how to figure out what entrepreneur course to buy or mastermind to join?

Figure out what you hope to accomplish with your mastermind. Be specific. That way, you’ll be able to see if you can find a mastermind group that fits your needs.

Full Answer

What are the best Masterminds for entrepreneurs?

EO is perhaps the most well-known mastermind brand. Over 13,000 entrepreneurs are members. Each meets the standard of over $1 million in revenue. Meetings are in-person at local chapters with discussions covering business, life, and balancing the two. If you meet its requirements EO is very reasonable.

What is a mastermind group and should you join one?

The beauty of a mastermind group is that everyone gets time to bring forward their personal challenges, decisions and situations. This can’t happen in a large group because you simply run out of time.

How much should I charge for running a mastermind group?

For instance, in one mastermind group that I run, we spend about 5 hours a month in meeting time and administrative work. If our billable rate is $300 per hour, the total revenue goal is $1,500. If there are 5 members per group, each member would pay $300 per month to get to the $1,500 a month in total revenue (per group).

Are masterminds the new way to succeed?

Your own trial and error is the old way to succeed and masterminds seem to be eclipsing that at record speed. In fact, many of the leaders of the most successful of these groups have themselves invested heavily in masterminds before ever starting their own. And for good reason.

How do I choose a mastermind?

How to Choose the Best Mastermind Group MembersCommitment. No mastermind group will function for long if people are not willing to make a sustained commitment to the group. ... Balanced two-way sharing. ... Follows the rules. ... No competitors. ... Similar success and experience levels. ... Varied skills and knowledge base.

How much does it cost to join mastermind?

Each mastermind suits different audiences with pricing from $500 annually up to $100,000. The right mastermind for you is whichever suits your needs best. Masterminds are groups where entrepreneurs discuss business.

How do I join or start a mastermind group?

Here are ten steps for creating and leading a mastermind, what to plan ahead for, and what to avoid.1: First, decide how big you want your mastermind to be. ... 2: Create an intention and a goal. ... 3: Invite the right people. ... 4: Write a call for requests. ... 5: Set a start date and an end date.More items...•

Should I pay to be in a mastermind group?

If you're an active member in your own mastermind group, the benefit you get from participation is probably enough and you don't need to get paid, too. But if you are facilitating groups where you are not a member, your time, experience, and ability should be honored.

Why are masterminds so expensive?

They are generally expensive: the purpose of the high ticket is 1) to curate the group, because only those who will pay that much are allowed, and 2) to intensify the commitment and "skin in the game" of the person making the investment in themselves.

How do I start a paid mastermind group?

3:036:31How To Run A Paid Mastermind Group - YouTubeYouTubeStart of suggested clipEnd of suggested clipValue you'll want to decide what your price point is now that's going to have a lot to do with whoMoreValue you'll want to decide what your price point is now that's going to have a lot to do with who you're bringing to the table and what stage of their career they're in and also the kind of roi.

What should I look for in a mastermind group?

6 Ways to Find a Mastermind GroupDo you want to meet in person? ... Do you need to meet in the evening, or is a day-time meeting better?What topic areas do you want the group to focus on?Do you want to be held accountable for getting actions done and reporting back to the group, or do you want something more casual?More items...

How often should a mastermind meet?

At the very minimum… I suggest that the minimum time should be four to six meetings. You need time to connect to one another, to form trust, respect and rapport. If you go for a short-term group, meet more often — perhaps once a week or every other week — in order to build relationships among members.

What is Tony Robbins mastermind?

The three-day, immersive Mastermind World Summit is an epic event hosted by Dean Graziosi and Tony Robbins that empowers people to own their future by creating a thriving business that generates income, impact, and success by selling what they know online.

How do I find a mastermind group near me?

Get on Google or Meetup.com and search “mastermind groups near me.” Virtual events, like Tony Robbins' Business Mastery, will connect you with like-minded individuals who are determined to be the best in business, just like a mastermind group.

How many people should be in a mastermind?

True masterminds are typically very small (2-10 members with 5 on the average) and very focused. Large mastermind communities are similar, but not actually the same. They are a good place to find mastermind groups to join or peers to start your own.

How do you start an entrepreneur group?

Here are some simple guidelines for starting your own group.Choose the right people. ... Decide on a meeting time and format. ... Develop a formal agenda. ... Address logistics. ... Draft a Nondisclosure Agreement (NDA). ... Develop some processes.

1. Know What You Want from the Business Mastermind

First, you need to know what you want from the mastermind group. Are you hoping to pick up a specific skill? Do you want help developing a new business plan or improving your current business? Are you most interested in making connections with people who share your values and can keep you focused?

