Canadian Small Business Women

Connection, Synergy, Community

5 reasons you should join a mastermind group

sandra

When I first heard the term mastermind, I was intrigued.  I like the idea of a group of people working together to support one another with their respective goals.  I have participated in masterminds as a facilitator and as a participant.  I have seen and experienced the benefits from both perspectives and I strongly recommend finding one that suits your needs.  Here are 5 reasons why I believe every entrepreneur should be a part of a mastermind group.

  1. We can’t do it alone

    When we try to do it all on our own, we inevitably make painful and often very costly mistakes. Being a part of a mastermind allows us to learn from the mistakes and successes of others.  It also offers us the opportunity to realize that we are not alone in our struggles and challenges.  It’s nice to know that there is life after failure.  It’s even better when you know that you have a group of people that are committed to helping you achieve your goals as you are to them in the pursuit of theirs.

  1. Different minds, different perspectives

    Ideally, you want to be a part of a mastermind group that has varied skill sets, experiences and ways of processing information. You need you left and right brain thinkers at the table.  We can benefit from the creative viewpoint as much as we can the analytical.  Having these different thinkers in the group gives you access to a variety of viewpoints that you may never have considered.  I love the saying that we don’t know what we don’t know because it’s true.  Being part of a mastermind gives you access to the wealth of knowledge held by each participant.

  2. Accountability

    Meetings give each participant a change to update the group on who their week or month has been, depending on the frequency of the meetings. This is where each member celebrates their successes, talks about what’s working and what isn’t and what they commit to accomplishing for the next meeting.  Sharing your commitments holds you accountable to the rest of the group and allows the group the opportunity to offer any help they can in the achievement of your goal.  The magic happens because all of this help and support I s never one-sided.  Reciprocity is the magic ingredient that makes masterminds thrive.

  3. Expand your network in a meaningful way

    Sure Linkedin will show you how wide your network is because of your connections, but what does that really mean? When you’re a part of a mastermind group, you hear A LOT of “I know someone who can help you out with that!”  I don’t know about you, but those words are music to my ears, especially when that connection can help me with something I’ve been wrestling with for a while!  The more time you spend with your group, the better they understand your business and what you need.  Whether it’s someone to help you coordinate your next event or a client referral, your group members are there to support you, just as you are there for them.  Social media is great, but there’s still something to be said for that personal, intimate connection that can only be developed with time.

  4. Awesome camaraderie, support and encouragement

Here’s the thing –when you join a mastermind group, whether it’s a six-month or year-long commitment, you can’t help but develop a strong bond with the other members.  You’re baring your soul, sharing your struggles and celebrating your accomplishments with these people on a weekly, bi-weekly or monthly basis.  When you are committed to the group, the process and each other’s success, the magic really starts to happen.  There are groups that have been going for years, if not decades because they know firsthand that masterminds really do work!

Napoleon Hill, in his book Think and Grow Rich, describes a mastermind group as “a friendly alliance with one or more persons who will encourage one to follow through with plan and purpose.”  He dedicates an entire chapter to the concept in the book for a reason.  Being part of an effective mastermind group can be just what you need to help you take your business exactly where you want it to be, or even further than you ever imagined!

If you’re considering joining a mastermind, then you should definitely think about becoming a Canadian Small Business Women member! I’m pleased to be partnering with CSBW and offering preferred rates on participating in my 6-month mastermind program. For more information on the different membership options, visit the following link. I look forward to achieving massive success with you!

Sandra Dawes is a certified life coach specializing in helping women who feel unfulfilled with their 9-5 follow their dreams and pursue their passions. She holds an Honours BA, an MBA as well as a certificate in Dispute Resolution.She has completed her first book,Embrace Your Destiny: 12 Steps to Living the Life You Deserve!

Connect:

www.embraceyourdestiny.ca

www.facebook.com/embraceyourdestiny

www.facebook.com/embraceyourdestinythebook

www.twitter.com/sandradawes

Networks, Peers, and Mentorship

Martina New

As small business owners and solopreneurs, most of us seek out some form of business network. Whether for the purpose of marketing our business or to practice our elevator pitch, it is important to be part of a group that is external to our business.

Such connection may be downright essential for some. Being the one in charge of our business and handling all aspects of it can, at times, be overwhelming and isolating. Where is that sounding-board when you need one? Who provides the voice of reason when you are stuck in some way?

I recently learned more about some of the differences between a network and a peer group and their distinct advantages.

The Merriam-Webster dictionary says:

  • A Network is a usually informally interconnected group or association of persons
  • A Peer is one that is of equal standing with another: especially one belonging to the same societal group
  • A Mentor (or business coach) is someone who teaches or gives help and advice to a less experienced [and often younger] person

Here in Toronto, business networking groups abound and can be found, often bleary eyed, over early morning breakfasts or occasionally later in the day in cafés and restaurants. Typically meeting weekly or biweekly, their main goal is to provide one another with referrals for potential or actual business. Casual conversation before or after the formal meeting part allows little time to get to know each other’s businesses in much depth.

A peer group, on the other hand, usually meets less often, maybe only monthly. Here, business referrals take place more incidentally with the main focus being discussing business challenges. The group will brainstorm ideas on how to solve someone’s particular business issue. Peer groups can hence provide that missing sounding-board for solo business owners, where challenges can be reviewed, dissected, and step-by-step solutions be offered without having to hire a personal business coach. Like the latter though, it provides a platform for accountability.

A specific structure for peer groups is described in a book and method by Elizabeth Verwey, called The Mentors Circle. In a recent Lunch & Learn seminar, she shared how her background as business coach and desire to enable others to coach and mentor one another lead to her formulating this method and book.

A Mentors Circle is a peer group who meets once a month for two to three hours. A facilitator or leader guides the group through the steps and exercises laid out in the book. The group may review one or more case studies from attending business owners, and brainstorm together.

The difference to a networking or other peer group is that the group’s existence is, or at least can be finite, meaning they commit to just six months’ of meetings. This provides a start, middle, and end so that after completion of this time period members can choose either to stop or restart a new circle of meetings.

Finding an accountability buddy is also important. As Elizabeth says, the probability of completing a goal you set yourself is only 50% if you only plan how you are going to do it, and 95% if you commit to reporting back and make an appointment (or set a deadline by when you will do it). Fittingly, the “M” in Mentors Circle stands for motivation, “T” for testing new ideas, and “S” for support and success.

Your peers then, as well as the book and accompanying workbook, provide the mentorship aspects. While I enjoy and benefit from networking groups – bleary-eyed early mornings or not – I really like the sound of a guided and structured peer group. Now who will be my accountability buddy?

 

Sources:

Merriam-Webster online dictionary, www.merriam-webster.com/dictionary

The Mentors Circle, www.officementors.com

 

Martina Rowley is the founder and operator of Beach Business Hub – THE co-working space east of the Don Valley. She combined her passion and experience in the environmental sector with her community engagement side to create a local work environment where space and resources are shared. She fosters and facilitates collaboration, networking, and learning for and with small business owners and new start-ups.  Contact her at:http://www.beachbusinesshub.ca, on Facebook and on Twitter