Have you ever heard of a mastermind group? They have become quite popular of the past few years. I recently spoke with San Diego resident Brad Hart about this topic. Brad is an entrepreneur and author who has a lot of experience building mastermind groups. Here are the hightlights of my conversation with Brad about how masterminds work as well as the benefits of joining a mastermind.
What Is A Mastermind?
Mastermind groups offer a combination of brainstorming, education, peer accountability and support in a group setting to sharpen your business and personal skills. A mastermind group helps you and your mastermind group members achieve success. Members challenge each other to set strong goals, and more importantly, to accomplish them. Brad says that a mastermind is made up of 8 to 15 people that are seeking clarity and accountability. Masterminds are also about getting the support you need in a trusted environment, which gives you the leverage you need to overcome any challenges, stay engaged in your business, and also achieve your goals.
The main difference between a mastermind and group coaching is that the facilitator of a mastermind isn’t necessarily the guru or the expert. Mastermind groups are about the members sharing with each other, not about the facilitator coaching individuals in a group setting. You get everyone’s feedback, advice and support. There might be several experts in the group. And there might be multiple solutions that different people are looking for. But generally, a mastermind member comes with the expectation of getting what you came for, but also a whole lot more. Each member learns from the experience and the hot seats of the other people that are in the group.
Brad says when he runs a mastermind, he loves for them to be intimate, and he wants each member to get at least 10 to 15 minutes on the hot seat. The hot seat gives every member the clarity that they need to make the breakthroughs that they need to move forward in their business.
Different Levels of Masterminds
There are free masterminds and there are also masterminds that cost six figures a year to participate in the group. Brad encourages everybody to not compare themselves to others, but rather to focus on their own growth. One of the really cool things about mastermind groups is that there are different shapes and sizes. Brad has been a part of 30 now. He has participated in free ones to high-ticket masterminds with well-known entrepreneurs like Richard Branson, Neil Strauss, and Tim Ferriss.
Just One Word Makes A Big Difference
Whenever Brad talks about the price of masterminds, he looks at it as an investment. He does not look at it as a cost. He says, “It’s only a cost if you don’t get something out of it.” The reason he joined masterminds is to be connected to the people that can solve the problems that I have. And this mindset propels Brad forward. Brad doesn’t look at a mastermind as a one time event. Rather, a mastermind is an ongoing process. Just as you don’t shower once and expect it to work forever. You don’t brush my teeth once and expect it to work forever. You need to keep intentionally participating in these activities.
The Next Step For Your Journey
Brad recommends that everybody start with his book, 8 Minute Mastermind. He also has a podcast with the same name. Brad is very passionate about masterminds, and I know they can be very beneficial too. I hope you’ll consider joining one or starting one as you move forward. It's definitely worth the investment.