#71: Masterminding Your Way to Success

Next time you’re networking with a group of entrepreneurs, keep your ears peeled for a certain word floating above the conversation.

The word is “mastermind,” and it’s a concept that is trickling down from the multimillion-dollar start-up set to homegrown entrepreneurs like you and me.

If you’re not familiar with the term, the term “mastermind” can have a very “Great and Powerful Oz” sound about it. Simply put, a mastermind is a small, very focused group of business owners who meet regularly to sharpen and strengthen their business strategies.

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One of the biggest advocates around for mastermind groups is Jaime Tardy, founder of EventualMillionaire.com. Jaime is the kind of person anyone would want in their mastermind group–she has razor-sharp focus, unwavering commitment to her goals, an insatiable appetite to learn…and she’s also a lot of fun to talk with!

Jaime joined me this week to talk all things mastermind, and the takeaway is hugely informative. If you’ve been thinking about creating or joining a mastermind, or even if this is the first time you’ve the term, this episode is going to spell out exactly what the benefits are, what kind of mastermind you should be looking for, and how to conduct operations once you get started.

Jaime also put together a worksheet for forming your own mastermind, complete with email scripts for contacting potential members. Click here to download it so you can get started right away!

Should I Pay to Join a Mastermind?

There are lots of opportunities out there to join an existing mastermind for a subscription fee. I did this early in my business, and it was helpful…but Jaime says that the most valuable masterminds don’t involve money changing hands.

“Peer masterminds,” as they’re sometimes called, have these advantages over paid groups:

  • You have equal say to everyone else in the group–no single person is controlling it.
  • They tend to last longer than paid subscription-based groups.
  • It’s easier to form true friendships with others in the mastermind.

Should My Mastermind Only Have People from My Niche?

Definitely not! Jaime is in a mastermind with a financial advisor, an internet marketer, and a professional sword swallower! What they do have in common is a high regard for systems and processes, and a level of success that they’re trying to reach.

“You have heard the quote, ‘You are the average of the five people that surround you.’ We want the level of just about everyone else in the group to be about the same, or at least have different niches of what they can talk about. You want to make sure that each person has an expertise that other people could use.”

It’s also a good idea to reach out to at least one or two people who are way more experienced or profitable than you currently are. These people will raise the bar on the meetings and bring insight that could take you months (or years!) to achieve. These people should be at the top of your list to invite to your mastermind…even if it’s a little scary to reach out to them.

“If it scares you, that’s a good thing. You are going to be creating something that you can have for three to five years. This group could help your business make so much money. Yes, you might be super scared to email them once. But what’s the worst that will happen?”

What Happens in a Mastermind Meeting?

You can organize a mastermind meeting in any way that makes sense, but here is the rough outline that Jaime’s mastermind uses:

First 15 minutes: The group goes around on the call and shares their wins from the previous week. Whether it’s making a million dollars or cleaning off their desk, no victory is too small to share.

“We are always looking forward, and never realize the amazing stuff that we are already accomplishing. So being able to share that lets us all rejoice in each other’s wins. And it is really inspiring.”

30-40 minutes: Each week, one member takes the hot seat with a specific issue they’re facing in their business. They bring any collateral or examples that can help inform the members about the issue–they might even email everyone ahead of time. The rest of the group will weigh in on the issue and offer their unique expertise to solve the problem.

“You can bring whatever you want to the hot seat. You talk about it and at the end you usually have some sort of clarity or direction to go in whether it be a resource, something to try, being introduced to a person. That makes a huge difference.”

Final 10-20 minutes: The group selects the next member to take the hot seat for the following week. With the others’ help, the upcoming member reviews his/her goals for the quarter, so that the group can help them solve a problem that gets them closer to that goal.

“As entrepreneurs, we can get really distracted. We are trying to make sure that our actions actually align with what we want. That is when you see massive progress.”

How Do I Know if My Mastermind Is Working?

The same way you know if any relationship is working–if you feel mostly positive effects from being involved with it.
There are definitely masterminds that are not a good fit for you, that just don’t offer what you’re looking to get out of it.
Or perhaps it’s going great for you, but someone else in the mastermind is routinely late to meetings, participates minimally, or contributes negative energy.

