Want To Succeed As A Solo Founder? Join A Mastermind Group.
“Economic advantages may be created by people who surround themselves with the advice, counsel, and cooperation of a group of people who are willing to lend them wholehearted aid in a spirit of perfect harmony. This form of cooperative alliance has been the basis of every great fortune.” — Napoleon Hill
TL;DR on the above quote: in a Mastermind group you will develop deep relationships with people who are excited to help you succeed personally and professionally. In turn, you will help them succeed - everyone wins.
The Mastermind Group is the best-kept secret I learned about by accident and almost too late.
I truly believe I could have been 10x more successful by now had I known about Mastermind Groups earlier on in my career.
These groups are an exponential unlock for Solo Founders — here’s everything you need to know about why they work and how to join them.
What is a Mastermind Group?
Simply put, a Mastermind Group is a regular meeting of smart people who come together to solve problems and set goals.
The groups are typically small — made up of 5 to 10 people — and the members of the group tend to work in the same sphere.
For example, you might have a group with members who all work in B2B retail and another group of online DTC business owners.
You typically don’t want to have direct competitors in the same group which is why it’s important that the group is curated very purposefully — often by an outside party who also leads the sessions, much like an executive coach for the group.
What do you do in a Mastermind Group?
The purpose of a Mastermind Group is to discuss challenges and listen to the experiences of others as they try to help you overcome your blockers.
Typically, groups meet once a month or every other week for 60 — 90 minutes depending on the group size.
Here’s how a 90 min meeting usually goes:
- 3 minutes for each person to give a general update on wins and challenges since the last time the group met
- 10-minute blocks for individual members to explain a challenge they’re facing and get feedback from the group on how to solve the problem
- 2 minutes for each person to announce the goals they’re committed to achieving by the next time the group meets
The members of your group will hold you accountable to the goals you set.
Though they will challenge your thinking and sometimes push you to dig deeper, you will be supported by like-minded professionals who genuinely want to see you succeed.
Why are Mastermind Groups specifically transformational for Solo Founders?
- Make friends and grow your network
They say your network is your net worth and in that sense, Mastermind Groups are a great way to 10x your value. As a Solo Founder, you need allies on your team who not only support you psychologically but also help you tactically. Members of masterminds often share resources, deals, and contacts with each other — your group members become your friends.
2. Learn from the successes and mistakes of others.
One of the benefits of joining a group of your peers is that you’re all going through the same things generally trying to achieve the same goals.
Your group members will certainly have tried things you haven’t — instead of making the mistakes yourself or trying to figure out how to reverse engineer success, your Mastermind friends can fill you in on the details.
3. Have a sounding board and people to brainstorm with.
While in the Mastermind meeting, everyone gets the chance to talk about their struggles — personally, mentally, professionally, and otherwise — and get feedback from the group. They’ll challenge your assumptions, help you consider alternative paths, suggest people who can help, or tell you how they solved a similar problem.
Sometimes you just want to gut-check a decision with a group and as a Solo Founder, you don’t usually have a team you can do that with.
Consider your Mastermind Group peers your team.
One of the biggest advantages for me was finding like-minded “idea people” to brainstorm with. As a Solo Founder, I missed that big time.
Another unlikely perk was finding others to cross-promote and collab with. Mastermind members often help each other by promoting content, products, and deals to each of their respective networks.
Between group sessions, most members stay connected through chat to support each other and get feedback in real-time. It really is like having a bunch of friends who think as you do but also challenge you to be better.
How do you find and join a Mastermind Group?
It’s crazy how few people actually know about Mastermind Groups but as famous successful entrepreneurs like Alex Hormozi, Russell Brunson, and Tony Robbins are spreading the word of the power and influence these groups had on their success — more groups are forming.
The most well-known groups are YPO and Vistage — but both have requirements of $1M+ in revenue to join. Other groups have fewer requirements but cost $50,000+ per year to join. It’s definitely worth doing your homework and Googling to find the right group for you.