The Importance of Mastermind Groups for Accomplished Women


The Importance of Mastermind Groups for Accomplished Women

If you’ve been in business for any length of time, it’s likely you’ve heard discussions on the importance of joining a mastermind group. Chances are, the more successful a woman is, the more likely it is she is currently, or has been, in a mastermind group. In some cases, she may be involved in more than one group at a time.

The concept was popularized by Napoleon Hill in his book, Think and Grow Rich. According to Hill, a mastermind group is “The coordination of knowledge and effort of two or more people, who work toward a definite purpose, in the spirit of harmony.”

Groups are conducted in several ways. Many groups require you “pay to play.”

Is this a good model? Some say yes, while others feel this creates an unrealistic barrier to entry. Yet, if you want to raise your own bar in life, an investment allows you to put your “money where your mouth is.”

Some require specific criteria such as a certain amount of time in business, a minimum amount of revenue and industry specific. Others are not so rigid.

Not all groups are business based. Many are spiritual in nature. Others are more along the lines of personal development. Since Napoleon Hill introduced the concept, there are mastermind groups for just about everything.

Investment into a group can range from a few hundred dollars on up to tens of thousands a year up to six figures a year to join.

Benefits of Mastermind Groups

  • Exclusivity
  • Networking
  • Collaborative partnerships
  • High end training
  • Hot seat opportunities
  • Accountability

Exclusivity

When you invest in a higher end mastermind, there is an exclusive opportunity to be among like minded professionals; those who invest wisely and focus on their professional development.

Networking

As with exclusivity, mastermind groups offer the opportunity for very intimate networking opportunities. This goes way beyond giving someone your business card and they give you theirs. It’s networking at a very deep level.

Collaborative partnerships

One of the best ways to grow your business is through extended market reach. Collaborative partnerships allow you this opportunity. Imagine have access to high end partners who WANT to partner with you. With the right mastermind group, this is possible. Great partnerships increase your odds for success.

High-end training

Due to the type of investment you are often required to make, you have access to high end training not available to the general public. Many mastermind meetings are conducted in locations conducive to deep learning experiences.

Hot seat opportunities

A hot seat experience is where one person, or their company, is put in the spotlight. You can share a specific area you would like to focus on for improvement. This allows you to “pull back the covers” to have others in the group give their input, ideas and recommendations.

Hot seats are one of the most valuable aspects of a well-run mastermind group.

Accountability

One of the greatest benefits of a well-run mastermind group is the accountability factor. Often, you partner up with someone else in the group for the specific purpose of being accountable to one another, the group and the leader.

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