I often get asked "If I join a Mastermind Group don't I eliminate my need for coaching?"
That depends. In some instances, if the Group is strictly a business peer group with a paid facilitator who is a certified coach, my answer might be "Yes". For instance, there are fee-based CEO groups that meet twice a month for 1/2 day (or full day). These meetings cover common business matters in a group-coaching environment, and sometimes the membership fee includes a separate private sessions with the facilitator/coach as part of the membership.
The amount of Masterminding within a group setting like this will vary: some of these groups bring speakers in for the session, therefore the actual masterminding may be minimal. These groups are usually a hybrid of group coaching/private coaching, and teaching forum. My suggestion is: if you already pay to belong to one of these groups (some of them are very expensive): utilize the other members in between meetings to mastermind on your own, not necessarily in a formalized setting, but with emails, phone chats, coffee or lunch, to maximize your ROI. This way you are getting coaching, learning, and Masterminding all out of one group. I have had many members of these kinds of groups also coach privately with me because either the quality, the quantity, or the agenda of the "coaching" was not adequate to deliver their true private coaching needs. (In a true coaching model, the client sets the agenda. In these groups, the coach usually brings the agenda)
So, unless the above is the case, my answer is "No". A Mastermind Group is not a substitute for coaching. If you are serious about advancing your business, increasing revenue, advancing your career within an organization, or becoming a more effective leader, you will need a private coach. DO not expect your Mastermind Group to substitute for a professional coach. If you are in senior management or you are the top leader, you absolutely need an executive performance coach in addition to your Mastermind Group.
That being said, the reverse is also true. Your private coach will never be able to substitute for a well-picked, committed, enthusiastic Mastermind Group! A smart executive or entrepreneur has both. Remember: the whole idea of a Mastermind Group is to get varied ideas on a common theme, and to be able to piggyback on the ideas of others, put new ideas into action. You are also there to contribute ideas, support, and accountability. You are a team. You play together, you strategize, you practice, you try new things, you fall down, you share what did and didn't work, you listen to what did and didn't work for your team members. The "coach" equivalent for your Mastermind Group is strictly a faciliator, who does minimal or no coaching. She is there to keep time, translate, ask clarifying questions, summarize, keep order in the group, and help it stay on task (and on time).
Sometimes Mastermind Groups can be used as transitional moves in or out of private coaching.
For example, if you really want a private coach but can't afford a really good one yet, a Mastermind Group is a great starting place! Join a well-picked, professionally facilitated group, be committed and involved. When you are financially able, transition into private coaching. Don't give up your Mastermind group, however! You need both!
The converse is also true: if you have been working on a project with a private coach and your project is complete, trust me: you don't want to just unplug and be totally alone out there in today's hyper-competitive, fast changing business world! That's the perfect time to join a good Mastermind Group if you aren't already in one! You'll have listening, support, accountability, ideas, and whenever you need a one-on-one coach again, you can just pick one up.
In conclusion, remember that private coaching is often for a finite time with a certain project to be completed and certain metrics met (perhaps 3-6-12 months), or it can be ongoing for the length of your business-life (especially if you are the top person in your organization). But no matter what, you will always want to belong to a Mastermind team of like-minded people with singleness of purpose, a good facilitator and committed members. You may even want to belong to two or three, for different purposes. I know many people who do. As the American Express saying says: "Don't leave home without it". Join a group today!
A lot has happened since last we 'spoke.' I completed with my large Mastermind. I missed a meeting and had to look at what caused me to do that. I no longer give any credence to, "I forgot." I had to conclude that I wasn't getting value equal to my required/desired commitment.
At the same time, my other group has grown from 4 to 7. We have become organized, but with no loss of bonding. But once again, I caused some provocative thought. When we were at 6 people, I met an old friend and I realized he would be great for the group and vice versa. So I invited him in. Without checking with the other members. That was precipitous and basically rude.
Every single member of the group called me on it. I had to clean it up. I spent the first minutes on the call introducing him and opening him up for questions by the members. I told him he might be rejected and I apologized to him and to the group for my boorishness.
