Benefits of mastermind groups
The community of masters brings many benefits, such as:
Sharing
If you join a group of masters, you will meet different types of people, many of whom might have had more experience than you. This can help you bounce back in your career as it is likely these people will already have confronted the challenges you now face and can advise you. It is also useful to spend time with people from different backgrounds since they have a unique perspective that can help you expand your mind.
On the other hand, there may be people in your master group who have less experience than you. This is a unique opportunity for you to act as a mentor and answer any questions they may have.
Responsibility
One of the biggest benefits a mastermind group offers is responsibility. This is an important trait which helps people accept responsibility for themselves and their decisions. This responsibility can help you achieve your goals. As you see your colleagues working hard and achieving their goals, you will feel motivated to "catch up" and thus achieve your goals too. As well as increasing responsibility, mastermind groups also offer a sense of community: you are surrounded by like-minded people who are striving to achieve the same goals as you. This is a very powerful thing.
Networking
Master groups can help you start a career because you make important connections in these groups. You are among people who, just like you, are starting their career. It is the perfect place to build relationships and those who are already one step up can help you with a job search or other opportunities. In addition, networking within a group of masters is natural and organic.
What to expect from your group of masters
If you meet with a virtual group, expect them to meet regularly, for example once a week. Personal meetings are often limited to once a month because it is harder to accommodate to everyone's schedule.
The virtual meeting will most likely take place on a platform such as Skype, GoToMeeting, Zoom or Google Hangouts. Most of these tools are free, so you needn't worry about hidden expenses. Some groups even use a teleconferencing system in which you make a call from a mobile phone, which is useful as you can "attend" a meeting while on the go.
The first 10 to 15 minutes are often reserved for members who share their successes. This is very motivating and at the same time sharing helps to build thematically on the previous meeting. Furthermore, meetings are usually moved to a "hot seat" model, where a particular person's problem is discussed and ideas shared. You yourself may not feel too happy in this role but later you will thank the other group members. Then, when someone else is in the hot seat, you will be one of those providing feedback. The basic rule is sincerity.
Gaining an outside perspective can be very helpful
At the end of the "hot seat", the group will generally discuss the goals or next steps to be achieved by the following week. This will break the 10-40-10 model that many masters use: 10 minutes to discuss past victories, a 40-minute hot seat, and then 10 minutes to complete and set goals for the next meeting. One person will be the "leader" of each discussion and will keep track of time.
Further communication
Master groups are not limited to one hour per week or per month. Almost every mastermind group offers members a way to continue to connect between meetings. Many groups use a platform such as Facebook, Slack or Basecamp to offer members space for sharing.
Mastermind members can share successes throughout the week, inform other members if they are unable to attend the next meeting or ask short questions that would not be worth a full 40-minute hot seat.
The third article will focus on three tips on how to get the most out of your mastermind group.
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