In my experience, the answer is a resounding YES!
I have been part of a mastermind group for several years and it has profoundly impacted my life and career. I know that I would not have made it as a nonprofit CEO if not for my mastermind group. I also know that I would not have had the confidence to start Redbud Advisory Group without the support of my mastermind group sisters.
Mastermind groups are fairly new to most people, especially in the nonprofit world. However, mastermind groups have been around for hundreds of years. Napoleon Hill is most often credited with creating the concept in his 1930’s book, Think and Grow Rich.
So, what is a mastermind group and how does it work? It’s very simple, a group of people meet regularly to work on challenges and problems together. It can be a very powerful tool in a CEO’s toolbox because it combines the talent, energy, and brain power of like-minded individuals.
Mastermind groups offer a combination of brainstorming, education, peer accountability and support to sharpen your business and personal skills. Group members challenge each other to set powerful goals and hold each other accountable to accomplishing them.
It might be helpful to understand what a mastermind group IS NOT.
- It’s not a class. While the group may occasionally bring in guest speakers the focus is the brainstorming and accountability support among the group members.
- It’s not group coaching. Mastermind group members share and help each other, the Facilitator isn’t coaching individuals in a group setting. You get everyone’s feedback, advice and support.
- It’s not a networking group. While you may share leads and resources with each other, it is not the focus of the meetings.
Here are 4 reasons why a mastermind might be right for you:
- You’re not alone anymore. It’s been said that the job of a nonprofit CEO is one of the loneliest jobs in the world. Once you are involved in a mastermind, you’ll no longer feel alone. The other members of the group become advisors, mentors, and friends.
- Expand your network. Mastermind groups bring together people who might not otherwise meet. This opens opportunities for new partnerships and collaborations, and we all know that’s what funders look for.
- Learn. It’s almost certain that someone in your mastermind will have a solution for your challenges and you may also be able to offer a solution, connection or tactic to help someone else in the group.
- Think bigger. As nonprofit CEO’s we can become very insulated and focused on the little things. Your mastermind peers will help you stretch and think bigger and better.
Mastermind groups aren’t for everyone. I believe that nonprofit CEO’s can most definitely benefit from belonging to a mastermind group, provided they’re willing and able to invest their time, share their talent and knowledge, and make the financial investment.