Why do some entrepreneurs fail and other’s succeed?
I do not think I would have been able to successfully grow my business if I did not secure a few mentors early in my business career, and surrounding myself with an outstanding support team. Of course, I wouldn’t have done this without the blessing and support of my loving wife and family.
But I also had another support “family” a network, a safety net – fellow entrepreneurs many of whom who were running and growing their own successful businesses, that I could pick up a phone call or meet on a regular basis, giving me a blueprint that I could hone and follow.
For the last several years, I’ve belonged to and run mastermind groups, both in my office, or at quarterly and yearly meetings, as well as virtually on bi-weekly and monthly conference calls. And I am starting yet another one for this summer for physicians and health care professionals.
And our businesses has grown exponentially because of it!
Why mastermind groups?
Mastermind groups allow you to challenge yourself, brainstorm ideas, and serve a common purpose with others. It also puts yourself accountable to other members, leveraging the experience and knowledge of the group.
The concept of the Mastermind Group was formally introduced by Napoleon Hill in the early 1900's. "Think And Grow Rich" was a book I read back in medical school. Hill writes about the Mastermind principle as:
"The coordination of knowledge and effort of two or more people, who work toward a definite purpose, in the spirit of harmony."
At our meeting there is a shared camaraderie and a spirit of helping each other, because, running an online business can get to be lonely. As I have pointed out in the past, doctors often have a “lone wolf” mentality, which may not translate well into the business world. It is vitally important also to have people in the group with vast knowledge and experience to help guide you, or that can bring different skill sets to the group.
Each format of a mastermind group runs differently but a fundamental component is where each person states "here is where I am in my business, here are my successes, and here are my needs or stumbling blocks" Ideas are then shared rapidly in the group and solutions are then sought. A key component is also having goals and milestones for the next time we meet.
If you feel your business is stuck in neutral, consider joining a high-level mastermind group. Mastermind groups can truly be a key pillar to your success.