You have likely noticed that it can be pretty lonely at the top.
This may be one of the biggest downsides to being an entrepreneur. Your team members will not truly understand your obstacles and what you’re dealing with, and they are often afraid to speak up if they disagree with you. Or maybe you are a solo entrepreneur with a small team. Wouldn’t it be important to find ways to be around other like-minded entrepreneurs who understand your problems and opportunities and can serve as a sounding board for you?
As a business owner, you should seek out various CEO/Entrepreneur Mastermind groups. The opportunity to spend time and network with other entrepreneurs on a regular basis can be priceless.
Each mastermind group suits different audiences and has different purposes. Be sure to budget for this type of expense, as the investments to get involved can range from $500 to $100,000 per year. In cases of entrepreneur groups with hefty sums, you generally will get what you pay for. But it is really up to you to research and figure out how you will leverage the most benefit from your participation.
Identify what you hope to gain from your participation in a mastermind group. Is it for growth in your business, do you want to participate in a large group or one that is more intimate that would encourage higher participation?
Truly the number of entrepreneurial groups available is impressive, but you might also have to apply to see if you will be accepted based on their enrollment criteria that has been put in place to ensure all participants are benefitting from resources.
A few mastermind groups that come to mind are War Room, Genius Network, Maverick 1000, Entrepreneurs Organization (EO), Eccountability, Business Network International (BNI) and there are so many more.
I have participated in several mastermind and entrepreneur groups over the years and have gotten enormous benefits from the groups.
Here are some of the ways I have personally benefitted from participating in them:
I have learned so many shortcuts to reach my goals faster.
I have generated millions from referrals, but this only works when you add enormous value to the group and take good care of their referrals.
I have made so many lifelong friendships with fellow entrepreneurs around the world. We lift each other up in times of need and celebrate each other’s victories.
I have made so many wonderful memories from my travels with these groups to fun places around the world.
I am currently a member of the following 4 groups and spend over $100,000 per year to be a member and travel for them:
I’ve been a member of Genius Network for over 11 years, and this group was started by a well-known entrepreneur and master connector named Joe Polish. Genius Network is a great group of entrepreneurs and thought leaders who want to lox their wealth, connection, and contribution.
I’ve made so many friends and clients through this group over the years. More importantly, it has made me a better human being. Joe Polish and his entire team at Genius Network have created something extraordinary.
Maverick 1000 is a fun group of visionary leaders and entrepreneurs who are on a mission to change the world and have a lot of fun doing so. I’ve been a member of Maverick for over 6 years and have greatly enjoyed all of the wonderful adventures we have gone on together around the world. We’ve also helped each other elevate our growth and our contributions to humanity on each adventure together. Yanik Silver, Sophia Umanski, and the entire Maverick team create “magical experiences” for entrepreneurs. I’m so grateful for them.
War Room is a mastermind designed to help founders dramatically grow their wealth while increasing their business’s recurring revenue and profits. War Room is led by 4 highly successful entrepreneurs, Ryan Deiss, Perry Belcher, Roland Frasier, and Richard Linder.
War Room is a great group if you want to focus a lot on marketing and business growth hacks and meet other entrepreneurs who are laser focused on those objectives.
Like Maverick 1000, War Room often meets in fun locations around the world.
I’ve learned a lot of great business growth strategies from War Room over the years and have also made some new friends.
Strategic Coach is a coaching organization that helps entrepreneurs become better leaders and better human beings. You get to attend 4 quarterly strategic planning workshops when you become a member. I’ve learned so much from Strategic Coach over the years, including the importance of taking time off from work as an entrepreneur.
Strategic Coach is led by Dan Sullivan and Babs Smith, and they are always on the leading edge of entrepreneurial principles that will keep you innovating your business.
I highly recommend you check out some of these groups, and maybe I’ll see you at a future meeting.
Here are a few other groups you may want to check out:
Another mastermind group I plan to check out in the future was started by my friend Glen Ledwell. This group is called Flight Club, and several of my friends in other groups are also a member of this one. Flight Club is an invite-only marketing mastermind for groundbreaking strategy, family-like connection, and unapologetic fun.
EO is an organization that helps you achieve your full potential in your business and your personal life through life-enhancing connections, shared experiences and collaborative learning.
Touted as the world’s leading business referral organization. You will develop long lasting relationships with like-minded business professionals, create opportunities through referral marketing and grow your business skills.
Mastermind groups can meet in person or online, so don’t limit yourself to groups within your area. Expand your network across the country or the globe and you will be surprised at the value of connecting with fellow entrepreneurs. Don’t re-invent the wheel if there are others who are willing share ideas and solutions.
Participating in various entrepreneurial groups will introduce you to hundreds of incredible human beings and, you will likely also get more referrals from these connections than through your current network or client list. An important concept you must master is to learn how to add value to others first, without expecting anything in return. When you do this, it generally comes around full circle…and one day you will be the entrepreneur reaping the rewards. You don’t want to show up as a new member in these groups and come across as a “taker” who only cares about yourself. Focus on contributing first, and then when the timing makes sense, you can ask for what you need too.
It can also be great to get out of the office and attend “in person” mastermind events. There is something so powerful about networking with other business owners in person. And in many cases, not only are the events rewarding, but they can be fun and oftentimes are held in some really cool cities. As you become more ingrained within the groups, you may be asked to present as an expert within your field, which serves as incredible validation on your credibility. And it will give you a lot of exposure amongst both peers and colleagues, garnering continued growth for your business.
You will note that many mastermind groups are being led by fellow business owners who have been very successful and now are willing to share their secrets to help other entrepreneurs. Generally, folks who participate in these groups are goal driven and looking for smarter ways to achieve success. You should consider these groups as a key shortcut to grow your lifestyle business.
In Chapter 4, your will learn how to achieve business growth by removing from your “to-do” list, not adding to it. This principle is called “Growth by Subtraction”, and when done correctly, it leads to “multiplication”.
In Chapter 9, you’ll learn the recommended next steps for creating the freedom lifestyle that you deserve. You’ll also learn the best resources (including a business growth coach) to support you in this process.