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Entrepreneurship is full of challenges. The odds seem constantly stacked up against us, and we’re often left feeling alone and in the dark. Too many entrepreneurs give up. But that’s often because entrepreneurs lack a basic resource — something that can help keep us motivated, focused, and full of ideas.
What’s that resource? It’s a network of likeminded people who share what they know.
And where can you find that network? Here’s one great way: Masterminds.
Masterminds offer a reprieve. They’re a safe haven for those that are looking to learn and expand their skill sets, while networking with brilliant peers alongside some of the most accomplished people in the world.
Today, mastermind groups offer up a chance to learn from the decades-long successes and experience of their founders, who are more than willing to help put theory into practice for those that have a sense of urgency to take massive action and who are able to pony up a hefty sum. And by hefty sum, I don’t say that lightly. Some of the world’s best masterminds can run upwards of six figures. Yes, six figures. That’s a hard number to swallow for most.
However, these ultra-exclusive groups offer a rare opportunity for gaining a competitive edge in a marketplace that’s constantly expanding. Without understanding the overall mechanics of marketing, and without having the right tools to implement advanced sales strategies and tactics, most entrepreneurs will remain lost and suffer a slow and steady eventual demise. For those that know better, these groups offer a chance to exponentially rise above the noise and catapult to the front of the line.
What are masterminds?
Before diving further into a discussion about the utility found in these exclusive groups of like-minded entrepreneurs and brilliant marketers, it’s important to understand what a mastermind group is and what it isn’t. Masterminds, for all intents and purposes, are peer-to-peer gatherings that are often helmed by thought-leaders and industry titans.
In the entrepreneurial world, some of the best mastermind groups are led by individuals who’ve achieved outlandish results and wildly-unfathomable levels of success. These are people like multiple New York Times bestselling author Dean Graziosi, an individual who has done upwards of $1 billion in sales with his brands and companies, but who came from such humble beginnings. Growing up in a trailer park, Graziosi wasn’t blessed with a silver spoon in his mouth.
His epic struggles took him from a life that was a rollercoaster ride, and at several points, a complete mess, and turned it into a message, one that’s impacted millions upon millions of individuals. However, Graziosi’s prior bouts with failure and financial collapse, numerous times in life, shaped him for a life of sheer abundance, one that rises above the typical scarcity model, by flipping the script and using pain and the fear of failure to fuel him rather than to hold him back.
The truth? Thoughts are things. Graziosi knows this just as much as someone like Frank Kern, Roland Frasier, Joe Polish or any other number of mastermind leaders also know. In fact, Kern, who’s arguably one of the most influential online marketers of our generation, and one of the most successful business coaches in the world, overcame his own demons, along with a severe struggle with denial, frustration and fear.
Yet, the beauty of masterminds lives in their ability to help its members learn from the collective experience of the group. Not only do the influential leaders help to guide those that are involved, but so do fellow members, who’ve also struggled and overcome things that other members might be going through at that very moment. It’s a rare opportunity for networking and getting one-on-one help at the highest level with the exact people who can deliver the fastest and most proven systems.
Your own trial and error is the old way to succeed and masterminds seem to be eclipsing that at record speed. In fact, many of the leaders of the most successful of these groups have themselves invested heavily in masterminds before ever starting their own. And for good reason. They offer tremendous results. And some mastermind leaders, like Graziosi, Polish and Kern have invested upwards of a million dollars or more over the course of a decade because they realized that it provided a huge platform for growth.
Related: Are Business ‘Masterminds’ a Scam?
How do you find the right mastermind group?
Mastermind groups are a dime a dozen these days. They seem to have sprouted up all over the place. But, not all of these groups are created equally. While some newcomers to the entrepreneurial world have taken the plunge into creating their own masterminds, not all of them are effective. So, how do you go about finding the right group to fit your needs?
That really depends on where you are in business and in life. Some of the best groups are run by the most well-respected titans of industry. But, if you don’t have the financial wherewithal to join a group like that, then you could simply create your own. Just find really smart people that are playing the game at a higher level. That’s what it takes. But don’t simply join a group where you’re the smartest person in the room. Rather, join a mastermind where everyone is getting smarter together.
In my conversation with Graziosi, what I came to realize was that people seek out masterminds because they’re looking for revolutionary change. They’re looking to accomplish monumental goals and to take things to the next level. And Graziosi distills down any change into four parts. Address each of the four parts and you can achieve revolutionary results in any area of your life or business.
Step 1. Where are you?
All change starts with honesty. Where are you right now. You have to be honest. If you’re not honest, you’re not ready or willing for the change you crave. How can you expect to get to where you’re looking to go if you can’t be honest with where you are today? Even if this disturbs you, write it down. Be honest. Allow it to upset you if you must. Because, that can create the push or the momentum you need. Remember, even with GPS, you need a starting point.
Step 2. Where do you want to be?
The second step to change is to decide where you want to be. Where are you going? Where do you want your business to be? The problem that Graziosi finds is that most people are clear on what they don’t have, yet lack a crystal-clear vision on where they want to go. Best way to achieve this is to pretend it’s one year from today and it was the best financial year of your life. Then, write down what that looks like to you. That’ll help create your vision and the direction you need to go.
Step 3. Why do you want it?
No change, whether it be in a mastermind group or on your own, is possible without knowing why you want what you want on the deepest level possible. Your “why” can be more powerful than you can imagine when it comes from your heart and it can be the driving force behind hard days and disappointments. Get clear on why you want something and be sure that it’s not just something superficial.
Step 4. How will you get there?
If you know where you are and where you want to go, then what’s left is gaining the capabilities to take you there. If you can’t outline that, then you’ll have a difficult time following through. Make a clear and detailed plan if you’re serious about success. Any good mastermind is designed to deliver you the “how” and create your plan for your startup, growth and for scaling profits. Capabilities from those playing at your level or higher is key.