Mastermind Groups and Mentors – Why You Need Them and How to Find Them

Mastermind Groups and MentorsWith Thanksgiving just a couple of days away here in the U.S., I wanted to talk about something I’m extremely thankful for – being in a mastermind group.

A mastermind group is a small group of people who regularly meet, online or offline, to talk about goals, growth and success and provide support for each other. I’ve talked about mastermind groups here on the blog before and just how vital being in one has been for my businesses. I absolutely know that I would not be where I’m at today if it weren’t for my participation in a mastermind group. In fact, it was a member of one of my first mastermind groups (I’m actually in 3 different ones now – all online) that suggested that I publish an eBook for my first online business at GreenExamAcademy.com, which ended up changing the course of my entire life.

Today, I’m happy to share a guest post by my dear friend Jaime Tardy from Eventual Millionaire. Jaime is a business coach who is also a member of one of the mastermind groups that I’m in! She has interviewed over 70 millionaires and dissects why successful people are successful. One common theme throughout most of her interviews is the use of a mastermind group or a mentor.

Jaime fills in all the gaps that were missing in my previous posts about mastermind groups and mentorship, including downloadables for the structure of a meeting and a worksheet to help you find group members. Enjoy!

The only reason why Pat and I are good friends is because of a mastermind group. Over two years ago, I knew nothing about blogging but asked the amazing Pat Flynn to be a part of my mastermind group.

He said yes. :)

I always knew mastermind groups and mentors were an important part in becoming successful no mater what industry you were in. It became truly apparent when I started to interview millionaires. I’ve interviewed over 70 millionaires and over and over it came up again that a key mentor or a mastermind group  helped their success exponentially.

Todd Tresidder a millionaire of FinancialMentor.com (who is in our mastermind group too!) said this about mastermind groups:

“A mastermind is an example of going pro where what you do is you build a structure that literally pulls your business forward. It keeps you from getting sidelined. It keeps you from getting distracted, because you’re building a support system. You have a comfort zone of success that you’re accustomed to and as you break through those thresholds, you need mechanisms to pull you through it. So that’s the help of a mastermind group.”

Ryan Blair the cofounder of ViSalus (who is worth $1,000 a MINUTE) said this about mentors:

“I’m looking for mentors every day.  People think there is your one mentor that helps you.  I have many. I sought mentorship from everyone – from all time winning coaches to businessmen to spiritual mentors.

I have many mentors (one of the millionaires I interviewed became a mentor!) and a mastermind group. They are critically important in reducing your learning curve and getting you on the right track.

So today, I want to break down the process. I want you to read this whole article and then go get your own mentor or mastermind group (or both!). If you don’t plan on doing that, then don’t waste your time reading this article.

So are you committed to taking action?

Good, let’s continue.

Now, there is a pretty big difference between a mastermind group and a mentor:

A mastermind group is about four to seven people of your peers, people in the trenches just like you working on their business, learning and growing. They’re giving current resources, tactics and things that work for them plus they give you support. Usually you meet on a schedule, either weekly or biweekly.

A mentor is a trusted adviser or guide. You don’t necessarily need to speak with them every week. A business mentor may help with strategy in business, raising your level of confidence, pushing you out of your comfort zone and more.

Mastermind Group

Here is one example of how a mastermind group helped millionaire Tim Hamilton, owner of Astonished Designs. He was very open in his interview and explained the huge amount of fear he experienced as a business owner. One of the catalysts that help him get past his fear was his mastermind group.

He said:

“My mastermind group was me and three other people that all wanted to grow. We all experienced some level of pain but we were separated by these forces in society that give us the information that we all have to appear totally competent, totally on top of things, totally together as if fear doesn’t factor into our lives.

There was one meeting when the four of us, in that room, decided to show each other that we were all vulnerable, struggling and scared.

That was what made all the difference in the world. We realized that if any one of us ever realized our greatest fear (which is essentially to lose everything), everyone’s couch was open to everyone else who needed to sleep on it for a night.

So I knew that at the end of the day my greatest fear of going out and living, ending out on the streets and just losing everything, it just was never going to happen.

The most important part of that experience is that I realized that security actually comes from relationships.

I thought it came from a certain amount of money, a signed contract, a verbal commitment from the next huge customer, but I think the greatest source of security comes from relationships.”

So how do you get involved in a mastermind group?

Well there are many programs that you pay for that will give you a mastermind group. Some of them will be amazing and some of them will not be the right fit.

For me personally, I like to have a big say in the formation of the group, who is in it, and when it meets. Think long term. If this group is amazing, you want to be with them for years.

You may be thinking, what if I don’t have an amazing group of successful friends to ask?

That’s okay.

When I decided to go online I didn’t know a lot about blogging. I read a lot, and tried to take it all in. But I wanted to TALK to people that knew that they were doing, that could help direct me. It’s hard to know what is worth it and not worth it online.

I couldn’t just pool of friends I had because most of the friends I had didn’t have online business success. If you already have successful friends in business, think about creating a mastermind group with them.

I ended up with a stellar mastermind group of all new people by doing these things:

1. Find Your Potential Members

Invite people to the group that you think are way better than you.

There is a delicate balance in a mastermind group, but you want to get others that have what you want.

If you are thinking – If they are already awesome, why would they want to be in my mastermind group? There are a few reasons: You can connect them with other amazing people, so if you get one awesome person to say yes, it’s easier to get others to join.

Also, you probably don’t give yourself enough credit. Think of some of the amazing things you have done before, and list it to entice new people to join.