In either case, a few meetings is usually all it takes to know that something’s not working right.

“The level of commitment matters. If it doesn’t, people are not going to feel like they are getting value from it, and they will start backing off or will quit. And then it starts to feel icky.”

Get Jaime’s insights for keeping your mastermind on track! Click here to listen to the full interview now.  

Commit to Your Own Success

It can take one or two tries to find the right group of people for your mastermind. But from my own experience, I can tell you that my entire business changed when I finally locked into the right group.

I want you to have the same experience, so if this is something you have been thinking about for a while, commit to yourself:

“In 30 days I will have created my own small mastermind of five people.”

Best of all, forming your mastermind is so incredibly easy if you follow Jaime’s step-by-step worksheet. Click here to download it now!

Links mentioned in this episode:

Eventual Millionaire
Free Conference Call
Google Hangouts
Doodle
Millionaire Hustlers

Podcast Details:

Click here to download the transcript.

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Online Marketing Made Easy with Amy Porterfield

Comments

  1. Thanks for this, Amy. I think a mastermind group is built into who we are as people. The small group of folks talking on this level about these issues is the best way to grow, develop, and stretch beyond who you can ever be by yourself. Thanks.

  2. Janine Peleikis says:

    Thanks you so much, Amy, i really love your podcast, it´s perfect for me at the point i am now in my own online position. I especially want to say “thanks” that you have a download button directly at the player, because here in Germany many cars don´t have the equipment to listen directly to podcasts, so i have to download them and put them on a stick. You made it easy for me and many others to follow you. So happy i´ve found you – Janine

  3. Avrum Nadigel says:

    I’ve been looking for a mastermind group, virtual or otherwise. I have a book being published in October, and could use some accountability and a gentle kick in the arse. So if anyone is looking for a mastermind group, please send me a msg via twitter twitter.com/nadigel or http://www.learningtocommit.com/contact/

  4. Ann Manatt says:

    Janine I love your comments. But it made me giggle, so I wanted to assure you that most cars in the US don’t have that either! As a matter of fact, my ten year old car has a CASSETTE DECK! lol …. Amy is so amazingly thorough! I use my iphone.

  5. Heather Flowers says:

    This WAKES. ME. UP! Love it, want it, and I definitely need to do this. Thank you!

    A great tool I use for group communication is Slack. It’d be the perfect canvas for discussions/questions/calls-for-help in between meetings.

  6. Good stuff right here.

  7. Cathy McCarthy says:

    Amy!! Again, another great, super informative podcast! I’m starting my own mastermind group in September with some amazing, enterprising women and this podcast was so helpful. Thank you!! ?

  8. Hi, Amy! I recently discovered your podcast via Chalene Johnson. I’ve really enjoyed it. This episode was fantastic. I started a leadership organization just over a year ago and part of our organization is leading mastermind groups. I’ve made several adjustments to it from things I learned from podcasts from Pat Flynn and the Podcast Answer Man. After listening to this episode, I am going to make a few more tweaks, specifically around our hot seat. Thank you for adding value to people’s lives. Keep up the great work.

  9. Hi Amy

    Great episode (as always), and I can also attest that masterminds are awesome. If it hadn’t been for the one that I helped launch after NMX in 2013 my podcast wouldn’t have gotten done. Simple as that. Matter of fact, I released episode 78 this morning (every Monday for the past 78 weeks over at kitchensinkwp.com/itunes).

    Unfortunately, due to schedules, we had to end it only after abut 4 months, but we are still good friends, supportive and have a lil facebook group.

    That said, I want to start another one to keep myself accountable, and help my other friends/colleagues but I have also been asked in the past 4-6 months by a bunch of people that they are interested in me being their mentor, as crazy as that sounds to me.

    My question is as much as I want to help people and guide/coach them, I think there needs to be skin in the game.. i.e. money. Was hoping for some insight on how to charge/what to charge, etc.

    Thanks again!

