Why a mastermind group is crucial for sole proprietors

Joining a mastermind group is a smart way to access a team of business advisors who are supporting you to succeed as a sole proprietor.

photo of mastermind group by Climate KIC
written by Aleksandar Debeljak

Would you like to grow both as a person and sole proprietor, have like-minded business owners to give you beneficial advice and support, and build long-term professional relationships? If the answer is yes, it may be smart to join a mastermind group that will help you succeed.

What is a mastermind group?

A mastermind group aims to help members in the group achieve success. By participating in the group, you challenge each other to set important goals and then achieve them.

The concept behind mastermind groups were created by Napoleon Hill in his 1930s book “Think And Grow Rich” where he wrote about the mastermind group principle as:

The coordination of knowledge and effort of two or more people, who work toward a definite purpose, in the spirit of harmony.

The process of working within a mastermind group is clear and precise. First, you create a goal, then try to achieve the goal. The other members will help you with different creative ideas so that you can make smart decisions. Then when you work with your goals, you will return to the mastermind group and tell them what went well and if any problems have arisen. If you have a problem, the task of the group is to work together to solve the problem through brainstorming and collective, creative thinking.

In order for a mastermind group to work efficiently and achieve its goals it is important to have commitment, confidentiality and be a good listener, as well as advising others about their challenges and concerns. It is important to be honest with each other and treat everyone with compassion and respect.

How does a mastermind group work?

Depending on the group and needs, members meet approximately 1-2 times a month. It is important to have regular meetings and always start on time. Keep in mind that all members should have the same time to talk about their business.

Think about how the meetings will be structured. Should there be an agenda or discussion about a specific question? Depending on the mastermind group, it may differ in what a meeting looks like, some want clear rules while others prefer open discussions. You can also combine these two formats but consult your group to see what they think would work best.

Because there is no leader in the group, it may be smart to have a facilitator who keeps track of who is going to talk and that everyone is staying on schedule. This is up to the group to decide if you need someone who, for example, looks over today’s agenda or wants to create a clearer structure at the meetings.

Make sure to write notes during the meeting or if you participate in a Skype meeting that someone is recording the discussions.

The benefits of joining a mastermind group

There are many benefits that a mastermind group can provide, such as:

  1. It helps you to find new perspectives on how to solve problems. It may be useful to hear other people’s thoughts and point of view, people who do not belong to the same industry about how to solve a problem or challenge in the smartest way.
  2. Since the mastermind group has members who are experts in different industries, it is easy to get knowledge of a specific area that you do not know about but would like to get a better insight into. You learn from each other’s different areas of expertise.
  3. It is important to be supported by others – in a mastermind group, the members act like your advisory board. If a business issue occurs, you can easily contact your team for assistance and support.
  4. It’s a great way to find new business partners that could create growth and increase revenue for your business.
  5. The members of the group have different skills and contact networks that may be able to help your business to succeed, otherwise this may not have happened if you decided to be on our own.
  6. Increased ability in your decision making by receiving valuable input.
  7. Helps you to keep track of and be accountable for the tasks which you need to do to fulfill your goals and to show to the other members that you have achieved your goals.

Who should participate in a mastermind group?

If you are a person who likes to give and receive feedback from others, this format is right for you. It must be a mutual relationship for everyone to get something out of being in a mastermind group. It is also important that participants have the same driving force and commitment to achieving success.

Another important aspect is to have people with different skills and opinions in order to solve challenges and problems from different perspectives. Therefore, the purpose of joining a mastermind group is to get feedback and find solutions to your problems.

Want to have a greater chance of reaching your goals or even surpassing them? Then it’s smart to join a mastermind group.

It is also important for group members to have similar interests, for example, the mastermind group may consist of sole proprietors in the retail industry.

Conclusion

Participating in a mastermind group is a great way to develop both as a person and sole proprietor. Being able to get support and advice from other people and vice versa can help to make your business be more efficient and effective. It is also an effective way to create new contacts and is an important platform for taking part in different ideas and opinions.

I believe that most sole proprietors should join or create a mastermind group where they can meet like-minded entrepreneurs. As a result, use this resource as the significant growth tool it can be for your future success.

Are you thinking about joining a mastermind group, how do you think it can help you, and do you have additional tips to share for other sole proprietors?

About Aleksandar Debeljak

Aleksandar Debeljak is the Head of Content at DLE Solutions who helps clients align marketing communications with business goals. He enjoys crafting content that delivers meaningful experiences to connect consumers and brands. Follow him on Twitter at @aleksdebeljak.