Make sure the group will be highly valuable (like 10x!) to them. They do not need to spend their time doing things that won’t return the value multiplied.

List ten people in your extended network or peers that you don’t know yet, but would be great for your mastermind group. Then choose one on the list and craft a simple short email to them.

DOWNLOAD: If you want a worksheet that will help you do this and craft an email, download the Mentor and Masterminding Worksheet!

2. Create a structure and format, and get commitment.

Entrepreneurs usually need more structure. They need to know what is expected of them before they say yes.

Here you can download the exact structure and format I sent to the potential mastermind participants. It will also give you a format that works.

DOWNLOAD: Here is the exact pdf that I sent over two years ago when I started my mastermind group. Our structure is still the same today.

So if you want to have accountability, peer support, brainstorming, and meet amazing new people, a mastermind group would be perfect for you. Download the worksheets and get started.

Mentors

Finding a mentor is somewhat similar to getting a mastermind group, except that you don’t need to formally ask them to be a mentor. Many times you start to build relationships with people in such a way that you could call them a mentor, but neither one of you officially asked!

Now, a mentor is someone you don’t necessarily seek to be your best friend. Mentors are someone you can ask for advice occasionally, and they will respond. You want someone that’s very high level. They’ll give you insider knowledge for strategy and planning.

Here are a few pieces of advice on finding a mentor:

Q. How Do I find a potential mentor?

A. There are so many ways to find a mentor. It could be someone you found online like millionaire Amos Winbush.

Amos Winbush owner of CyberSynchs said,

“It’s so easy these days with LinkedIn, Facebook and Twitter to reach out to people. I have one of the most great friendships with Jeffrey Hayzlett from Twitter who is Chief Marketing Officer of Kodak and that’s how we started talking. It’s through Jeff Hayzlett that my company started talking to Kodak and it was on Twitter so it’s definitely possible.”

My first mentor (A local business coach that sold a million dollar business) I found by emailing, and asking to sit down for a chat.

Another business owner became my mentor because he was one of the millionaires I interviewed. I asked him for a follow up chat, and he said yes.

Keep your eyes open for potential mentors in everything you do. It’s easier than you think when you are specifically looking and asking often.

Q.  Why would a mentor even want to work with me? 

You may be telling yourself, I haven’t done anything yet! I’m not big. I don’t have  money to pay them. It’s not about what you have already done, and I believe you shouldn’t have to pay your mentors.

When I asked Amy Applebaum a business coach and millionaire she said:

“It is about enrolling people in your vision.  If they’re not enrolled in your vision, they will not participate.  But most people love to help.  There’s help right in front of us.

It can be a friend’s family member.  It can be a friend of a friend.  It can be someone who is a business associate.  You just want to aim high.  (Not aim high celebrity, like Oprah!)

You need a really successful person that’s more behind the scenes so that they have access and will give you time.”

You must show your commitment or strength or it will never happen. That means being committed to listening to them when they do respond.

Take action on what they say. No one wants their great advice to fall on deaf ears.

Action Item: List ten people you admire that have done exactly what you want to do and might seem a little bit out of reach.

DOWNLOAD: Download the Mentor And Mastermind Worksheet previously mentioned. It will give you an email template (from Derek Sivers, whose business mentor is Seth Godin!) on how to start contacting potential mentors.

Go Take Action Now!

So if you read this far, you’ve already committed to yourself. This does not take a lot of time, and once you get the support you need it will save you many hours of issues!

I want you to be able to email Pat with amazing stories of how you formed a mastermind group or gained a new mentor.

For more from Jaime, please check out her blog at Eventual Millionaire and be sure to dive into her extensive collection of incredibly inspiring and useful interviews with millionaires from all different fields and industries!

  • http://www.GoToPhysicianAssistantSchool.com The PA Coach

    Great post Pat!! This is one of my goals for 2013. What a timely post.
    Thanks,

    Dave

    • http://www.eventualmillionaire.com/blog/ Jaime @ Eventual Millionaire

      Awesome Dave! I love it when timing syncs up :)

      • http://www.jasonloveslife.com Jason Love

        That seems to happen a lot? I am constantly trying to move my brand forward and I always find just what I need when I am think about. However, I still haven’t posted my podcast even though I recorded it back when the “Pat’s Complete Step-By-Step Podcasting Tutorial” came out.

        But I hope to use this information to find people who are in a similar niche as I want to be in. Creating a Master Mind group is my goal.

        -Jason Love
        http://www.jasonloveslife.com

        • http://www.popularblogsite.com Vince (PopularBlogSite)

          Can’t wait for 2013, a lot in store for all of us bloggers!

  • http://themoneymail.com Rohit @The Money Mail

    I have always benefits from mentors, whether it was college, my professional life or personal life. It really helps to talk to to people who have been there and done that.

    • http://www.eventualmillionaire.com/blog/ Jaime @ Eventual Millionaire

      I agree!
      Why just learn from your own mistakes, when you can learn from others. ;)
      We only have so much time in our lives, we might as well figure out how NOT to do things first!

      • http://www.shuckabuck.com Eric @ ShuckaBuck.com

        I did the wrong things for my first 6 months online until I found a mentor. Once I knew what to do, I started getting more traffic to my website and made my first sale just 2 weeks later (this was back in early 2009).

        Great post Jaime, lots of helpful stuff here especially for someone trying to get started.

