How a Mastermind Group Works and How to Get Value

A mastermind group is a room of business owners working in harmony toward a common goal: becoming a better version of themselves and their businesses. It works because one person thinking alone has one answer, and a room full of people who have already solved your problem has many. You get the most out of it when you show up knowing what you need and what you can give.

Where does the idea of a mastermind come from?

One of the first five books I ever read was Think and Grow Rich. It was foundational for me, and two ideas from it stuck.

First, you need clarity of purpose, and you work on your goal every day. Second, the mastermind principle: a group of people working in harmony toward a common goal.

Harmony is the word people skip. A room of smart people is not a mastermind. A room of people pulling in the same direction is.

In our rooms the common goal is simple. Everybody walks in hungry for a better version of their business and themselves. Our biggest agenda is that you walk out different than you walked in, with “aha” moments you never would have had by yourself.

How does a mastermind group actually work?

Here is the math. If you think about a problem by yourself, you have one answer. Add one person and you have two. Put a group of owners in a room in harmony, and odds are someone has dealt with your exact problem, solved it, and fixed it. Usually more than one person has.

That gives you fast fixes. Not theory. Things that already worked for somebody sitting at the same table.

There is another reason it works. Problems come in patterns. When one owner brings us a problem, we usually hear the same problem from three or four others that same week. So when you bring your problem into the room, you are rarely the only one carrying it. We build our sessions around those patterns.

But the fix only counts if you use it. I’ve watched a member get into a couple of rooms, get feedback he could not have gotten on his own, then go implement it and see the result. The room gave him the answer. He did the work.

What should you bring to a mastermind?

Most people walk in thinking only about what they need. That’s half of it.

You also need to know what you do well. What value do you bring to the table? What’s your superpower? Sometimes people tell me, “I don’t need a meeting.” Fine. The meeting needs you. Either you need it or it needs you. Usually it’s both.

When I put on an event, I feel like I’m doing it for everybody else. But when I’m not speaking, I’m receiving. Somebody brings something to the table, and it turns out I needed that event the most.

So bring both. Bring your problem so the room can fix it. Bring your superpower so you can help fix someone else’s. That’s people helping people. Everybody rises.

How to prepare for a mastermind session

There are two types of people who show up. One comes hoping, with no clear intention. They’ll still get something. The other comes knowing exactly what they want. That person takes the most away.

Someone on my team said it plainly on a recent Tactical Tuesday, the live Zoom training our MVMT members attend. The events that paid off most for him were the ones he was most intentionally prepared for before he arrived. The ones he rushed into, without thinking about what he wanted or who he wanted to meet, gave him less than he needed.

Five to ten minutes of prep changes the whole day. Write these down before you walk in:

1. Where do I need the most help right now? Name the main areas of your business that feel stuck.
2. What are my biggest pain points? Be specific. “Profit” is vague. “I can’t tell which part of my business is actually making money” is a question a room can answer.
3. What’s my superpower? What can I give someone else in that room?
4. Who haven’t I sat down with yet? Who in this group do I look up to? Who do I want to learn from?
5. What’s the uncomfortable question I’m willing to ask?

Then don’t wait for the event to meet that person. Reach out before. Get on a phone call or a Zoom. Members should be supporting each other whether they’re at an event together or not.

Why the uncomfortable question matters most

Remember teachers telling you not to be afraid to raise your hand? If you have the question, there are probably three other people in the room with the same one. They’re nervous or embarrassed to ask it.

When you ask it, you help yourself and the people sitting around you. And when someone finally says the hard thing, some of the air goes out of the room in a good way. The real work starts.

Not every question has to be asked in front of the group. Some are better asked one to one. And what shouldn’t leave the room doesn’t. A mastermind has to be a safe place, or nobody will be honest.

Teach what you learn

One more thing my mentors taught me early: whenever you learn something, go teach it. Teaching is how you internalize it. It’s how you move from learner to leader. Leaders are always learning, and leaders are always teaching what they learned.

A good mastermind gives you a place to do both. You learn from the room. You teach what you know. Success is no fun by yourself.

Quick answers

What is a mastermind group?
A group of business owners working in harmony toward a common goal, usually growing themselves and their businesses. The idea comes from the book Think and Grow Rich.

How do I get the most out of a mastermind?
Show up prepared. Know your biggest pain point, your superpower, who you want to meet, and the uncomfortable question you’re willing to ask.

Do I need a mastermind if my business is doing well?
Maybe you don’t need it as much. But the room may need what you know, and in most cases you’ll find you needed it too.

Want to work on this with other business owners? Book a discovery call with The MVMT team at themvmt.com/discovery-call.