What is The 1 Reason I Didn’t Quit My Mastermind
Could you save the money you spend on your Mastermind and spend it on office supplies or, heck, a higher profit margin? Sure you could. Paying for a mastermind group could easily get reduced to a basic cashflow issue. (Especially if the value you obtain from the group is only so-so.)
Masterminds Can Be Different Things
Masterminds can be formed different ways, and they influence what you get out of the mastermind group.
- Industry-Focused Masterminds
- Stage of Business Life Masterminds
- Demographic-Specific Masterminds
- Target-Audience Focused Masterminds
Another possibility is that a group of friends can start a “mastermind” group. However, these typically fall under the second one, Stage of Business Mastermind groups. The downside of friendship-driven masterminds is that they rarely have the intensity they should to drive your business forward.
What you derive from each of these mastermind groups can vary based on why they started. But ALL of them fail for the same reasons, believe it or not.
In short, a member of a mastermind group will stop because they no longer feel they are getting value. But in any of the four topics above the value will continue to be there because they join for the topics.
When someone feels like they are not getting value, it is because they are not getting value out of it from a higher level.
The Synchronous Value of a Mastermind
No matter why a mastermind starts, people stay or leave a mastermind because they feel they are getting more personal value. The practical value can come or go, but if the following is being served, the members will stick around.
- Sense of Community
- Being “Heard”
- Being Challenged to Level Up
- Hearing and Gleaning From Others’ Challenges
- Transparency in the Challenges
The tips and tricks of how to hire, tools to measure KPIs, industry knowledge, and all the other practical benefits are obvious. But what attendees to a mastermind want are these items that speak closer too the human experience of owning a small business.
So, which of these caused me to KEEP my mastermind group when I thought I would quit?
But here is the main reason why did I NOT quit my mastermind:
The Willingness of the Mastermind to Push Back is Key to a Solid Mastermind
Not everyone is willing to push back and challenge your ideas. In a mastermind you give them permission to push your limits and challenge your beliefs. Not every mastermind will do that for you. Ours does.
In fact, if attending your mastermind does not challenge you to be a better person, to hire better people, to raise your prices, to deliver higher quality, or improve overall; ditch it.
Here’s more about why I kept my mastermind group. BAM!