    • http://www.eventchecklist.net Arwin @ Event Checklist

      Definitely mentors keep us on the right track and help us to develop our full potential.

  • http://thisiscommoncents.com James Petzke

    Great post! I’ve always had mentors, but never been a part of a Mastermind Group. I may have to make it one of my goals for the near future to get set up with one, I can see how it would be really helpful.

    • http://www.eventualmillionaire.com/blog/ Jaime @ Eventual Millionaire

      Let me know how it goes James! :)

  • http://yourdailydance.com/ Angie

    Great food for thought and something I need to work on in the new year. I am thrilled to have found your blog.

  • http://topsmartphones.de Tom

    What for me was difficult was to find likeminded people who really wanted to exchange and work on ideas instead of just bragging with their small successes.
    I abandoned two groups in the past and am not sure if I should go for an other round. Better go alone, independent (at least for the moment).

    To you, Pat, a really really big THANK YOU for the inspiration your site and the podcast gave me (You are always around when I am in the morning rush hour). Keep on the good work.
    Happy Thanksgiving!
    Tom

    • http://www.eventualmillionaire.com/blog/ Jaime @ Eventual Millionaire

      This is great Tom, because I know how you feel. I think the key is the way you set it up and the people you include. Setting it up with people that are WAY better than you is really important. (Especially for pushing each other out of your comfort zones.)

      Though I know, a not so great mastermind group can be a big waste of time. Good luck next time!
      (and can I throw in a “Pat ROCKS!”)

  • http://anhaengerreifen.com/ Simon

    Hi Pat,

    first of all great guest article. I know a lot of masterminds in the field of Affiliate Marketing and SEO, but I never had in mind to contact them to found a group or to ask for advice. Some of them offer free teamspeak meetings which provides a great value, but I am too often unable to attend these meetings.

    Maybe I should think about the meetup.com-Group which is about Marketing. I have nothing else here in my area of Louisville, KY.

    Has anyone more resources to find a existing mastermind group?

    • http://www.eventualmillionaire.com/blog/ Jaime @ Eventual Millionaire

      I get asked about finding existing mastermind groups often, and I haven’t found a website or resource. Like with my mastermind group, the second I mention it other people want in. As a group we have to be very selective, so it can be tough to join a successful existing group. (That’s probably why I advocate starting your own!)

      Though there are a lot of people in the comments looking for groups that would want to have the same framework, so you never know what might get started! :)

      • http://howtospeak-japanese.com Yamato

        @Jaime
        “I haven’t found a website or resource”

        Better not put your golden nuggets on a website. You only attract tire kickers.

        @Pat
        just want to chime in with the others and praise this blog. Pat you rock!

      • http://www.shuckabuck.com Eric @ ShuckaBuck.com

        I think a simple facebook group would suffice (if you kept it smaller and people were active)…just a thought.

        • http://www.eventualmillionaire.com/blog/ Jaime @ Eventual Millionaire

          We use a facebook group too. We keep our resources there and action items each week. Works well for us!

  • http://trust-ka.blogspot.be/ Karo

    I want to do it before I my 30th :)
    Thnx Pat as usual.

    Cheers and a big hug

  • http://Www.cubiclefree.com Cubicle Free Man

    Thanks Jamie and Pat! Its funny I have always understood the value of a mastermind group and I started one on Friday afternoons called Soggy Fridays. Each Friday we would go to a different pub. Lots of great people would come but after a couple pints it became more social than anything. Thanks for the reminder and great advice to setting one up. This time I will be using many of your methods here to keep things productive (and there will not be any pubs involved). Quinn

    • http://www.eventualmillionaire.com/blog/ Jaime @ Eventual Millionaire

      Haha! That’s a common issue Quinn. Because it’s fun to just hang out! :)
      Good luck on making the next one more productive!

  • http://timferraris.com/interview-with-austin-church-budding-iphone-app-mogul/ Tim Ferraris

    I recently interviewed a newly-successful iPhone app developer who would never have even started in apps if not for the mastermind group that he was a part of.

    I’ve heard Pat mention his mastermind over and over and credit it for his success.

    Sounds like something worth being involved in.

    Happy Thanksgiving!

    • http://www.eventualmillionaire.com/blog/ Jaime @ Eventual Millionaire

      I wouldn’t have started a podcast interviewing millionaires if I wasn’t in my mastermind group! It was one of the other members ideas! Thank goodness for Maren from Zirtual.com! :)

  • http://www.void-life.com Bryan

    Great post, I have had the thought of joining or finding a mastermind group to join. But o would not want to start my own, How would I go about finding a group that already exists to join?

    I feel that this would be one great thing to help boost my motivation and the amount of action I take online.

    • http://www.eventualmillionaire.com/blog/ Jaime @ Eventual Millionaire

      Yes! It’s a huge help for motivation. Especially because you want to come each week with some success to share. (It becomes very obvious if you come each week and nothing changes!)

      I used to run groups in the past, but instead of paying for one I usually suggest setting one up on your own using just a free conference line.
      It can be tough to try to get in on one that is already started.
      Another idea is just to get an accountability partner. Someone who has an eye on success just like you. It’s easier to find just one person, and then if you like you can expand it to a mastermind group.

      Hope that helps!

  • http://www.blogimpossible.com Howie Nguyen

    Don’t underestimate the simple task of asking. I’ve had to do that in the last few days for a new project and have been pleasantly suprised at the responses. Sure, some people will say no but everytime you get a yes it is very uplifting.

