Life as an entrepreneur isn’t always easy. There’s the lack of sleep, sudden bouts of loneliness, and those days when you find yourself stumped by a problem you can’t solve. In an established office, there’s a community surrounding you at all times—there are people to bounce ideas off and accountability for your work. When you’re building something from scratch, the only one holding you accountable is, well, you. Under these kinds of stressful conditions, many entrepreneurs fizzle out on their project and don’t end up bringing their company to life. So how can you fight this phenomenon and maximize your chances for success? Join a mastermind group!
What is a Mastermind Group?
Mastermind groups have been around for decades, but they have just started to become more popular in the last few years. Essentially, it’s a regularly scheduled meeting of like-minded people (such as entrepreneurs) to give and get advice, come up with solutions together, and create a community. At a mastermind, you can get collaboration on your ideas, meet fellow entrepreneurs and develop a support network for yourself.
Networking is important for every entrepreneur, and mastermind groups are a great place to get started. Get to know your peers, their businesses, and introduce them to what you do!
Access to Different Kinds of Expertise
As an entrepreneur, you wear many hats. But you can’t be good at everything, and at some point, you’re sure to run across something that has you stumped. When that time comes, it’s great to have someone to consult with and get advice. Whether your website is encountering a bug, or you realize you’re not experienced at teaching different leadership styles to your organization, then there’s sure to be someone in the group with the answers you need.
Accountability is a major issue for entrepreneurs just starting out. Sure, most people who start their own businesses have enormous self-motivation, but that’s usually not enough on its own. Some things will fall by the wayside unless there is someone there to check in with you and see what kind of progress you’re making. In a mastermind group of your peers, there’s no room for excuses or self-pity, because everyone else in the room is going through the same process themselves. You’ll get empathy for your struggles, but you won’t be allowed to make excuses, and you’ll have external motivation to go with your internal motivation, allowing you to get more done.
A Safe Space
Being an entrepreneur means putting yourself out there and opening up to both praise and critical feedback. Before you launch your ideas into the world, however, it’s nice to have a safe space that will allow you to “test drive” a new concept before you introduce it to your customers. A mastermind group is a safe space to introduce a new feature or get feedback on an idea, without worrying how it will come across to your peers.
Your Own Community
Having a community of your own can make all the difference in your business. Feeling the support of your peers and knowing you have someone to consult with when things aren’t going well (or to celebrate with when you have those big wins to share!) can make all the difference between success and burnout. Want to be the next startup that executes the newest e-commerce trends and steer your company to success? Stop working alone in your living room, and take your ideas to a mastermind group!