3 reasons NOT to join a mastermind group

August 01, 2014

A mastermind group can help your small business go from good to great. But are you prepared to do the work of a group member?

For many small business owners, being part of a mastermind group isn't optional.  These groups of two to eight people commit to meet regularly, helping each other set and reach goals, sharing resources and encouragement, and be each others accountability partners.  The are essential to entrepreneurs running growing businesses because it’s peer-to-peer mentoring, giving each member the benefit of the others’ knowledge and experience.

As great as they are, mastermind groups aren't for everyone. How do you know if you’re mastermind material?  A mastermind group is NOT for you if…

  • … you’re looking for a pile of leads.  Networking meetings and leads groups can work wonders for small businesses, but a mastermind group’s focus is on long-term strategy and development.
  • … business education or classes are what you need right now.  While ongoing learning is a part of all entrepreneurs’ toolkits and mastermind group members learn valuable information, a mastermind group isn't business school.  If your pressing need is a marketing plan or product pricing, find a good resource or coach.
  • … finding the time to dedicate to a regular mastermind meeting might prove difficult.  The rewards realized by entrepreneurs who are mastermind group members are great, but so is the commitment: time for regular meetings, consistent attendance and dedication to helping other members all become part of your weekly schedule when you join a mastermind group.

But if you’re comfortable with your sales funnel, not in need of specialized training, and able to dedicate the time, a small business mastermind group might just be the catalyst that pushes you from good to great.  Look for a mastermind group near you by contacting your local chamber of commerce or searching MeetUp.com.  Alternately, you can start your own mastermind group, hand-picking those you invite to create a cohort of smart, skilled professionals – a group dedicated to mastering their individual and collective destinies. If the descriptors above don’t apply to you, you’re ready for a mastermind group! Are you currently a member of a mastermind group? Leave a comment and share the biggest benefit you've received so far from being a member of the group.