  • http://www.twitter.com/dreamjobguy Alex B. (@DreamJobGuy)

    Great post, and very thought provoking!

    Thanks so much for sharing this!

    All the best,
    -Alex

    • http://www.eventualmillionaire.com/blog/ Jaime @ Eventual Millionaire

      Thanks Alex! I truly appreciate that :)

  • http://www.swimuniversity.com Matt Giovanisci

    I am having trouble finding a mastermind group. I am the only personal blogger in the country that talks about swimming pools and hot tubs. I know some other bloggers, but they all work for small businesses. No one is really “successful” on their own with their own business.

    The other problem I have is calling it a mastermind group. I fear that the people in my industry will have no idea what I’m talking about. What’s the best way to approach people you assume don’t speak our language?

    • http://www.eventualmillionaire.com/blog/ Jaime @ Eventual Millionaire

      Great questions. I get these all the time. I need to create a group where people can join up and find mastermind partners!

      Though I really do suggest hand selecting people very carefully. They don’t have to be in your same industry, and they don’t have to be local. :)

      You can call it many things, I personally like the name accountability group. (Mastermind always sounded devious! But now I’ve warmed up to it!)

      • http://naturesoundspa.com Mandy

        Hi Jaime,
        I have to agree with a lot of the comments here that the hardest thing is finding a mastermind group. (even harder is finding a mentor…) Are there any available resources out there that can help people find a mastermind group? I really feel alone online and would really like to find a nice group of people to bounce ideas off…

  • http://7minentrepreneur.com Joe Cassandra

    Love Jaime’s stuff! I find it exciting to go out and meet like-minded people, to reach success you build off one another. No one likes doing stuff alone!

  • http://www.swimuniversity.com Matt Giovanisci

    Come to think of it, I may be able to find a mastermind group right here in the comments :-)

  • http://www.smartbusinessrevolution.com John Corcoran

    Great advice, Jaime! Thanks, Pat for having Jaime as a guest poster.

    I started working with a business coach about 4 months ago and it has been a huge difference for me. It’s helped me hone in on my goals and focus on doing the things that lead to achieving those goals. She also gives me the support and encouragement I need. I still want to participate in a mastermind group – which you and I have discussed. But I think my coach has in many ways served a similar role.

    I actually tried one newly formed mastermind earlier this year but I decided it wasn’t a good fit. I will set a goal of taking your advice and starting my own group in 2013.

    One funny thing about having a coach is I’ve gotten so used to it, that I miss it when our sessions must be rescheduled. Right now she’s on vacation and we are going about 4 weeks without a session (usually they are every other week) and I hate it! I feel like I have a lot I want to talk to her about.

    Happy Thanksgiving to both of you and look forward to seeing you both soon in Vegas!

    • http://www.eventualmillionaire.com/blog/ Jaime @ Eventual Millionaire

      Haha, I know the feeling John. When I don’t see my coach I feel like I’m not as clear. :)

  • http://www.salevoke.com David Tong

    It’s amazing how common it is for us to find groups whose sole purpose is for bragging and no one in those sub-groups are keen on helping others.

    Great post for us still seeking the right mentors and groups to be in.

    I’m fortunate to have found informal mentors but it’d be really nice to be in a good mastermind group for once.

    Happy thanksgiving BTW to everyone!

    Dave T

  • http://www.ricardoequips.com/ Ricardo Butler

    This is actually a post right on time. I am right now at this moment studying master mind groups and plan on starting my own. I’m learning a lot about it. I created one huge 100 PDF of all the research that I so far have on it. And it’s funny I decided to check my email one last time before I started typing up some more on my mastermind manifesto. I am currently in several mastermind groups. As far as mentors I have several mentors and I personally mentor about 5 people myself.

    • http://www.eventualmillionaire.com/blog/ Jaime @ Eventual Millionaire

      haha, perfect timing :)
      It’s awesome that you give back! I think that’s a huge piece too.

  • http://seekdefo.com/5-reasons-why-should-you-get-a-blogengage-platinum-account/ George at seekdefo

    Hi jamie. What most people don’t realize is that its infinitely easier to learn your stuff when you go with a mentor than doing it alone. They have been there

    • http://www.eventualmillionaire.com/blog/ Jaime @ Eventual Millionaire

      Yes!! It doesn’t mean you won’t have issues, but it can cut your learning curve and failures if you talk to someone that has gone down the path before. Spending your time to find a mentor will result in so much time saved!

  • http://freeintenyears.com James @ Free in Ten Years

    This is a seriously helpful post for me – thank you so much!

    • http://www.eventualmillionaire.com/blog/ Jaime @ Eventual Millionaire

      You are so welcome James! :)

  • http://www.colourmylearning.com Li-ling

    Pat and Jamie, Thank you both for this extremely timely sharing of your experiences both of Mastermind Groups and Jamie of how to set up your own. It is something that has been at the back of my mind for a while now, but has yet to be actioned upon. Your step-by-step action plan has helped concretised the moves forward.
    If it’s OK Pat, I’m going to shout-out here – do feel free to edit if inappropriate.
    Anyone out there want to start a Mastermind group?
    We work at the forefront of technology in Education but are moving towards ‘soft’ products and more passive incomes. Would definitely welcome people of different industries and experiences!

    • http://www.eventualmillionaire.com/blog/ Jaime @ Eventual Millionaire

      You are so welcome, and good luck!

