The Power Of The Mastermind
What is a mastermind?
Simply put; a group of individuals who come together in order to reach a shared objective.
This group of ‘minds’ is more powerful than those individuals would be on their own. Ask described in the book ‘Think and Grow Rich’ by Napoleon Hill, their strength is increased in the same way that a row of batteries has more power than a single battery.
Bringing the skills, ideas, and connections of many people together behind one purpose will lead to more results for everyone.
Some examples of masterminds include…
A group of C-level executives discussing the direction of their company
Runners who train together for a marathon
An industry convention where the latest innovations are shared
Mistakes In My Last Business
I did not apply the principle of a mastermind in my last business. I was alone in a foreign country and I wasn’t in contact with any mentors in the graphic design industry.
I didn’t have anyone to share ideas with, and as a result I slammed my head into the wall for 4 months with no idea why my cold calls weren’t generating sales.
My strategy was extremely ineffective, but with no outside perspective I thought that the best thing to do was to just keep at it until something ‘clicked’.
6 months after making my first cold call, that business is virtually non-existent. We have one customer who reaches out for small projects on occasion and my designer is eternally ‘on deck’ for these jobs, but the business isn’t growing and I’ve moved on.
New Business: And What I’m Doing Right
After two months of relative relaxation in the Philippines, I’m now ramping up in an entirely new business.
It involves sourcing products for the worlds largest online marketplace, Amazon.com.
I’ll be communicating with manufacturers in Asia and marketing to Amazon customers.
Unlike my graphic design business, this company has the potential to fuel a location independent lifestyle without my needing to manage client relationships in the middle of the night!
But, what’s really exciting about this business is that I’m building the power of the mastermind into my long-term plan.
I’ve joined an online group called an ‘Amazon Mastermind’. It’s a simple online forum, but every member is managing their own Amazon business.
They are there to learn, teach, and connect with others. The goal is simple; build a successful online business with Amazon.
Some members of the group are just like me. Others are already making $5K, $20K, and even more per month!
Here are some of the biggest benefits I expect to experience as a member of this group.
Avoiding Bad Mistakes – In my graphic design business I cold called prospects for 3 months before I realized it wasn’t working! If I had been communicating with mentors and getting their perspective, I would have known that changing my strategy wasn’t ‘quitting on my company’, but giving myself the opportunity to explore other marketing options.
Long Term Motivation – Talking with people who are reaching for the same goals as you is exceptionally motivating. You can keep each other excited when one of you is having a bad month and feels like quitting.
Unexpected Opportunities – Last week I spoke with a member of my Amazon Mastermind. I’m in Hong Kong and he is just across the border in China. He told me about some wholesale markets I should visit to find products, and I will be visiting him for a few weeks to stock up on goods before heading back to America this Christmas!
Yes, as a location independent entrepreneur it can be challenging to stay in contact with your connections on the far side of the world.
With online masterminds readily available and mentors on LinkedIn just two or three persistent messages away, there really is no reason to keep yourself in the dark like I did while working on my first business.
Reach out to people with similar goals to yourself. Talk through your ideas and get advice from mentors who have already achieved your goals.
It’s social, motivating, fun, and extremely educational!
Do a quick google search for ‘<<Your Industry>> Online Mastermind’. Do any groups show up?
Consider joining them and getting in contact with other members quickly!
Also, tell us about any of these resources you found that were useful in the comments, on Facebook, or on Twitter @Nico Jannasch.