The biggest downside to any business owner is the feeling of loneliness and being alone. This creates an internal dialogue within yourself causing you to self sabotage which in turn results in the failure of your business. The one single solution to this happening is the development of a mastermind group.
We cannot imagine a business operating without a mastermind! We have been building our businesses through the power of masterminding for the last 2 years. Trish has, in the last 10 years been building an international real estate investment business and she attributes the success of that business through masterminding with other real estate investors on a monthly basis.
Napoleon Hill in his classic book Think and Grow Rich wrote “understand the ‘intanglible’ potentialities of power available to you through a properly chosen mastermind group”
A mastermind is a collective group of people with similar goals and aspirations that come together to collaborate on each others progress, hurdles, obstacles and challenges. There are 5 reasons why you should consider joining a mastermind or setting one up yourself.
1. Structure
The most important part of having a mastermind is the structure it provides. It is good to set it up with some rules and protocols and ensuring that everyone is aware of those rules. Part of the structure is the regularity of when you all come together for those masterminds. It could be daily, weekly or monthly. A mastermind can be as few as 2 people, Trish and Chris are a mastermind through being business partners and connect through an online meeting process every day. They are also part of a digital mastermind which meet with 5 or more people on a regular weekly and monthly basis.
2. Skills And Knowledge
Another incredibly powerful part of a mastermind is the diverse skills, knowledge, experience and resources that individuals can bring to the group. When it came to Trish’s real estate investment journey she had people in the group that specialised in niche areas like short sales, REO’s, foreclosures, tax liens, property managment etc. Can you imagine the property portfolio you can build with a team of people like that. For Trish and Chris’s online business they have a digital business mastermind group and the diversity of skills and knowledge is incredible.
3. Achieve More
You will certainly achieve more with the collective power of many minds than just one. Napoleon Hill talks about this in his book Think and Grow Rich “Great power can be accumulated through no other principle” the principle of masterminding. He talks about the energy in thinking… thought energy and how a human brain can be compared to an electric battery. He compares that to a group of batteries and the amount of energy that is released producing much more than a single battery. A group of brains coordinated will provide more thought energy than a single brain.
4. Receive Fulfillment Through Your Contribution
The important philosophy that everyone should have, and it should be part of the rules, is that everyone attends the mastermind with the intent of giving and not taking. So attending the mastermind, think about who is attending and how can you help those people with your skills and knowledge or what resources do you know of that you could recommend. The mastermind should always be about your contribution and how you can help each individual over their challenges so they can move forward. Never make the mastermind about yourself!
5. Part of an Exclusive Community
In most cases, being part of a community means an application process or being referred or invited. Trish and Chris are part of a large digital community that meet regularly online and also at a physical location at least 4 times per year. We have attended events in Australia, Canada and the USA. Its wonderful to incorporate the travel with learning more things for your online business and also networking with incredible like-minded people on the same journey as you are. Our community involves an application process to join. You have a meeting with a business consultant to see if the community is a good fit. Once approved you can immediatley be part of the community and the masterminding process.
When building an online business it is important to feel like you are part of something bigger than just yourself. You can be part of a community, part of a mastermind process to eliminate this feeling of loneliness or being alone. Trish and Chris never feel like they are alone in business.
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