“No mind is complete by itself. It needs contact and association with other minds to grow and expand.” says Napoleon Hill in his classic work, Think and Grow Rich. In life, we often think that if we just tough it out ourselves, we’ll wind up better for having done so. Yet, some of the greatest minds in history are at strong opposition to such a concept. Truth is, you need help, and you can’t get there alone. Many of the most successful people over the past hundreds of years followed this same principle of “masterminding;” adopt a group of people whom you share ideas with, meet up together with frequently for accountability, and grow together in harmony, helping one another achieve their goals. For today’s entrepreneurs, it’s no longer a question of “should I join one?” It’s become a question of “which one must I join?”
Chris Harder, Philanthropist, Investor, and founder of the For the Love of Money podcast, happens to be an expert on the subject. Having built four different multi-million-dollar businesses already, he decided to give back by helping others succeed at high levels, as well. In pursuit of this goal Chris hosts separate masterminds both for newer entrepreneurs, and for high income earners. We asked Chris what’s most important when it comes to choosing the right mastermind for you as an entrepreneur, and of what distinguishes a good mastermind from a bad one. Here they are:
- The Founder is a “Doer,” not just a Mastermind Coach
It’s essential that the founder of the mastermind knows what he or she is doing. If they are running the show, they have to know what actually brings results into people’s lives, and the only way for them to know that is having actually done so themselves. Chris highly encourages looking deep into the backgrounds of both the founders and the other entrepreneurs who join. The company you keep is highly significant for achieving remarkable results.
The Challenge people face is knowing the difference. Some people start masterminds and that is their first and only successful project. They may seem successful at first but it’s simply because they are profiting off of the people who join their mastermind. If this is the case, it may be a mastermind you want to avoid.
- Evaluate What Takes Place at a Meetup
You’ll want to know exactly what the mastermind activities are. How does the leader of it move the needle for your business? Sometimes it is a really great program for one type of business, but not for another. A good mastermind is one that strikes a perfect mix between teaching new skills you need, and also creating collaboration with the other members. An ineffective mastermind looks more like a random list of speakers, sharing high level concepts, but not actually providing the space for you to start implementing it in your business.
- Look for Testimonials
Don’t be afraid to ask to speak with current or past members. Does the mastermind have proof it works? It’s one thing to gather a bunch of people together, it’s another to actually grow their businesses. Ask members what it was from the mastermind that specifically changed the game for them last year. If you see the results you want in the others who’ve attended, you can feel like you’re investing in the right place.
Ultimately, you have to find what fits your specific goals and dreams for your life. Masterminds are not so simple these days, as there’s so many of them to choose from. But if you do your research, ask the right questions, and look for testimonials related to your own business’ needs; I think you’ll confidently choose the right mastermind to take your business to the next level.
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