    -Adam

  10. Great article! I have been in masterminds for years and began a group mastermind 7 years ago. The results our members have achieved even blow me away (up to 775% increase in revenue and 400% increase in referrals). The power of a mastermind is amazing!

  11. Hi Amy, Do Mastermind groups meet for weekend retreats, for instance, rent a house in a special location and have their hotseat, group discussion there?

  12. Hi Annette, where did your masterminds meet? Did you ever rent a vacation rental for a weekend and do more of a retreat? I ask because it seems there is a niche there.

  13. Hi Amy! Great podcast. I have been thinking about starting a mastermind within my niche industry. What is your advice on having direct competitors in your group? Is this a huge NO-NO?

  14. designinsession says:

    That Sounds like a fantastic idea for a well developed mastermind group! I may have to jot that down for the near future!

  15. eventualmillionaire says:

    We do this every few months – it’s so awesome! :)

  16. eventualmillionaire says:

    Awesome to hear!! :)

  17. eventualmillionaire says:

    So it depends! If you are very competitive and in the same niche it might not be great. If you are in different locations and mostly sell locally – then it’s great. OR if you are ok with co-opetition. I have lots of friends that sell similar products/services but we are slightly different. We are friends and don’t try to steal from each other and it just works out fine! :)

  18. eventualmillionaire says:

    Thanks Daniel :) :)

  19. eventualmillionaire says:

    I LOVE slack!! :)

  20. I would love to interview you on ways to make a space more inviting and convenient for mastermind groups. Are you game?

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  22. Kristine Tye, LMFT says:

    I love how Jaime is a great example for aiming high. We all have something to offer, and it can’t hurt to send an email to someone you’d love to work with!

    I have a question: I have no idea who to put on my list of 20. How can I find people to aim for? I am slowly finding a few people at around the same level as I am, but I truly feel alone in my entrepreneur world, which is why I have been thankful for online programs, etc, but those are larger groups and different than a mastermind. Is there any advice for finding people that are a few steps ahead of me to fill my list of people to reach out to?

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  24. Chery Schmidt says:

    Hello Amy, What A Great Post! It has been a while since I was in a Mastermind group and do need to either find or start one up ASAP. Thanks for the free work book looking forward to putting this all together. Chery :))

  25. Hirokorjaramillo2 says:

    What’s the same outcome? How is profiling Muslims in an airport the same as banning them? I disagree either way but one is not like the other.

  26. Hirokorjaramillo2 says:

    This was the rest of the interview….

  27. Hirokorjaramillo2 says:

    “I think we have to do whatever it takes, Sam. And I believe that, you know, Tuesday changed everything. Tuesday was a day that America has never, ever had to experience. And I hope to heaven that we never have to again. But we are in a war situation, and we’re going to have to do things people do in times of war. I just heard your interview with the mayor, and I think he’s right to look at examples in history like the Battle of Britain. Many of us have been studying what others did to carry on. And we know that we have to make tradeoffs in convenience, in our freedom of movement, without undercutting or losing our way of life and our values, which I really want to make America special and great. And we can’t ever let anyone undermine that.”

  28. Hirokorjaramillo2 says:

    It’s the same because you are only profiling one group, just as Trump suggeted….you only disagree because you are refusing to learn thehistory of Hillary…

  29. Hirokorjaramillo2 says:

    Good lord you’re an idiot

  30. Mindysking1 says:

    Do yoal immigrants too or just legal immigrants? How about

  31. Mindysking1 says:

    Do you love illegal immigrants too or just leut

  32. Mindysking1 says:

    Do you love illegal immigrants too or just legal immigr

  33. Mindysking1 says:

    Do you love illegal immigrants too or just legaow about

  34. Mindysking1 says:

    Do you love illegal immigrants too or just legal immigrants? How abo

  35. Mindysking1 says:

    Do you love illegal immigrants too or just legal immigrants? How

  36. Mindysking1 says:

    Do you love illegal immigrants too or just legal immigrants? How about

  37. Mindysking1 says:

    ants too or just legal immigrants? How about

  38. Mindysking1 says:

    Do you love illegal immigrants too oust legal immigrants? How about

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