find the “common thread” among members so there is synergy.

Myth – “I don’t want to be stuck in a group with an overbearing person”. Who does??  As the facilitator, it’s my job to ensure that everyone has a positive and productive experience and equal opportunity to speak and be heard. I vet every prospective member and accept those who I believe are caring and collaborative. If someone displays troubling behavior, it’s my job to take care of it. This is a huge difference between a casual and a professionally run group!

How Can I Help You?

If you need help and are reaching decision exhaustion and entrepreneurial loneliness, it may be time for you to enter a supportive group environment. The Clear Path Collaborative provides you with access to the Growth Positioning System, a business strategist, and fellow entrepreneurs who experience what you do and are ready to help each other on a steady path of growth. Running all aspects of a business alone is madness. Even when you have a team working with your clients, the buck stops with you and it’s lonely at the top. A peer advisory board has helped millions of business owners. Here’s how you can benefit as well.