- One thing that sucks the most about being an entrepreneur
is that when you're trying to achieve a goal that
many people can't relate with, you feel alone.
You have wins that you want to share.
You have frustrations that you have nobody to go to.
You feel like there is no one that
truly understands your situation.
How do I know that?
Because that's where I was when
I started my entrepreneur journey.
I was already in some good coaching programs,
and these coaching programs showed me tools
and resources that I really wasn't familiar with.
But in these coaching programs
I was still missing something.
And that something was having a core group of people
that I could go to to share my frustration, my struggles,
help me identify areas that I was stuck in.
I knew that I needed something,
but I just didn't know exactly what that was.
I was finally introduced to what a mastermind group was,
and when I joined my first mastermind group,
I recognized like that's what I was missing.
That was the one thing that I needed
to push myself to the next level.
So today I wanna share with you what exactly
a mastermind group is, how do they work,
what are the types of formats that will set you up
for having a successful mastermind.
And I'm gonna share everything you need to know
about mastermind groups in today's video.
So let's check it out right now.
(pow)
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♪ Crying at this, crying at this ♪
♪ Yep ♪
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So I was attending one of my favorite conferences,
and keynoting that year was Pat Flynn.
Now if you don't know Pat,
Pat is the founder of Smart Passive Income.
He's got an amazing podcast, an awesome blog.
He's also crushing it on YouTube right now.
And during his talk, he was talking about some
of the principles that led to his success,
and one of the principles that he mentioned
was the power of his mastermind groups.
I remember when I heard that,
and I remember thinking to myself exactly these words,
I need to be in Pat's mastermind.
I didn't know if there was an opening.
I didn't know if Pat would be interested.
All I knew was I had to ask.
So after he got done with his talk,
I met him out in the lobby and said, hey Pat,
I would love to be in your mastermind group.
Are there any openings?
What does that look like?
What does that entail?
How can we make this work?
Now I can't exactly remember how he responded in the moment,
all I can tell you is that I was
accepted into his mastermind group.
I was able to mastermind with him and some other
amazing people for the next two plus years.
I gained so much value from that mastermind group
that I can't even measure end result.
And that mastermind group led to so many amazing things.
I recognized the power,
I realized the power in mastermind groups.
So that wasn't the only mastermind group that I was in.
I ended up joining another mastermind group with some other
amazing men that were successful online entrepreneurs.
Right now I"m a part of three different mastermind groups.
As you can tell, I believe in mastermind groups.
I have drank the mastermind group Kool-Aid,
and I think if anybody is looking to achieve some
amazing success, that wants to achieve some amazing results,
you have to surround yourself with the right people.
Jim Rohn has an amazing quote that you are the average
of the five people that you spend the most time with,
so why wouldn't you want to circle yourself with
people that are challenging themselves,
that are not satisfied with where they are right now.
They want to be better.
They want to achieve better.
They want more.
And that's the power of a mastermind group.
I know many of you are interested
in taking part in a mastermind group.
You've heard about it or maybe you're just
hearing about it for the first time,
you just don't know exactly how it works.
How do you find the right people?
What's the format?
How do you structure it in a way that you're getting
the most results, the most bang for your buck?
So that's what I want to outline right now,
so we're gonna talk about the format,
we're gonna talk about how to find a mastermind group.
We're gonna talk about of the best tools that you
can use to set yourself up for success.
So first, let me share a little bit about
how do you find a mastermind group?
Let's talk about where can you find a mastermind group?
If you want to have a local meet-up,
so the first place that you
could start is your local church.
Or do you have a civic organization like
the Chamber of Commerce, maybe Rotary,
some type of groups like that where you can
meet people there and ask them if they want to
be a part of a mastermind group.
There's also business networking groups that you can
be a part of, and I'm sure that there are business owners,
entrepreneurs in these groups that want to network,
that want to mastermind so that they can grow their
businesses and share some of those struggles and
successes with other like-minded individuals.
So another great place to find a mastermind
group is exactly where I found my first one,
by attending conferences.
The conference that I was at was FinCon,
which is the financial blogger conference.
I don't know how many times I've been to a conference
and you meet people, you meet some amazing people.
A lot of these amazing people would
love to be in a mastermind group.
The second mastermind group that I'm still in today,
guess how that started.
It started by meeting a buddy of mine,
John Corcoran, at a conference.
I didn't know John before the conference,
but after that conference we connected afterwards,
and we struck up a conversation.
I'm like, hey dude, like,
we need to start a mastermind group.
And he knew a guy, I knew another guy that wanted
to be in a mastermind group, and we came together.
We've been in this group for over three,
maybe even four years now.
