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Masterminds, it is sort of a buzz word these days, some people even are turned off by the word. These people find it often a means of a marketing scheme to sell a high dollar package. Yet, there is value in using a mastermind. There is a reason why masterminds work, especially if you are with a group of people who believe in what the mastermind is and what is it suppose to do. Yeah, many internet markets overuse the word and mistake group coaching for a mastermind.

Yet if you get into a good mastermind group, and that is one where it isn’t all about the person who created the group has an effect on the rest of the group where the ability to transform and grow to in capability and mindset is simply awe-inspiring.

What is a Mastermind?

A mastermind is a group of people committed to helping each other become the best they possibly can by use of brainstorming, encouragement, and being held accountable to those peers in the group.

Members of a mastermind meet up at a regular interval. Commonly people do meet online but there are some local masterminds that get together in person.

Masterminds have been used throughout history but just not called masterminds. The term really came to prominence from Napoleon Hill in his book Think and Grow Rich. In this book, he talks about using masterminds and why they work so well.

There are several different methods that a mastermind can be run each work in their own ways but the mastermind format you use really depends on the number of people there are in the group.

Coffee cup

This method is best for very small groups. This is great for a group of up to 4. It is just as it sounds you go to a cafe or someone’s house and you talk about your business or other objective while drinking coffee with the rest of the group. No real format listed out here each person can talk and give their suggestions and offer advice to each member in attendance.

The coffee cup method is best for local groups but not dedicated to only in person. You can have skype meetings that operate in the very same method. It is easier to keep the conversation on track when you have this small of a group.

Hot seat

This is one of the best methods of having a mastermind when you have a group of around 5 to 10 people. The way these mastermind method works is during each time your group gets together, you have one person who is in the hot seat. This person expresses what his or her biggest challenges are for that week. When they are finished, then each member of the mastermind has a turn to offer suggestions and ask questions about the problem.

Hot mess

This method is also just as it seems. This is the land of disorganization. You often have side discussions that will draw away the focus of other people. This can sort of look like after-work drinks. You can glean good information and help out of thees groups but you would have an easier time heading cats. If you and the members of the other two methods aren’t focused they can easily and sometimes still will devolve into a hot mess.

How does a mastermind help?

So now we have covered what a mastermind is that explanation really doesn’t tell you how a mastermind helps you out, or even if joining a mastermind would do you any good.

Who needs a mastermind?

More people than you know. In reality, we all have some sort of mastermind group. The problem is that these groups are not intentional in their direction. Our friends that we have are types of mastermind groups but the reason for that group isn’t necessarily for you to get better at something you are pursuing. It could be that they are just fun to hang around.

So who can benefit from a mastermind? People who are working on goal-oriented changes. This could be people who are wanting to lose weight. If you are starting a business or trying to run a business again these are often goal-oriented objectives so a mastermind would be a great asset for you. If you are wanting to make a change to who you are and you are wanting to get out of your comfort system then yes a mastermind is a good tool for you to have.

What is the difference between Paid and Free masterminds?

Now I want to provide a wise butt answer and say one you pay money to attend while the other isn’t. Yet there is an even bigger difference between joining a mastermind that is free verses being paid. That difference is how well you are committed to the group.

If you are paying for a mastermind group you are going to have bigger skin in the game and so you are actually going to be more committed to making sure you get some value out of the group. You will be more willing to attend each meeting because you have paid for it.

While a free mastermind is able to provide a lot of great value it can be more challenging to get the value. You have to actively make sure you attend each meeting and though you may be committed to the reset of the members if there is something else coming up you don’t feel as pressed to attend the meeting because you haven’t paid.

I am a part of a couple of masterminds but and each provides their own benefits and perks. I have also been apart of masterminds that have fallen apart because of life.

There are some drawbacks to paid masterminds that the biggest is that they can be closed down by the creator of the mastermind at any time. Most of the time if that happens the members still will stay together and regroup so that they can keep helping each other. IF that is the worst that happens from 10x-ing your income or becoming a much better person I would say that the money was definitely worth it.

Another drawback of a paid mastermind is that you may not actually get a mastermind. You could possibly get a group coaching environment. Now, this environment can be of great help. Especially if you are signing up to be a part of a person like Tony Robins. Yet you really aren’t getting full all-around support as you would from a mastermind session. Instead, you may have a person who is giving advice though it may not apply to you directly at a particular instance.

Can I make My Own Mastermind?

Shoot yeah! IF you know of a group of people who are all wanting something similar, then form a group. You have a bunch of entrepreneurs who are needing help then get them together and go to town. Be the instigator. Ask if they would like to get together. They may not know what a mastermind is and so get to talking and grow that network of yours.

Now I have a mastermind that is a hot seat style of mastermind and it is called The Conclave of Men. We meet each Tuesday at 7 pm and we help each other find the needed path we are to be on. We don’t worry so much about failing because failure is just a step of learning. It is a paid mastermind but we keep the price low so that you have the needed skin in the game and you compelled to grow and reach that goal you have for yourself. If you are interested go to the Conclave of Men page and read more about it.