  • Ria

    A big thanks to Pat and Jamie :)
    Li-ling, I was about to do the same thing. My online niche is creative writing, but my ‘real job’ is in education. I may have some things to contribute to you, and vice versa. Catch up with me if you’re keen, and I’d love to know if there is anyone else interested in constructing a group.
    Ria :)
    [email protected]

  • http://www.annieandre.com Annie Andre

    Jaimie this was a great post and great resource expecially with the downloadable PDF’s to follow.

    I’m part of 2 mastermind groups and they are more precious and valuable to me than i would have ever imagined. We also have a private facebook group together where we post our daily goals and cheer each other on or ask question. IT really keeps us all accountable .
    ps
    Jaimie your site is wonderful. It reminds me of Mr. Carnegie, when he commissioned Napolean Hill to interview over 500 millionaires.

  • http://pctips4all.com Scott

    Jaime,

    Wow! Not only can you do great interviews…you write wonderfully as well.

    I will continue to seek to build relationships with others online and seek a mentor that way. I live in a very small town with few in my circle that I feel could be a mentor, but what you have shown me is to keep my eyes open and always be looking.

    It is just like “doing” my business…I must be persistent. Which is to me the key to success and by the way the thing I struggle with the most.

    Thanks again Jaime!

    Scott

    • http://www.eventualmillionaire.com/blog/ Jaime @ Eventual Millionaire

      This is an awesome compliment Scott! Thank you!
      My town has about 2,000 people in it. So I know what you mean :)
      But the world is open to you! You never know who might WANT to help you succeed.

  • http://www.ddiy.co Geoff

    Jaime, Great stuff. I’m strongly considering pulling together my own mastermind group soon. I’m trying to get to the point where I qualify for an interview from you soon :).

  • http://364kPerDay.com Russell @ 364k Per Day

    Mastermind groups are awesome! There are a few internet marketing groups on Facebook that I’m a part of and it’s great to be able to reach out to people and have my questions answered. This is a great post – I’m really glad you took the time to write about this topic.

    Thanks Pat!

  • http://thewebauthority.com Kyle Proctor

    Great post. I have been trying to convince myself to find a mastermind group for the past 6 months. I am convinced now this will be a benefit to me. The hardest part is figuring out who to ask and how to join one. You hear people mention mastermind groups but I always thought it was for the big dogs in the industry.

    Great thoughts.

    I am now in search of my first mastermind group!

    • http://www.eventualmillionaire.com/blog/ Jaime @ Eventual Millionaire

      Maybe cause all the big dogs do it ;) But it’s open to everyone right? Maybe that’s how they got to be big dogs!

      Good luck finding a group!

  • http://www.EpicWebStudio.com Rodrigo

    Great Post! I agree.

    Best experience ever, I’m inside Digital Nomad Academy from Cody, thanks to that I was able to take classes from Corbett Barr, Glenn Allsop, Adam Baker and many others.

    Also made really good friends there who have helped me a lot with my own projects. Also I joined SSM from Timothy Marc in Freedom Business Blog and they have helped me to learn much more.

    Thanks to these 2 masterminds I’ve been able to learn much more, and also to put my own business, I only hope that next year I’ll be able to meet you too Pat :D

    • http://www.eventualmillionaire.com/blog/ Jaime @ Eventual Millionaire

      Pat is pretty awesome in person. :)

  • Kevin

    Great & timely post. I read & heard about ‘Mentors’ and figured for many years that there was some weird experience I was missing–basically that someone either came out of the blue and said “Hey, let me be your mentor” or something happened and you ran into your Obi Wan Kenobi or Mr. Miyagi after getting in a fight somewhere….

    I was always very independent from an early age & rarely asked for any help or advice (and then only from family). Instead I provided lots of advice but didn’t ask for much–I’ve learned that this isn’t the best type of friendship (or masterminding) as there should be a degree of give & take between the participants. Not asking for help/advice in some ways means you are not engaged or vested in the process. It also diminishes the ‘connection’ which is vital for these relationships.

    Hard to unlearn these things but not impossible ;)

    Thanks Pat & Jaime on the great post!

    • Judi Radice Hays

      You took the words right out of my mouth and I couldn’t have said it better! Asking for help is difficult without a doubt especially when everyone seems so busy and overloaded with what’s already on their plate.

      I hired a coach many years ago when I ran a design firm and it made a significant impact on my business success. Right now, it’s not feasible for me to hire a coach and so I want to either find an accountability partner or start a small group with a few participants that are 100% committed to accountability and turning ideas into reality.

      “Nothing ventured, nothing gained. If you want something, ask for it. If the response is no, that’s okay – move on. But if you don’t ask, you’ll never know.” …sage advice from my wise old mom!

      If you read this string of comments and are searching for the same, perhaps we could give it a go.

      I thoroughly enjoy listening to Pat’s podcasts on my walks and continually gain valuable insight, ideas & motivation with each session. Thank you Pat! And thank you Jaime for the thought provoking post and PDF worksheets.

    • http://www.eventualmillionaire.com/blog/ Jaime @ Eventual Millionaire

      I know what you mean!
      When I first started with this process, I came at it like this.
      My husband found a mentor when he was younger which allowed him to be very successful in what he did. He ended up being a true apprentice. Helping anywhere they needed help.
      I did the same thing. I found someone who might make a good fit for a mentor, and asked him if I could help him. If any of my skills could be of use, because I just wanted to see the inner workings. It turned into a mentorship. But you never know for sure if it will. It helps to ask though!

