Why are mastermind groups important for startups and entrepreneurs and what do they look like? Each one is a community of like-minded entrepreneurs that are coming together, helping each other out and by the end of the session coming up with an action plan for each person in the room to help them solve a problem.
Recently I spoke with serial entrepreneur and mastermind group creator Waldon Fenster about how to create successful mastermind groups. First, everyone needs to be vulnerable. It’s about having uncomfortable conversations. It’s uncomfortable because you’re sharing your faults and problems with everyone in the room. The purpose is to get uncomfortable enough to grow.
One strategy is to have “hot seats”. In the hot seat the person focuses on ONE big problem or obstacle that is currently in their way. They then open the conversation for solutions from the other people in the room. That could be advice about avoiding some hurdles, growth advice, connections that they have for you and more.
Small group masterminds are ideal to keep it to a one-day event. Each person needs time to share with the group and that could take 30 minutes for people to share and 30-45 minutes for feedback. If everyone needs an hour it would be best to keep the number of people at eight. If people share for less time than an hour then the most that is manageable it 10-12.
The Key Components of Mastermind Groups
If you’re interested in mastermind groups, what do you need to include? You’ll need to include the four key components of mastermind groups to be successful.
First, you must be open about sharing problems that you are facing. If you’re not willing to be open and share your problems, then the people in the room can’t help you solve them.
Second, you need a diverse group of people in the room. If you all have the same experiences then there aren’t new, outside viewpoints and solutions to share.
Third, you need an action plan. People need to walk away with specific strategies to overcome problems, not just a bunch of random suggestions or ideas. An action plan needs to include dates, goals and deadlines. Without an action plan it’s just wasted time, effort and money.
Finally, you need accountability. This is where most people fail when it comes to masterminds. You need someone to hold you to your promise to take action.
Waldon goes on to share:
- How to create accountability
- How to create shorter mastermind groups
- How to decide between starting your own mastermind group vs. joining one
- How much you should expect to pay if you’re joining a mastermind group
- How much you can charge if you’re starting a mastermind group
- Along with more great nuggets of experiential advice!
Small Business/Startup Expert, Corporate Consultant
Serial business builder, Waldon Fenster is a small business expert and corporate acquisition consultant with an expertise in facilitating brand growth for businesses and startups that want to present their company to the marketplace. As Founder and President of Venture Studio, Waldon has worked with thousands of companies and Fortune 100 brands to expand their business models and amplify their portfolios for immediate financial benefit.
Waldon’s expertise ranges from business development, entrepreneurship, corporate growth tactics and brand strategy. Through his savvy and top-level work, Waldon is able to build small businesses and emerging startups from the ground up, to make them attractive to outside investments and acquisitions on a global scale. It is his commitment to the entrepreneurial landscape and desire to educate business owners on the growth potential of their brands, that continue to motivate this innovative corporate leader.
Waldon is also the creator of the popular business podcast, “Messes To Successes”, where he explores the strategies, tools, and wisdom entrepreneurs use every day to avoid the pitfalls of business and grow a successful enterprise that defies the odds.