The whole thing was out of left field, but in my opinion it resulted in us being a tighter group. We've tested our boundaries on many levels and have moved forward individually and as a Mastermind.
It's one thing starting a Mastermind Group, but quite another thing maintaining it and keeping the momentum going, especially if, like me, you're an EFNP in the Myers-Briggs sense of the word - ie. really good at starting many things, but not so good at the follow-through.
I started our original Mastermind Group in a small seaside village almost a year ago. Originally we met physically, each taking a turn to host the group in our homes on a weekly basis. A few months in, the commitment in the group was still going strong, but the momentum and energy in the actual sessions was waning. We took a democratic decision and voted to open the group up to some new members. That turned out to be a good decision all round and interestingly, the polarity reversed - now the energy in the sessions was better, but the commitment seemed a little less, with an absentee or two every week.
A few months into that, and the dynamics changed again - this time partly as a result of the Mastermind process itself - people's situations were clearly moving. Some were launching new businesses or going after better jobs elsewhere, others had changes afoot in their relationships or family circumstances. The one thing that is certain in life is change, right? And in Mastermind Groups the pace of change can be truly dramatic - sometimes it's just really difficult to keep all your balls in the air!
So, the next bridge to cross in order to keep this wonderful group of supportive individuals Masterminding with each other, was coping with physical separation - this is old hat to those of you who run your Mastermind Groups via conference calls, but to us it was all an exciting experiment. We tried using Skype in a few sessions, which was great, and we tried scheduling phone calls, but the small number of the group left in the village didn't seem to be able to get the same energy together to treat the phone meetings with the same commitment as the physical ones, so it only took a few no-shows that end and us 'satellite' members had nothing actually to join in with. Sometimes, despite best efforts, you just can't keep all the balls in the air, but I've decided that this is actually OK in the big scheme of things.
Finally, by default, we resorted to group emails. I sent a daily mail out for about 6 weeks with some pro-active ideas for personal and business development, so that at least we were all thinking together, if not actually meeting or talking. While the replies were sporadic, as everyone coped in their own ways with the long school vacation over the summer (most of us have kids), they were also hugely positive and uplifting. This again is an interesting dynamic - most of the group members were actually having the hardest time for a long while - the honeymoon periods of their various moves being over and a whole new set of challenges presenting themselves. It's rewarding to know that, when the going gets tough, giving a word of support to another group member somehow helps you keep all your own balls in the air too.
As in the business world, it seems that managing change within a group, large or small, 'professional' or not, is a constant tall order, requiring commitment and some sort of cohesion or glue to keep you together. It's also one of the most difficult things to get right. But, if there's one thing I'm sure of, it's that these group dynamics will change again and again in the future, so if you have any experiences or suggestions for how you've coped with change in your own groups, post them here and share them!
I recently spoke to a Career Transition Club for managers and executives on the "Nuts and Bolts of a Successful Job Search". I offered them a wide variety of ideas for beefing up their searches and staying motivated during their time of transition. While I like to think that I offered some great ideas, the real benefit to them being in that room that night was exactly what we find by being part of a Master Mind group. There is incredible power available when two or more people gather together for the same purpose, in this case, looking for a job.
As they went around the room giving their 2 minute introductions, each person included what type of job and industry they were looking for and passed around their resumes or business cards. At the end of the meeting, they had time to ask each other questions as a group, and then spent the last half hour mingling and having one-on-one conversations. As an observer, I immediately saw the results - support for one another through the sharing of leads and ideas and the simple act of being in the same room with others who were in the uncomfortable position of being unemployed.
I overheard a biologist talking about his ideas for finding investors and starting a research company with someone coming from the banking and finance arena. I listened in as a project manager talked about her dream to work in a "green" industry in order to help with environmental issues with someone from a sales background pursuing the same industry. I saw the exchange of resumes, cards, contact names and numbers, and even smiles and handshakes at the end of the evening. How's that for successful master minding?