  • http://notordinaryblogger.com Okto

    Hi Pat,

    Thanks for this post. I knew Jaime from one of thinktraffic posts, I took a visit to her blog and learned lots of value from it. Until finally I managed to interview her to ask more value personally and share it to my readers. She’s a kind person.

    It’s a proof of what you have said. What we all need is just ask and commit. I am on search for someone I can learn from for next year blogging plans, thanks again for adding ways to make it happens easily.

    • http://www.eventualmillionaire.com/blog/ Jaime @ Eventual Millionaire

      Aw thanks Okto! Glad to have helped. I know many have helped me! :)

  • http://www.pietyproject.com William

    I have found that MeetUp has been a great source for mastermind groups and finding people with similar interest, knowledge, and skills. You can go to http://www.meetup.com and search for the topic you wish to explore.

    • http://retipster.com Seth

      I’m with you William – I’ve also used meetup in the past and it’s a great resource.

  • http://websitepromotioncodes.com/coupon/ sanjay

    One of my plan early next year is to enroll in a mentoring program for my business. Hopefully I can find someone to help me do it :) Great post Pat!

  • http://www.themomwrites.com Prerna@The Mom Writes

    Hi Jaime and Pat, as someone who doesn’t believe in coincidences, this is a post that is a definite answer to my desire to be a part of a mastermind group.. I’ve been blessed to have some truly amazing mentors who’ve helped me grow, but now I’m ready to up it a notch and be in the midst of more awesomeness. Thanks, Jaime for your inspiring interviews on EM and this equally inspiring post..

    • http://www.eventualmillionaire.com/blog/ Jaime @ Eventual Millionaire

      You are so very welcome Prerna! Please keep me updated on what you do with it! :)

  • aniket
  • http://www.siegecommissionsscam.com Steve

    Wow this was a great post Jaime….it makes me feel good seeing that all these successful people have mentors. Sometimes we forget that everyone starts at the same place and works their way up.

    It can get intimidating trying to find the guidance of someone when most people are out to sell a product, I like the idea of a mastermind group for this reason. I will definitely put the worksheets to use…..Thanks so much.

    • http://www.eventualmillionaire.com/blog/ Jaime @ Eventual Millionaire

      Exactly Steve! Which is why I tell most people to set up their own group. I think paid masterminds can be great, but you totally don’t have to do it. It can be completely under your own control. :)

  • http://retipster.com Seth

    Mastermind groups are absolutely HUGE. My real estate business started taking massive strides in the right direction once I joined up with a group of my own. There is simply no substitute for the kinds of creativity and motivation that comes from like-minded, goal-oriented individuals who share the same enthusiasm and are working towards the same cause. Great post!

  • J

    Thanks for this informative post. I always wondered if the mastermind groups were really helped. I also am glad you pointed some groups out. I wish there was a list of trusted and productive groups that I am not sure who to trust. I guess that I will have to take my chance.

  • http://dumbpassiveincome.com Matthew Allen

    I was recently invited to join a mastermind group but had to decline. I really wanted to, but time can really be an issue for some of us who continue to work full time day jobs while working on our side hustles in any spare time that we can. I just couldn’t commit to the regular meeting schedule. I know it sounds like I’m making excuses, but full time employment and family definitely take priority at this point in my life.

  • http://www.dylanvarian.com Dylan

    Awesome post Jamie! I’ve been in a mastermind group for about 5 weeks now and I have to say it’s probably one of the best decisions I ever made.

    If anyone is thinking about giving it a go – do! If you don’t like it you dont have to stay, but it is well worth trying out.

  • http://www.sallamerikeskimaula.com Salla@Laulaja juhliin

    Good post Jamie! I agree that peer group and metros are important. The most difficult thing is to build regular schedule and keep it going for longer time than just few weeks.

  • https://www.life-transforming.com Natalie

    Great insights and very helpful tips. I’m in the process of trying to create a mastermind group — I’ve so far only looked in my area but I’m thinking maybe going virtual.
    Peace & Love, Natalie

  • http://www.ctrl-alt-success.com Doug Johnson

    I’ve recently gotten into a mentoring and mastermind group, although the guys are most definitely successful and have a great head on their shoulders. The biggest issue I have is their lack of getting back in touch with me when I have a question.

    There are fewer things more frustrating than feeling like your mentor just doesn’t care or is “too busy” for you.

    I’m riding it out for the long haul in an effort to see what kind of results I may get. (it has only been 6 weeks or so and they are finally finalizing everything) so I’ll find out soon!

    These are great tips, I kind of wish I read them before I signed up with a mentor program! hah

  • http://www.mesfinancesperso.com/blog/ CC

    Hey Pat, hey everyone :)

    Just a quick word here to say that I read your post and immediately emailed 4 of my friends to create a MasterMind group that I’ve been wanting to create for a LONG time.

    Thanks for sharing this great piece of advice. The call-to-action // commitment that we had to take in the beginning of the post, as suggested, was really strong.

    As for the mentor parts, I have 3 real-life mentors and quite a few in my RSS reader (such as Pat Flynn from smart passive income and Sebastian Marshall from SebastianMarshall.com)!

    If you do not know Sebastian Marshall you should check his blog out!

  • http://www.newriverwellness.com alcohol addiction treatment

    Post is really nice and a very different topic.I have not read a post like that before.. good work.

  • http://mymodernastrology.com Damien

    Talking about mastermind groups actually helped me discover that a few of my friends blog as well! We’re starting up a Mastermind group soon after the holidays to get together and start coming up with ideas on what we’d like to do in the online sphere long-term. Very exciting stuff. Keep it coming, Pat.

