In the latest episode of Post Status Draft, I talk with Ken Wallace of Mastermind Jam about… Masterminds! We cover what they are, how they work, and the benefits they have for entrepreneurs and other professionals. Check it out!
Here are our own notes on the ways Masterminds and small peer groups have helped us.
While the small groups I’ve been a part of and facilitated for more than 9 years have not been traditional “masterminds,” they have exponentially and positively changed and improved my life.
Entrepreneurship, in particular, is a lonely gig.
Since 2011, I don’t go it alone … I go together … with a group of like-minded peers on similar journeys with the same values, meeting regularly, consistently.
Three benefits of peer groups:
- Learn and Grow, Together
- Camaraderie and Connection
- Support and Encouragement
Keys to successful peer groups:
- Meet regularly. Have a schedule, and then start on time, end on time, every time!
- Have a designated member-moderator or facilitator. Someone must be tasked with wrangling invitations, schedules, agendas, and keeping the group on track.
- Have an agenda. The basic one I use reviews highs and lows, successes and struggles since the last meeting, and then we look ahead to the next meeting.
- Mutually agreed upon expectations:
- Show up.
- Trust and respect others.
- Absolute confidentiality.
- Share parallel experiences rather than offer advice.
I second what Cory says. I’ve been in a Mastermind for years. While the core group has been just me and one other person, we’ve had 1-2 others rotate in and out for 1-2 year stints. It’s been incredibly helpful. Planning for the “end of life” of a Mastermind is really good advice because change is inevitable. We essentially evolved ours to a two-person weekly meeting, which I still love, but it’s not the same format as the 3-4 person Mastermind that we used to have. We just evolved it to something new.