Think about what you get from your group, whether it be for small business owners, for following a spiritual path, for parenting, or for...you name the focus. Its true benefit comes from the support and camaraderie that develops from knowing you are not alone in whatever situation brought you together in the first place. If you've been thinking about joining or starting a group, keep this example of unemployed, potentially downtrodden people leaving that room with new colleagues and friends, filled with hope and new ideas for their bright futures. It's as simple as pulling together 1 or 2 more people looking for the same thing as you, opening up to sharing, and being ready to enjoy the amazing results. Happy Master Minding!
Once again the benefits of a mastermind group reach above and beyond my expectations.
Since I have been in the process of updating one of my blogs to transform into a community of it's own, it has come to light of how fortunate I have been to be part of Mastermind groups.
Why? Well, I have access to people like myself who are of like business minds and will be immediate contributors to my new venture. Without these contacts I have made from Mastermind groups I would not have a community of people I can talk to whom I can bounce ideas off of or even contribute with each other in business.
You see, the strong bonds many form in a mastermind can extend beyond the group itself as to sharing ideas and maybe even a joint venture. Even if you're no longer with the mastermind. Maybe the bonds are so strong because you are sharing a great deal not only in your business but often in a safe environment. Or maybe it's because you are likely to become part of a mastermind where the people are so similar goal-wise that you immediately click with some of these people to form an incredible friendship.
Mastermind groups have given me a support system of peers, friends and business contacts whom I hope to last a lifetime. Because the groups have been independent of a particular company it is an unbiased group of people which can be crucial. (This can be big deal for people have been involved with network marketing companies because the groups they become involved with often dissipate as soon as the company involved does.)
If you are not yet a member of some type of mastermind group, I suggest you get on it because if you are an entrepreneur just starting out or changing your focus the best feeling is to have support and know you are not going down your path alone. As a work-at-home mom, and if you are one too you know how time is often limited and having other people to alleviate the feeling of being alone or suggestions on how to use the best of your time on your part can be huge. Cheers to your success!
Have you ever thought of joining more than one Master Mind group?
I belong to 2 Master Mind groups. They have some major differences. One is bigger than the other- 3x as much. One meets in a restaurant, the other a home.
One limits itself to no more than 90 minutes, although usually it is just 60 minutes. The other, since it is a group for writers, allows time for critiquing. Thus, it can stretch into 3 hours. Obviously this is an afternoon session,
Why belong to 2 groups?
Both groups meet once a month, which gives me an opportunity on these occasions to be around writers and meet new people. Being secluded all day writing can be a downer on certain days. But if I know I've got to get a story finished before I can give time to the Master Mind group, it motivates me to write harder.
Second, I've found ideas for the newspaper I write for from both groups. If you've not noticed already, the people in Master Mind groups are interesting!
I speak up less in the larger group, which some may see as a hindrance, but the thoughts expressed by the members there are worth the silence.
In addition, both groups are encouraging and stimulating. Sometimes as a writer, just as in any profession, we need someone to give us a hand up and tell us that what we're doing is worth it.
Consider adding another Master Mind group to your schedule or at least visiting another group. At the very least it could be helpful to see how the meeting is conducted so you can take back the ideas to you original group.
One tangible benefit I have received from my Mastermind Business Group is an increased awareness about Goal Setting.
Most people know how to set goals - after all, New Year's Resolutions come about every year. One of the reasons that goals often aren't met is because they are wishy washy amorphous goals. Something like: "I want to be more healthy this year" is useless in terms of measurability. There is an oft-used acronym about Goals: they need to be SMART. Goals have to be specific, measurable, achievable, realistic and time oriented.
Using the SMART acronym, the wishy-washy goal around health could be transformed into:
I will lose 10 pounds of December 15 I will work out for 30 minutes per day for the remainder of the year I will eat 3 apples every week for the next three months
Having a Mastermind Group around me helps me to make and keep goals. Not only do they review them and help to craft them so they are specific and measurable, but they all make their own goals for themselves. Once a year, my Mastermind Group meets in a weekend setting. We hire a coach to facilitate part of the meeting and as a group, we sit down and make individual goals for the upcoming year. It's a financial and time commitment to do this (taking a weekend off and hiring a coach isn't free) but it is such a valuable tool to our individual and collective success that we gladly invest the time and money.