  • http://myhealthline.blogspot.com/2012/02/what-is-benefits-of-garlic.html Ademu Anthony

    This is just the kind of info I need at this very point in time. What a timely post. Thanks so much

  • http://www.affilorama.com Kyle Kam

    I guess it’s my time also to find my mastermind group. Haha. Mastermind groups are a great help because it may cause you a lot of time saving than thinking alone for your growth. I guess what they say is true that 2 minds are better than one.

  • Lance

    Hi Jaime,

    Thanks for the great info and great article. I used to be in a poker mastermind group and it was amazing to see people skyrocket in ability due to the collaborative intelligence phenomenon that you mentioned.

    I’m looking to start a more structured mastermind group now, in an entirely different area.

    Unfortunately, I was not able to download your worksheet pdf :-(.

    It says “please wait…”, but never changes. I updated my Adobe software to the latest version, so I’m not sure of the issue. Any suggestions? I’d really like to have a look at the worksheet.

    Thanks,
    Lance

    • http://www.eventualmillionaire.com/blog/ Jaime @ Eventual Millionaire

      Hey Lance! Shoot me an email jaime@ eventualmillionaire.com and I can send it to you- I also have it in a .doc format in case it’s an issue with Adobe! :)

  • David

    ‘Mastermind Group’ is a widely (mis)used term nowadays. According to Napoleon Hill it should be much more than ‘just’ a group of people who want to be accountable towards others and this way push their goals. Here’s Hill’s definition:

    “The coordination of knowledge and effort of two or more people, who work toward a definite purpose, in the spirit of harmony.”

    He continues:

    “No two minds ever come together without thereby creating a third, invisible intangible force, which may be likened to a third mind [the master mind].”

    If you think of this, this is way more serious and on totally another level than ‘just’ a group of people discussing their projects and helping each other out with their knowledge. I am in one of these ‘motivational’ groups myself where each one has his own project. We are now trying to see if we can set up a real Mastermind group, working on a common project, with a definite chief aim and in a spirit of complete harmony.

    Regards from Greece,
    David

    • http://eventualmillionaire.com Jaime

      I’m so glad that you highlighted this David. I quoted Napoleon Hill in one of my documents on that too. Yes, it has to be REAL. A commitment of everyone for the success of the group.

      So I think it’s important to go into a group knowing that being there for everyone else is of the utmost importance.

      The hard piece though, when you are starting one, is to have synergy of everyone. It can take awhile for a group to warm up especially if they are meeting for the first time. That’s why some members leave etc. But as long as you continue to strive towards this definition of a mastermind group I think you are on track. :)

      Thanks for bringing that up!

  • http://onlineincomestar.com Brankica

    Great post, but Pat, can you check the Worksheet PDF download, I am having trouble with it, I get some plain white page with a warning about Adobe reader. It is a PDF but not the file I would think I will be downloading, lol

  • http://www.escapeninetofive.com Ben

    I really want to create a mastermind group here in the UK, they’re so good for bouncing ideas around and I find them helpful for keeping me motivated and feeling good about my projects.

  • http://www.beforejoiningthemilitary.com Dane

    Very well timed post. I’ve been thinking a whole lot about mastermind groups lately and have found meetup.com to be a potentially valuable resource (if you’re in a densely populated area…I’m not sure how helpful it is for rural areas.)

    Nevertheless, I’m finding that the accountability, community, etc you get from like minded entrepreneurs (especially when you feel like a completely clueless amateur, as I do most of the time) is absolutely golden. Thanks for this post – it’s very well received.

  • http://www.reintegrate.net Fredrik H @ Reintegrate

    Very happy to have joined a Mastermind Group, great way to get input.

  • http://www.tiffanydow.com/blog Tiffany

    I was once so excited at the possibility of mastermind groups. I was invited to join one, in fact – by several people I knew from forums who I thought were basically great from what I could see.

    I joined!

    I exited an hour after I joined.

    These people were just falsely promoting each other’s stuff. One guy would post, “Hey does anyone know of a great product on X?” And another would chime in, “Oh so and so has a fantastic one here: Link.” Then the rest of the members would chime in with kudos and finally the product owner would come in and say, “Awww shucks, guys – thanks.”

    Scummy. I hate stuff like that. I was so sad. Not only were my hopes of a TRUE mastermind dashed, but I lost all respect for those fellow forum members who I now knew were involved in the shenanigans.

    Not giving up hope, though!

  • Janet

    Great post. Can’t wait to implement in 2013 and going forward. One of the biggest factor for not joining a mastermind has been the cost. Also finding a mentor you don’t have to pay.

    Would like your input.

    Thanks much.

    • http://eventualmillionaire.com Jaime @ Eventual Millionaire

      Hi Janet- if you create your own mastermind group you don’t have to pay, you can use freeconferencecall.com for the line too.
      A mentor is a bit harder, but it’s very possible as most of my mentors I do not pay. Though I give them value with connections, and helping their business as much as I can too.
      Good luck!

  • http://wpthemesdaily.com Robert

    Hi, I can’t download the PDF :( Can you please upload it again

  • Tim O’Rourke

    Hi Pat,

    Would love to start a mastermind group revolving around nitche sites. Do you mind if I solisit people in the comments of this post?