It's been amazing to be able to share in
some of those successes, some of the struggles.
I mean, it's just been awesome.
If there's nobody that you want to connect with
locally and conferences aren't your thing,
then the best place to find
another mastermind group is online.
And by online I mean Facebook.
No, I'm not talking about masterminding with your
Facebook friends, I'm talking about Facebook groups
of interests or passions or just your
niche that you are involved in.
So let's say that you are a personal trainer
and you want to grow your business.
There are tons of groups on Facebook that
you can connect with other trainers.
You can share best practices.
You can share what's working for you, what didn't work.
What are some of the tools that you use?
What are some of the strategies that
you've used to grow your business?
There are tons of groups out there
that you can connect with.
Another way that I've seen mastermind groups
start on Facebook is by buying courses.
Oftentimes when you buy a course you have
people that have a similar interest,
whether it be affiliate marketing,
maybe you want to start a membership site,
maybe it's YouTube, or it's a podcast.
So if there are courses out there that typically
will offer some sort of Facebook group as
part of that package, guess what?
In those groups you have people,
they bought that course for the same reason that you did,
so why not start a mastermind group with some of those
people in that group to help you achieve what you want?
All right, so let's talk a little bit about format.
Like what is the best way to format a mastermind group?
There are so many different ways,
and every mastermind group that I've been a part of
and what I'm currently in has been set up differently.
Let me first talk about the first
mastermind group that I was in with Pat.
How we had it structured, so we would meet once a week.
Since we were located in all different parts of the world,
we would end up doing a teleconference.
I don't remember exactly what service we used,
somebody else in that group had set it up,
but we would call into this number and we would all get
on that line and then we would begin to mastermind.
So our format was this, each week we would
all share what was a win from the week.
So we would take about 10 or 15 minutes,
go around, and there was five of us in that group,
and we would share a win.
So what was one awesome thing that happened in that
week that you wanted to share with the group.
So after we would go through our wins,
then one of us would be on the hot seat.
So what is the hot seat?
Hot seat basically is you get to
share a piece about your business.
What is something that you need feedback on?
What is something that you're struggling with?
Maybe you're stuck on something.
Maybe you have like a new website
that you want the group to look at.
Or maybe you have a sales funnel, an email funnel,
or you just have an idea that you want to just bring to
the group and just see what they say, what they think.
And then, that would last anywhere from 30 to 45 minutes
where you would get candid feedback from your peers.
These are the people that you trust.
These are the people that you just put a lot of faith into,
and you just are hoping that they're gonna give you real and
honest feedback so that you can take that and run with it.
I can remember specifically there was this,
an amazing idea that I had, and I was so excited about it,
I just, I was confident that this was it.
I was gonna get like some massive media exposure about it.
And I remember when I brought that idea to the group,
(laughs) after I shared it with them,
they just were kinda like scratching their heads,
like they didn't get it.
They didn't quite understand
what I was trying to accomplish.
They didn't really understand how it was going to work.
It really made me go back and truly think about
what was I really trying to accomplish with this goal,
with this idea that I had.
And when I got done really going through it,
I realized they were right.
They were right.
And I can't tell you how much money,
how much time that that group saved me from going down this
path of just wasting time, money, energy, resources.
And at the end of it I would have been so frustrated,
so defeated, and that is the power of a mastermind group.
All right, the second group that I talked about with John,
so we did it a little bit different.
We also would meet once a week,
but we would meet at the end of the week,
and instead of doing a phone call,
we would do a video conference.
Now obviously, there are different types that you can use.
You got Google Hangouts, you got Skype.
We ended up using a software called Zoom.
Zoom is something that I use to this day.
I used it for another mastermind group that I'm in.
I've used it for client calls.
It's just an amazing piece of software that
doesn't cost a lot of money, has so much flexibility.
This is not a Zoom commercial,
but something you want to check out if you're interested
in doing videoconferencing or mastermind groups.
But other than it being a videoconference,
it was relatively the same format.
We would each share a win.
We would give an update from the week.
And then one of us would be on the hot seat.
If there was enough time, maybe two of us would be
in the hot seat if we needed feedback on something
that we were working on that we just needed
crucial feedback on, that's what we would do.
Same format, but instead of just being on the
phone where you couldn't see each other,
with this way we could actually see each other,
we could talk.
And it was just an amazing piece of software
and an amazing way to connect with other people.
If you've seen some of my other videos,
you'll see where I talk about a men's mastermind group that
I became a part of after I moved here to Nashville.
This has been an amazing group.
The format of this one is completely different
because we get to meet in person.