Having a group of other high achievers working towards their goals is inspiring. Listening to the other women in my Mastermind group meet their goals, month by month, energizes me. And, like many people, I have a competitive streak so work harder to meet my goals when I know I'll be giving a report about the goal once a month to my accountability team.
If you've made goals in the past that haven't worked out, consider reviewing them with a trusted friend to ensure that they are specific, measurable, achievable, realistic and time oriented. If you have a Mastermind Group, consider adding Goals and Goal Review to your monthly meetings. Moving forward on a clearly defined path with the support of others is a tangible benefit to having a Mastermind Group.
There are so many ways to connect with groups of people that can help you out in different aspects of your business that sometimes it's hard to choose which ones to go with. Knowing the difference between each and testing them out, just like with any other thing worthy of trying in your business, is the only way to do it.
There are a variety of different venues available for entrepreneurs today. They include online forums, networking groups, business/technical associations, round table groups, and mastermind groups. For today, I want to give you some insight as to the difference between networking groups and mastermind groups.
Let's start with networking groups. This goes for the big national/international associations as well as local groups and chambers of commerce. They are built to encourage referrals, most add in some general business education, and none do anything for implementation and accountability.
That leaves a big hole in the business fabric for any entrepreneur in any industry since implementation and accountability are use the real crux of most business issues. Yes, even marketing and sales.
Most entrepreneurs that decide to join a networking group or chamber do so because they want to create new business. Well, I have to tell you from experience that you are much better off sending a salesperson to these groups than yourself as the owner.
As entrepreneurs, we all know that it's lonely at the top. Even more so if you have a micro business since you spend most of your day never interacting with people on a social level. Here comes the problem.
With no water cooler time outs, networking groups turn out to be a social event for you. Sadly, those groups sometimes are already run like a social group at the meetings and the functions they sponsor. It's nobody's fault, it's just human nature.
Having a solid relationship with people is important when you want to be able to refer them to others and vice versa, but at one point things can turn more social than business like. At this point, your ROI for the group has just turned sour on you.
Often times to make matters worse the bigger the group, the more social cliques end up forming. This is a major drawback especially in chambers of commerce. They draw you in making you think you can do business with 100's of other business people. What they fail to tell you is that there are 20 other people in you field there and most of your networking is going to be finding a little group within this big group that will let you into their fold. Not fun and a huge waste of time.
If you are going to involve yourself with a pure networking group, stick to that conduct a business like meeting and don't let businesses overlap each other to create unnecessary competition. If you feel compelled to join a chamber, stick with a town chamber to avoid huge numbers of members that are probably in direct competition with you and participate in a small offshoot group within the chamber to network with a smaller bunch of people that will actually pay attention to you.
So why join a mastermind group instead or as a combination to your networking groups? Well, it's all about those missing links. The truly successful people in business have a strong network, but also constantly educate themselves, expose themselves to new ideas, implement what they learn, and understand that you need someone above you or at the same level as you to make sure you are accountable for doing what you said you would accomplish.
Mastermind groups are good for networking, depending on if it's an industry based group or not, but they are built to be small and powerful as well as having a true facilitator to keep things in order. You would be amazed at how much business can be referred to you by a group of 5 to 15 people that know you inside and out.
My final thoughts to you are to keep track of your networking group ROI and get out if you are wasting time and money. Do the same with your mastermind group. At some point there comes a time when you need to move on from any group, teacher, or advisor when you have reached your goals or they are no longer being met.
EvanCarmichael.com is the world's #1 website for small business motivation and strategies. Evan also runs a series of successful Mastermind Groups in Toronto for entrepreneurs.
Guest Contributor: Julia Wert-Marrocco
