The Money Mustache Community
Learning, Sharing, and Teaching => Entrepreneurship => Topic started by: Rachel_the_Lark on October 09, 2017, 08:48:09 AM
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I've been brainstorming and mentally roadmapping ideas for some side hustles and in doing research one tip that keeps coming up is mastermind groups. An accountability group of sorts, it's about finding people with similar goals and regularly meeting up to share best practices and keep each other motivated to improve. I've looked around on meetups but the ones I find just seem so...fake. Like someone who wants to sell coaching things is just trying to collect customers. The ideal situation would be to work with my own current network and see if there are people there, but I don't know anyone who's really ready to commit to something beyond the usual 9-5.
I'm an introvert by nature, so I know that biases my view on networking in general and expanding my horizons with meeting new people. So are there any tips and tricks out there for how to better connect with a new level of accountability? Would it make more sense to just stake some space here in the Journals section and at least take advantage or the comparable financial mentality around here? Or does in person connections make more of an impact?
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I know what you mean about those fake-sounding groups. I think a lot of them are as you suspect: not a mastermind group at all, but rather everyone aiming to sell to each other, and have others refer to them. i.e., Not mastermind but networking.
I've tried a few times to create an actual mastermind local group, but folks just couldn't find times to meetup.
I've found the Journals at least as helpful. I would definitely do that, and have a link from here to there so that people interested in helping you can find you.
The other thing I found super helpful was local business mentoring groups. I received one-on-one mentorship through one for women, and received professional mentorship through a government program.
I also found that I could ask experienced people a couple of questions -casually or over tea or lunch- and they were happy to help me sort out a piece, give some tips, etc.
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When I had my little book publishing company, three of us set up what we called a "knowledge partnership" where we'd regularly meet and share ideas for improving our businesses.
It worked okay but one of the guys bailed almost as soon as we started (a few months in)...
BTW, you might also be able to join a linkedin group that'll do ad hoc delphi method problem solving for you. I'm in one of these for single owner CPA firms and it works remarkably well:
https://evergreensmallbusiness.com/using-the-delphi-method-for-small-business-problem-solving/
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Thanks these are helpful ideas. What I'm starting to realize is I need to get more clarity on my end goals first, and then find the knowledge that aligns with those goals.
Here we go! https://forum.mrmoneymustache.com/journals/larking-around/ (https://forum.mrmoneymustache.com/journals/larking-around/)
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Here is what I think..... are you wanting to do side hustles? Then do it. You can read and research and read and research until you can't read and research any longer. Instead of reading and researching how about go make your own experiences and learn from the mistakes? And if you're lucky, you can make some money along the way. Start something by the end of the week. See what happens.... if it fails, take what you learned and start another one within a month. Or.... what if your first one accidentally succeeds? I say accidentally because most of us have had many hustles and side hustles because the first one didn't work. Some people never find one that works for them but they learn along the way.
I think the reason most of these groups don't stay together is because of a few reasons. Maybe the people that dropped out realized what I said above and seen it as wasted time when they could be making money instead of talking about making money. Or, maybe they talked their mind right out of it because it seemed to complicated. Or by the time it came around to actually act on the idea, things changed in their life and they were no longer interested.
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I unintentionally joined/created a "Mastermind" group with two of my friends last month, and I can say that it's worked wonders for me. As someone who likes to discuss plans and works best under accountability setups, I've seen my business idea go from a "maybe in the future" to something I'm actively working to create.
We all have very different businesses we're looking to start. I want to start a reptile education business, another person wants to create an environmental/sustainability podcast, and the other person in our group is a brand new engineer just looking to get his career going in the right direction. We all have very different perspectives and it helps enormously to get immediate and direct feedback.
Our group was created after discovering we all sort of wanted to delve into side hustles and decided to meet up to talk business ideas at our local library. Since then we've created a Code of Conduct and text group chats to make sure we're holding each other accountable. Our meetups happen on Monday nights after work, with the expectation that meetings are a priority (I mean who does anything on Monday night anyway). We also give each other 3-4 homework "assignments" to gauge progress each week.
While none of us have a small business already, I think that's an advantage in our case. None of us have anything else to "sell" to each other, so it's a growth-centered environment. As we each progress, I imagine our meetings will change from startups to progress reporting.
I think if I had gone in search of something like this it would have yielded different results. Stumbling upon people with similar interests and creating the group organically may help eliminate the problem if people just trying to "sell."
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@Rachel (and anyone else interested!)