The fact, I mean, that's just one of the beauties
of living here in Nashville that there are some
amazing entrepreneurs, amazing successful people,
that I get to connect with.
How does this one work?
With this one we meet every single Wednesday.
We show up at 7 am, we're there 'til 8:30.
The format is relatively the same.
We all go around and kind of give an update.
Different times we've read books and kinda
shared what we got out of those books.
Oftentimes people will share like their business structure,
like what they're doing.
Once again, any struggle they think
that they need feedback on.
And it's just been a really good
group to share just what's going on,
especially with this group we
have so many different businesses.
Some people are online businesses.
Some people have brick and mortar businesses.
It's just been a nice diverse selection of different people.
But this format, once again,
we meet every single week in person.
We either meet at my buddy's office or
we'll meet at a local breakfast place and just
be able to connect, share what's going on,
and also just talk about family, too.
We have family stuff.
We talk about marriage.
We talk about our kids.
Anything that we can help out with in that regard.
So the last mastermind group I guess I should
mention since it's one that I created myself.
Several years ago I was a part
of Michael Hyatt's inner circle.
And whenever he ended that,
I was looking for a similar type format.
There was just something about Michael's,
his format, his group, the way that he structured
it that I wanted something similar.
So this year I created a men's mastermind group.
Now I've got eight guys in this group,
nine including myself.
The way that we do it is we do three Zoom calls a week.
We're also going to do two in-person meet-ups
so that we get a chance to connect in person.
Have like a live mastermind session.
Now I love online masterminds.
Whether you use a Facebook group,
you use Boxer, which is another app that we use to connect,
or you use Slack, using Zoom,
Skype, all these different tools,
but there's nothing that can replace being in person.
You know, pressing to flesh and looking that
person in the eye and be able to connect with them on a,
just an ultimate level that you
don't get on the online side.
If you are in a mastermind group,
I would highly encourage you,
especially if it's an online mastermind group,
find a way to connect in person.
Whether it's a one meet-up per year
because having that in-person meet-up...
I had so many bigger take aways in those
in-person meet-ups than some of those online ones.
There's power in meeting in person.
I promise you, there's power in it.
One other thing I want to talk about mastermind groups
is that sometimes free ones are great.
If you an find people that are on your level
or maybe a few steps ahead of your level that are
just really committed and dedicated to wanting to grow.
That's awesome.
But what I've also seen, a lot of free mastermind groups
that eventually they fizzle out.
Because life, kids, family,
your goals changed, your vision changed.
Maybe there's just something that you want to change
about what you're currently workin' on.
But what I've seen with free mastermind groups
that eventually, like they will fizzle out.
One of the things with my mastermind group,
I didn't mention this, but it is a paid mastermind group.
So these guys, I want us to get in the game.
With Michael Hyatt's, with his group,
that was a pretty handsome fee.
That was 25K that I dropped.
That was a bit mastermind, some mentorship group,
I mean, there's some similarities,
definitely some differences.
But if you find the opportunity to be in a
paid mastermind group, there's just more commitment.
I know a good buddy of mine,
he was in this other group and he pays,
I think it's like $300 a month in one group.
I know another guy who's in another group,
he's payin' like three to $500 a month.
But there is power in that.
Especially for you.
If you're not truly committed to
being in a mastermind group,
like if you just like the idea, you like the concept,
like oh yeah, that sounds like fun,
eventually you're probably gonna quit.
But if you're payin' 300 bucks a month to be in something,
like you're committed.
And also, you know that everybody else that's in that
group is also committed because they're paying a good
chunk of money to be a part of that mastermind group.
And that's what you want.
You want people that are committed.
You want people that are willing to show up, to be there,
not just for their own sake, for their own personal growth,
but also to help you out.
That's the whole point of the mastermind group is,
you heard the expression, or maybe you haven't,
iron sharpens iron.
You want people that are willing to help you step up
your game because you take pride in seeing
someone else achieve and experience success.
That is the ultimate power behind a really,
really good mastermind group.
All right, so, I think you know
how I feel about mastermind groups.
I'm curious though, have you ever
been a part of a mastermind group?
Have you known anyone that's been in a mastermind group?
Have you considered one?
If you haven't and you want to change your life,
if you really want to grow wealth,
if you want to take your business to the next level,
then why, why aren't you part of a group?
Why aren't you surrounding yourself with people
that want to achieve massive success?
That have some crazy, audacious goals that
would blow ordinary people's minds.
But you don't want to be ordinary.
You want to be different.
You want to hack your wealth,
you gotta be in a mastermind group.
All right, go find a group.
This is Jeff Rose reminding you that it's your money,
it's your life, and only you can make it awesome.
Peace (pow).