You’ve heard the term “It’s lonely at the top.” But, you never really understood it until you ran your own business. Perhaps you built that business from the ground up and spent the early days with only a houseplant and Buddy, your faithful Golden Retriever as “employees.” Or maybe you stepped into the role of CEO at an existing company. Either way, you now understand that when you run a business, you’re very much on your own.
Sure, you’ve got a team now. You’ve got employees working for you, possibly a board of directors that you answer to, and family and friends, but none of them understand what you go through on a daily basis. You do your best to make the right decisions for your company and your employees. But sometimes, you need the support of people who are facing the same challenges. Thankfully, there are mastermind groups available to do just that.
What Is a Mastermind Group?
The term “Master Mind” was coined by Napolean Hill in his 1925 book The Law of Success. He used it to describe the partnerships and groups formed by businessmen to promote their success and the term stuck. To this day, truly successful people seek the advice and community afforded by mastermind groups because they know that they just can’t do it all alone.
Depending on the mastermind group you choose, they may bring together individuals in similar industries, or entirely different. When it comes down to it, business is the same whether you sell cars, build websites or supply houseplants to entrepreneurs. You’ll face the same cash flow, employee and scaling challenges no matter what your product or service. Catapult Groups hosts a business mastermind in Las Vegas with 12-16 business owners from non-competing entities. While these members don’t run the same types of businesses, their experience crosses industry lines.
7 Benefits of Joining a Business Mastermind
A business mastermind provides a host of benefits to both you and your business. These include:
1) Community – Running a business doesn’t have to be isolating. A mastermind surrounds you with like-minded individuals who are in a similar situation and can relate to what you’re going through.
2) Guidance – Your fellow members have likely been in your shoes. They can help you push through roadblocks and avoid landmines.
3) Networking – It’s hard to meet new people when you never step outside of your office. A mastermind group allows you to meet not only the other members but any useful connections that they may have.
4) Education – Some mastermind groups come with an educational component taught by the facilitator, the members, or an outside expert. Catapult Groups brings in world-class trainers to impart their knowledge on the group.
5) Accountability – The members of your mastermind group will ask what you’re working on and when it will be completed… and then they’ll hold you to it. Making grand claims won’t move your business forward. Stating your goals and then being held accountable for completing them will take you in the right direction.
6) Brainstorming – Sometimes, it’s just nice to have other people to bounce ideas off of. Having extra brains working on a problem in an open forum may yield solutions that you’d never have dreamed of on your own.
7) Power partners – A mastermind group provides opportunities for collaboration between companies and a source of referrals.
How to Find the Right Mastermind Group
A mastermind group is a commitment of your time and often money so you’ll want to choose wisely. There are many groups out there of varying value so take the time to examine your options. Here are a few things to consider:
1) Where will you meet?
Thanks to technology, our world is more connected than ever and you’ll have the option of an in-person group or a virtual mastermind. While there is a certain convenience to logging in from your desk, you’ll miss out on the opportunity to connect with other CEOs in person, and you run the risk of missing out on the experience because of constant interruptions. Yes, you may have to drive a few minutes to attend an in-person mastermind, but the time away from the office and the human connection will more than make up for it.
2) Who will facilitate?
There are many different types of mastermind groups. Some are just friends that have chosen to meet regularly to discuss their problems. While these informal groups can provide the camaraderie you’re looking for, a group with a professional facilitator can provide a number of added benefits:
- They keep the time and ensure that you stay on schedule.
- They prevent one individual from dominating the conversation.
- They are often a coach or consultant with years of experience in business and in guiding others along their journey.
Catapult Groups hosts business mastermind groups led by executive coaches with decades of experience building and running businesses.
3) Are you comfortable?
A mastermind group provides a safe space to voice your challenges and fears and to celebrate your victories. If you’re not comfortable opening up in front of the other members, you won’t get the most out of the experience. Not every mastermind is a fit for every person. Find one that feels right.
Joining a mastermind group may be one of the best business decisions you ever make. If you are a CEO living in the Las Vegas area, visit Catapult Groups to see if their mastermind is a good fit for you and your business. Surround yourself with successful, like-minded individuals and allow yourself the time away from your hectic schedule to plan, overcome, and be held accountable, and your business will flourish.