A business mastermind is a curated group of business leaders who meet, either online or in person, to interact and help members grow their companies. The best masterminds include members who understand each others' challenges and can consistently provide useful input for other leaders.
Five Elements Essential to a Successful Business Mastermind:
1. Careful curation.
A business mastermind, to be viable, depends on its members to be able to help each other. Indeed, the entire idea of the mastermind is to become more than the sum of its parts, to become its own entity that provides insights not easily found outside the mastermind.
It's critical, then, that a business mastermind consist of businesspeople who, while not direct competitors, understand each others' businesses and the issues they face. If members of the mastermind can't fully grasp the other members' challenges, the mastermind won't work.
2. Frequent interaction.
A mastermind by definition is a group of businesspeople who interact to help each other and themselves increase their businesses. Whether business mastermind sessions are held in-person, online, or both, members get the most out of a group that meets relatively frequently.
Frequent mastermind meetings allow ideas to grow, evolve as members have had time to properly consider them while becoming comfortable with one another. They also provide a means of checking in, reporting on how the mastermind's ideas have helped the business.
3. Open communication.
In order for a business mastermind to be effective and constructive, there needs to be a level of trust between its members. While it may take an "intro" meeting and a period of the members getting to know one another, the goal should be for absolutely open communication and the ability to challenge other members to make the hard choices that will grow their businesses.
Once the members have become comfortable with one another, the ideas will flow freely and the mastermind will begin to take on its own character.
4. Member accountability.
There are myriad reasons to join a mastermind, to devote both time and money to maintaining membership. Access to new ideas, new processes, new tools, new perspectives: all these and more are why the mastermind exists in the first place.
When group members mastermind business solutions, it's important that members follow up and implement those solutions. The group can provide a sense of accountability, as successive meetings can be used to follow up on recommendations and how they've been put in place, then hone those ideas for increased results.
5. Respectful communication.
Simply put, if the members of a mastermind don't respect each other, and act like it, the business mastermind won't work. This begins with respectful communication. It can be a challenge at first, as CEOs don't typically find themselves in a group of equals. While a CEO should never be disrespectful in interactions with underlings, that type of interaction is typically predicated on the CEO being the boss.
So, when a group of CEOs get together, there can be an adjustment period during which the business leaders get used to one another and develop their mastermind relationships. But regardless, while there will be increasing familiarity between its members, the business mastermind will fall apart without respectful conduct.
Productive Business Mastermind Topics:
- Avenues of business growth.
- New productivity tools.
- How to hire and keep the best employees.
- Maintaining a healthy work / life balance.
- Effective leadership.
- How to responsibly delegate tasks.
Business Mastermind FAQs:
What do masterminds do for your business?
The idea behind business masterminds is that a group of business leaders, brought together, can come up with ideas that individual members couldn't or wouldn't have discovered on their own. The solutions conceived of by masterminds have a common goal, and that's to propel significant growth in their members' businesses.
How do I find the best business mastermind?
There are many business masterminds out there. Some are specific to a certain area, while some coalesce to address the needs of a certain type of businessperson (e.g., a female business mastermind, masterminds for leaders whose business revenue exceeds $1,000,00.00 per year, etc.). You just have to research and find the one that will best suit your needs.
What is the mastermind hot seat?
The business mastermind hot seat is when the mastermind focuses all its attention on one member. This can be daunting if you're new to masterminds, as you'll be challenged to come up with answers to questions you may never have thought you'd face. The hot seat, though, can be one of the most productive aspects of the mastermind, as its ultimate goal is to force you to see your business in a new light.