2. Will You Truly Get Useful and Actionable Help?

Next, find out how you can get truly useful and actionable help. This is especially important if you’re paying money to join some sort of exclusive business mastermind group.

3. Know What You Bring to the Table

In some cases, you need to show that you can contribute to the business mastermind. You should have something to add to the group. Is there a specialty that others can learn from? Do you have connections that could help others? Do you have insightful advice?

What is a mastermind?

Masterminds are groups where entrepreneurs discuss business. They can be in person, on social media, video conferences, or other mediums. While some use them to close deals, for others masterminds are simply an organized way to meet like-minded people. At first, it can seem odd to pay money for meeting people.

How long is Brightly Immersive Mastermind?

The Brightly Immersive Mastermind is a 6-month program for women. Members join bi-weekly 90-minute calls, chat on a private Facebook group, and fly to a three-day retreat three months into the program. In meetups and online, it gives comprehensive support for female professionals.

How many members are in Kickass Mastermind?

Kickass Mastermind is another digital group. Masterminds consist of 6-10 members. Sessions can include virtual co-working, boot camps, and hot seats. They show a refreshing attempt to try and reimagine the mastermind format.

What is an Indie Brand Builder?

Indie Brand Builder is focused exclusively on helping consumer product entrepreneurs with actionable strategies for scaling their business. In the Mastermind Program, participants are taught how to clarify their brand narrative, systematize their sales processes, and build an efficient organizational structure.

How many members does Business Network International have?

It has over 8,989 chapters and 253,000 members globally. Interaction takes place on social media and in-person at local chapters.

Is genius network a mastermind?

By most accounts, it’s the premium mastermind option. Genius Network is recommended for the most experience masterminders. As with War Room, you should go in knowing how to network, create partnerships, and know, in reality, whether you’re using masterminds to procrastinate. Learn to walk before sprinting a marathon.

Is Russel Brunson a mentor?

Russel Brunson’s Inner Circle offers direct mentorship with him and his community. He’s something of a marketing icon. ‘ClickFunnels’ is reported as the fasted-growing non-venture backed software company. A Tony Robbin’s testimonial graces his website, explaining: “There is so much hype and BS, he [Brunson] was a breath of fresh air to me”.

How to do a paid mastermind?

In a paid mastermind group, chances are you will be in a room of people who don’t challenge you, which is a key purpose of a mastermind group. Find people that challenge you, make you think and hold you accountable. Then, bring them together once a month. Establish a nondisclosure agreement with everyone, have a “no pitch” rule and set an agenda for each meeting. - John Knotts, Crosscutter Enterprises

What makes a mastermind group successful?

The most effective mastermind groups enjoy a unique chemistry of compatible personalities, similar levels of personal commitment and a shared zest for helping make each other great. Even if you know the other parties, sometimes the mastermind just doesn’t work. Giving participants a way to opt out without damaging the relationship is hugely valuable. - Karan Rhodes, Shockingly Different Leadership

What is the role of masterminds?

In a mastermind group, your role is to not only gain information from others, but also help others learn and grow. The relationships that you build in the group are critical, so don’t shortchange the time needed to develop relationships, and ensure that the interactions are a two-way street. - Faith Fuqua-Purvis, Synergetic Solutions Consulting LLC

What is the key attribute of a mastermind group?

A key attribute of a top-performing mastermind group is a high degree of trust. To achieve this unique, coherent environment, members must be in sync with regards to how the meetings are conducted, and they must feel safe to be vulnerable. Therefore, when starting or participating in a mastermind, it is important to observe, or “test,” the rapport between group members to assess the best fit. - Vered Kogan, Momentum Institute™

Why are masterminds not successful?

Most masterminds are not successful because they mistakenly believe that they will be by just bringing a group of leaders together. However, the best masterminds succeed when they follow a proven process developed by an experienced facilitator where they are working with a purpose of building the business and the business leader. - Ken Gosnell, CEO Experience

Why is it important to have a fixed membership group?

A fixed membership group has criteria to ensure that you are surrounded by like-minded individuals who are on the same trajectory. It is important for groups to be fixed and not allow membership changes; this allows members the time to connect and get comfortable with one another. Fee-based groups generate a stronger commitment, which is essential to have a successful group. - Angie Wisdom, Angie Wisdom Life & Business Coaching

Why do people seek out masterminds?

In my conversation with Graziosi, what I came to realize was that people seek out masterminds because they're looking for revolutionary change. They're looking to accomplish monumental goals and to take things to the next level.

What is mastermind group?