I have recently made the concrete decision to start a business. I have signed on with my local small business development center and will soon be reaching out to SCORE for advice. I have my domain name and llc filed, and am currently working on my 'Pitch-then-Plan'. I have also created my own 'Accountability' to-do list by month to ensure that I stay on track. So, in other words, it is more than just an idea, I am making it reality.
However, I would love to be able to bounce ideas with someone on my marketing plan, social media, finances, designs, etc.... or just practice my 'pitch' and get feedback. As well as share the information I've uncovered in all my research. Oh, and I'm never short on opinions and advice, if asked! If anyone is serious about forming a small group, please PM me and we'll see if we can get something started either in person (live in PA, but work in DE), or via Skype or similar technology.
I've also thought about starting a journal and didn't know if I should post in this thread or the Journal threads...I think it might be interesting to others to watch my journey.
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........
Im telling you though, Russell Brunson puts out pure gold nuggets and gives much away for free. I believe it is because once people recognize the value he gives away for free, they are willing to pay for more.
He gives away his book for free - http://bit.ly/2eGJenQ
Wow! Thank you so much for this.... yes, I purchased his upsell :) I haven't even got the book yet, but the 70 min video he has is amazing... the wheels are already turning on how I can apply it to my product. thank you!!
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I've been part of EO and Vistage which are huge mastermind groups for bigger businesses, I think the minimum on EO is $1 million and Vistage $5m but a ton of exceptions to that very general rule. They were INCREDIBLY helpful, but I am not sure they would be helpful for a new business as once you get bigger there is a lot of stuff you need to do that isn't "stay alive" driven.
Have you checked out https://ownersup.com/? That looks pretty cool and might be a good fit?
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Sorry I haven't been on the forums for a few weeks and totally missed this thread I have lots of thoughts on Masterminds!
Full Disclosure: I facilitate Masterminds as part of my business.
Masterminds are one of the best business development tools IF they are properly facilitated and you find one that is a fit for you, your personality, background, experience level and goals.
If you are accepted into a Mastermind (paid or free) without an in-depth interview, it will not be worth your time. Most free masterminds are not worth it and tend to fall apart quickly because it takes an investment of time and money to be trained and a lot of practice to be a good facilitator. It is very difficult to get value out of a Mastermind as both the facilitator and member. Usually, it is one or the other. I facilitate several Masterminds for my clients and am a member of others that meet my goals.
Many people, especially coaches tend to use the term Mastermind for what they are really doing, which is "group coaching" they are very different things and while there may be some coaching in a good Mastermind, the focus needs to be on the hot seat - problem-solving, action and accountability. If the Masterminds you are coming across seem fake and gross and people trying to sell to each other, that is a pretty good sign that it is NOT the mastermind you are looking for. A True Mastermind is all about creating a safe container for mutual growth.
You need to be very clear on what you want from a Mastermind group and what you have to offer. There needs to be a balance. Groups that are put together intentionally and form cohesion quickly are those where a facilitator has taken a lot of time to map out points of similarity, identified knowledge gaps, helped the members identify their strengths and weaknesses and have made sure everyone is at a similar level with similar goals. (or they can be vastly different, as long as that is known up front)
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@swick - This is exactly what I'm looking for - something that focuses on accountability and an exchange of business ideas with entrepreneurs. I found a local womens' business group but it's a little more focused on 'growing a tribe' and empowering women. Which is totally cool and a good addition to my business circle, but not what I NEED at this point in my business.
So, the million dollar question, how does one go about finding such a group and evaluating how good of a match they might be?
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@swick - This is exactly what I'm looking for - something that focuses on accountability and an exchange of business ideas with entrepreneurs. I found a local womens' business group but it's a little more focused on 'growing a tribe' and empowering women. Which is totally cool and a good addition to my business circle, but not what I NEED at this point in my business.
So, the million dollar question, how does one go about finding such a group and evaluating how good of a match they might be?
@MsSindy I've often thought it would be awesome to start an MMM Entrepreneurial Mastermind, and if there is enough interest from forum members willing to invest (both time and $) I would put one together in the new year.
Otherwise, if you want to PM me some info about your business and what you are looking for, I can recommend a few facilitators that might be a good fit.
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I want to start a reptile education business
Im sorry, I was skimming through your post, and the "Reptile Education Business" really intrigued me. What is that? A business that educates people on the ownership of a Reptile? Or maybe you have small books and you are teaching Reptiles science, math, etc?
Im intrigued, and for fun and curiosity Im hoping you elaborate on that.
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I should learn buddy how to master my self. Your post has some positive features.