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What is a Mastermind Group?

It’s discouraging when you face problems impacting your business and feel like you don’t have anyone to turn to. Or you might feel lonely as a business leader and yearn for the company of other people in your situation.

A mastermind group allows you to connect with other like-minded individuals who are dealing with or have already conquered the same issues and challenges that you’re facing.

If you’re wondering, “what is a mastermind group?” or don’t understand how it differs from a networking group, here are a few things you should know.

The Specifics of a Mastermind Group

A mastermind group is an assembly of peers, for example, CEOs, executives, or business owners, who meet regularly and share similar values. The goal of a mastermind group is to provide support for all of the members.

Members of a mastermind group will present problems they’re facing and collectively brainstorm potential solutions. Thanks to the unique collection of experience and education within the group, members are given a variety of perspectives and solutions.

Once a member decides to commit to a specific plan of action, the mastermind group will hold them accountable. In addition, the group will expect regular updates about the problem and continue to address and solve any issues that a member is struggling with.

The Specifics of a Networking Group

A networking group is created to establish business relationships with other professionals or with potential clients and partners. Networking allows the members to develop mutually beneficial relationships.

Some networking groups are industry-specific, while others have more varied members. For example, a networking group might be for recent graduates or local small business owners.

During a networking group meeting, members converse with one another. They may exchange ideas or solutions, and it’s customary to exchange business cards. In addition, the group might discuss recent trends or developments that impact them.

The Difference Between a Mastermind and Networking Group

While networking can and does occur within a mastermind group, it isn’t the group’s primary goal. Instead, mastermind groups seek to give their members a space to trade ideas, experiences, and perspectives.

The mastermind group acts as a sounding board for your ideas or concerns and offers constructive feedback. They’re committed to your success and want to help you reach your goals. Members process and solve issues using the collective education and experience of the group with out-of-the-box solutions.

A networking group isn’t designed to be a source of support or inspiration. Instead, its primary function is to give members a space to forge meaningful business relationships.

While you may eventually receive support due to these relationships, you shouldn’t plan to spend a networking meeting bouncing ideas off the other attendees.

Do you have more questions about mastermind groups? Contact BOAR today to learn more about the benefits and specifics of mastermind groups.