Masterminds, for all intents and purposes, are peer-to-peer gatherings that are often helmed by thought-leaders and industry titans. In the entrepreneurial world, some of the best mastermind groups are led by individuals who've achieved outlandish results and wildly-unfathomable levels of success.

Who is the most influential online marketer?

In fact, Kern, who's arguably one of the most influential online marketers of our generation, and one of the most successful business coaches in the world, overcame his own demons, along with a severe struggle with denial, frustration and fear. Yet, the beauty of masterminds lives in their ability to help its members learn from ...

Can you change your mind without knowing why?

No change, whether it be in a mastermind group or on your own, is possible without knowing why you want what you want on the deepest level possible. Your "why" can be more powerful than you can imagine when it comes from your heart and it can be the driving force behind hard days and disappointments.

What should a mastermind offer?

Members of a mastermind should offer reasonably equal contributions of wisdom, experience, networks and resources for the benefit and support of the individual who happens to be the group's focus at given time . The group can address any topic, have any meeting length and use virtually any format.

What is the job of a mastermind?

The leader’s job is to make sure the group runs smoothly. A mastermind entails a very intimate process; high-performing folks bare their souls and ask for help. This often leads to a certain emotional rawness and volatility, and it falls upon the leader to address any conflicts that arise.

Is masterminding a spiritual practice?

And here’s where it gets interesting: Both Hill and Carnegie considered masterminding to be a spiritual practice. As Hill supposedly said, ”No two minds ever come together without thereby creating a third invisible, intangible force, which may be likened to a third mind.”.

How many people are in a mastermind group?

So, a mastermind group typically brings together about five to seven people — enough to leverage a range of experience and knowledge while keeping the group small enough to maintain a sense of common purpose and order. Your mastermind group can help you: 1. Improve your decision-making.

What are the benefits of masterminds?

The benefits of a mastermind group. The concept of a mastermind is that two minds are better than one, five better than two. That said, anyone who has been to a heated town hall meeting also knows that one hundred are often not better than five.

Is mastermind group safe?

Carve out a brave space. The mastermind group is not exactly a safe space — it’s a brave space. This is where you can confidentially articulate your wildest dreams for you and your business so you can set out to achieve them. It’s a space that requires you to come ready to expose your own vulnerabilities, setbacks, and failures.

Can I start a mastermind group?

The Mastermind Group You Can Start Yourself. Many mastermind groups today are run like expensive, exclusive clubs that you have to be well-connected to access or pay to join, but it doesn't have to be that way. Entrepreneurs, too, can benefit from a mastermind by setting one up themselves -and it doesn't cost a dime.

Do masterminds have time for reflection?

Time for reflection can seem like a luxury you don’t have time for. But in a mastermind group, reflection is built in. By meeting and sharing over longer periods of time, you will find yourself reflecting back not just on your week, but on your month and year.

Avoid The Common Mistakes

Some people recommend posting an ad on craigslist, meetup.com, niche-specific internet forums, or LinkedIn groups to find people interested in joining your mastermind group. That approach is sure to net you a few interested persons, but unless you ask certain laser-focused questions, that path quickly leads to frustration.

The 11 Essential Questions You MUST Ask When Screening Potential Mastermind Group Members

These are crucial questions for screening members for your mastermind group:

Watch for Unspoken Cues

When you’re asking these questions, while the answers do matter, the way that the answers are given is important as well.

Ideal Mastermind Groups Have Homogenous Priorities

If everyone in the group has similar commitments in their life, then they’ll make similar progress toward their goals and will get more out of the experience.

Final Thoughts

You should absolutely seek to join a mastermind group to help get the accountability and timely advice you need to more quickly grow your business. If you ask the right questions up front—and if you put in the work—you’ll find the accountability, advice, encouragement, and feedback you’ll get in your group will lead you to amazing results.

Join a Mastermind Group

At MastermindJam, we ask all of these tough questions so you don’t have to.

There are three philosophies about setting your membership fee for your mastermind group

The first way is to simply calculate the total number of hours you’ll spend each month working with the group (in meetings, on message forums, and with group administrative tasks), and charge the group for your time and your staff’s time.

Deciding Which Fee Structure

Do a cost-benefit analysis, factoring in your time, expertise, and the value of the services and products you are offering. Remember to include your marketing, administrative, room rentals, and other costs into the equation. Then choose a price that is best for what you’re offering the members.

A Special Note for Mastermind Groups Inside of Organizations

How does fee-setting work if your mastermind group is inside an organization, such as a Chamber of Commerce or professional association? I see two ways organizations deal with this: