7 Things You Need to Know Before You Join a Mastermind
Expecting to create a successful, lucrative, and profitable business without devoting the hard work is like expecting to win the lottery on your first scratch off. The odds are tremendously stacked against you.
In the same way that a scratch off first-timer looks at his losing lotto ticket tossing his Lamborghini fantasy out the window, there are a lot of entrepreneurs looking at their stale business wondering why it’s not producing the anticipated success.
Doing the work, taking careful consideration to improve yourself as a business owner, and continually applying new information is how you build a better business over time.
7 Things You Need to Know Before You Join a Mastermind
While a good quality mastermind community can help you accomplish a successful, lucrative, and profitable business, there are 7 considerations to make before diving in. Here they are:
1. There’s power in community
The magic that community offers didn’t get enough credit when I started my business in 2015. On the down low, one of the primary reasons I started my business was to get away from managing people and to avoid all the red tape, so I certainly didn’t value the countless reasons business runs on relationships at the time.
As entrepreneurs, we can do it alone, but successful entrepreneurs know to surround themselves with other business owners who can sharpen, support and connect. It’s through people that our mindsets shift for the good, that we receive the advantages relationships offer, and that we’re able to grow and flourish.
You can’t apply all of the benefits of community if you don’t intentionally surround yourself in community.
2. Showing up is a non-negotiable
Being present for dialogue to consider how you might contribute has a different impact than passively watching a replay of others’ dialogue. When you engage actively in conversation, you’re able to more realistically consider how the topic pertains and could apply to your situation in order to make positive progress in your business.
3. You get out what you put in
Being a member of a mastermind isn’t the same being intentional with a mastermind. It’s action and application that make the difference. Only preparation, reflection, and application will usher you through the transition of becoming a better decision maker with your business. Download my free guide, 4 Smart Habits for Successful Business to learn immediate actionable tips to apply to your business.
4. Membership itself won’t make you more successful; it’s the application of the knowledge you learn that will make you more successful
A quality mastermind will rally around applicable takeaways. Business theory is interesting, but I’m more concerned with practical application. Apply, measure, tweak. Apply, measure, tweak.
5. Between-meeting conversation is where the magic happens
Your presence for meetings is crucial, but the time between meetings is where you move the needle. That’s when you connect with other businesses to exchange ideas on application, progress, and support. Again, we can do business alone, but we’ll be more successful if we don’t.
6. It’s important that group members are vetted.
Members within a mastermind should be at a similar place in business. Learning from business owners far ahead on their business journey can have its benefits, but that’s typically the purpose of a mentor.
Mastermind members, on the other hand, should generally be “within reach” - some slightly ahead and some slightly behind - so that the knowledge exchanged is applicable for each member’s situation.
Does this mean members can outgrow a mastermind community? Absolutely. In fact, that’s the goal. The goal is to steadily uplevel until it’s more beneficial to you and to others to move on and flourish with fresh ideas.
7. It takes consistent commitment to see a difference in your business
A single mastermind meeting won’t do the trick. The benefits are cumulative which means membership should be a long-term commitment.
Can you benefit from one session? Without a doubt, but one month isn’t enough for new situations and challenges to occur in your business that you’ll execute and apply new knowledge to and it’s only with committed effort over time that your thought patterns and habits change enough to look back and see the substantial growth.
Are you ready to commit? Our Mastermind Community called "The Initiative" will provide you with actionable strategies to change your behavior, your mindset, and your approach to run a better business.
Joining a Mastermind Can be a Game Changer
Joining a mastermind can be a game changer - it was for my business. In fact, it was one of the factors that made Year #4 a turning point for profitability and success. Read more about it in 5 Things that Made Year #4 a Game Changer for My Business.
ABOUT THE AUTHOR, FRANCIE HINRICHSEN
Hi and WELCOME! I'm Francie. I started my business, Simply Integrated, in 2015 and have fallen madly in love with teaching small business owners how to start, grow, and market the successful and profitable business they dream about.
My knowledge and experience comes from earning an MBA and from coaching small business entrepreneurs while managing and marketing their projects.
I focus solely on business strategy and marketing and created this blog to help others run more successful businesses. If you’re interested, you can read more about me on the About page of Simply Integrated’s website.
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