  • http://perfectearningtips.com igbalaye Olayemi

    I think in every successful person their must be a mentor that you are looking up to and this will be making you doing great in your respective area of work. As many people are looking up to you Pat because your working is really helping a lot of people out there. thanks for sharing

  • http://7Payouts.com Jeremiah Say

    Hi Jaime,

    Jeremiah again. It makes perfect sense to have a mastermind group. To support one another, help one another and make sure all of us are on the right track.

    I believe one shouldn’t have a mindset of just receiving but also giving (important!).

    Currently, I don’t know which mastermind group I should join or whom I should invite. But I’m determined to network and know more people.

    With regards,
    Jeremiah

    • eventualmillionaire

      Awesome! Good! Just start finding amazing people and asking – you’ll figure it out :)

  • Guest

    Dear Mr. Tardy and Mr. Flynn:

    I found your website, Smart Passive Income, through a web search and would like to commend you on your thought-provoking commentary and inspirational words of advice. I have a few questions regarding the issue of mentorship and mastermind groups as presented in this article.

    First, you mentioned that when initially starting your support group, you had few if any friends with successful online businesses, if any independent businesses at all. From that statement I gather you had friends to begin with, albeit not those you would have in your group. If I may ask, though I myself do not have any sort of online presence whatsoever, how does one go about joining one of these groups if one is not particularly fond of meeting people in the first place? I am very young, extremely shy and am in fact too socially withdrawn to even engage with people over social media websites. For me the difficulty is not in creating content, but in “promoting it,” especially with real-time technologies such as Twitter and Facebook, which don’t allow for much “thought” time between messages, similar to the rapid-fire format of chatrooms and instant messaging. Are there websites where one can simply fill out a form to apply to join one of these groups so that I myself can avoid the insurmountable task of asking people or approaching them? Must I have face-to-face encounters or use my real name in order to be accepted and/or gain the best results?

    Two, what is the vetting process involved for someone to call themselves a “guru,” “mastermind” or “(name your skill/industry) expert”? Are there certification boards that one may use to check credentials, like the BBB or FTC? What is the best way for someone, such as myself, who has such little trust in even the guy next door, to determine whether or not a self-described guru is selling snake oil? The Internet has made it far easier for people from all walks of life to connect with each other, but unfortunately, the relative anonymity involved has also made it easier to falsify credentials and deceive unsuspecting and naive people eager to get on board your business. It has also made it easier for rivals to issue complaints against people or give them negative “karma,” such as with systems like the defective-by-design Amazon.com review system and Angie’s List. Word-of-mouth has never been so difficult to ascertain as true since its “upgrade” to word of mouse. How would I or anyone else seeking a mentor or mastermind know that I am getting the real thing?

    Third and finally, are these sort of groups worthwhile for people who do not have a business per se or even a product they can sell, but a common goal they would like to pursue, even if that goal is not itself profitable? Say for instance I have a social cause that I want to raise awareness of, the environment or animal rights or that people simply aren’t wearing enough hats (lol, “Monty Python”). Or say it’s a group that encourages people to join/form their own groups for a specific personal goal, i.e. quitting smoking, weight loss, other addictions, surviving major illness, etc. Is this an example of a mastermind group by name or is this considered a support group or nonprofit activist group? Can a mastermind group be considered both of those things as well? Are these best used for business goals or can they be put into motion for other things?

    Your response is greatly appreciated, and I wish you all the best for the upcoming year and many years beyond. I am reluctant to sign my real name at the bottom, so like the same type of readers who contact Dear Abby, consider me –

    A Welcome Guest At the Table

  • http://www.thehomeforsurvival.com/survival-aids/ Survival Aids

    Finally in 2013 we’re getting the mastermind group together and I couldn’t be more excited.

    I’ve used several of your mastermind group posts to help build a list of 4 people we’re going to kick off with. Thanks again for the inspiration.

    • eventualmillionaire

      Awesome!!

  • http://www.cloud65.com Easy Earn Money

    just before I saw the paycheck 4 $6405, I didnt believe that my friend woz like trully bringing home money parttime at their computer.. there aunts neighbour started doing this for less than 20 months and just repayed the morgage on their house and got themselves a GMC. this is where I went, http://www.Cloud65.com

  • http://www.autoprofitincome.com Greg Jeffries

    Mastermind groups are essential for rapidly accelerating your growth. You get exponentially increase your success by leveraging other’s wisdom, resources and assets.

    Meetup.com is an excellent place to start to find local like-minded and experts in your niche.

  • https://kylemusser.co/ Kyle Musser

    Great post Pat!

    “Tell me and I forget, teach me and I may remember, involve me and I learn.” ― Benjamin Franklin

  • http://www.linkbrightmedia.com/ Nina Young

    Thanks for sharing the ‘Mastermind Structure’ document Jaime, I found this particularly interesting as I’m a member of a new mastermind group which is struggling to find a structure that benefits us all. I see your schedule allows just 20 mins in the Hot Seat and I’d be grateful if you could please share a couple of examples of ‘problems’ members share with the group in order to receive help. With just 20 mins in the Hot Seat I’m guessing the problems need to be condensed and presented as a summary. Some examples would really help – thanks.

    • eventualmillionaire

      We have done critiques of sales pages or websites. We have done brainstorming ideas – we have done figuring out new products or new directions in business etc. We tend to go a bit over that 20 minutes too by the way! :)

  • Lisa Noble

    Such great information! Thank you! I feel like I can actually start a mastermind of my own. Thanks!

  • Jooni

    Great Pat, thank you so much!! I’m having trouble downloading the worksheet though, it has another PDF with an error message in it.