AskPat 92 Episode Transcript
Pat Flynn: Hey, what's up everybody? This is Pat Flynn and welcome to Episode 92 of AskPat. Super stoked that you're here with me today, because I'm helping you by answering your online business questions five days a week.
We have a question today from Roy about mastermind groups. And speaking of mastermind groups, I have a great resource for you. Actually two resources for you to help introduce you to the concept of mastermind groups, to get into detail about how to form one, how to find one, how to make the best of it. If you go to AskPat.com/mastermind, that'll take you to an article that was written a couple of years ago, but still very relevant about mastermind groups and then also a podcast episode which is Number 98. So you go to AskPat.com/session98, that'll redirect you to one of my podcast episodes that is all about mastermind groups with guest Jaime Tardy from EventualMillionaire.com.
Now let's get to today's question from Roy.
Roy: Hi Pat, this is Roy, longtime listener, and I heard recently something about a mastermind group. I'd like more information on that. Maybe you could post something? And then also comments or suggestions on how to get the most out of a mastermind group, and how to contribute the most to a mastermind group. Thanks for all you do! Bye.
Pat Flynn: Hi Roy, what's up? Thank you so much for your question. And this is a very important topic because mastermind groups are incredibly important for the success of a lot of people. If you talk to Jaime Tardy who's interviewed over a hundred millionaires, I think it may be even a couple hundred millionaires, a very common element between people who are millionaires and very successful people are that they are in some sort of accountability group or a mastermind group, where people are just pushing each other and setting goals with other people to help them get to the next level. That's really what a mastermind group is all about. And Roy, I mentioned a couple of resources in the beginning of the show; I'm going to mention them one more time so any of you out there who wants to get introduced on what they are and how they work and the details and the finer details of exactly how to do it, you can go to AskPat.com/mastermind or AskPat.com/session98.
But just really quick for those who don't know what they are: You basically meet continually in a very regular frequency over time with another group of people who all have the same mindset as you. They don't have to be in the same niche, they don't have to be at the same level as you, although somewhere in and around the same level as you is always good so there's not one person sort of leaving everyone behind or some person that is just dragging everyone down. You kind of all want to be at a similar level so that you can all sort of speak the same language and sort of contribute the same as well. And then so, for example, the structure of the ones I'm in, I meet weekly and they're all virtual actually, but you can do them in person. I've done in person ones before but for the sake of convenience and because the people I know are online, we all do these mastermind groups online. And we meet each week and we're either on FreeConferenceCall.com or Skype or GoToMeeting or Google Hangouts. And one person each week is in the hot seat. And that person has about forty minutes to talk about anything in their business that they need help with, that they're struggling with, that they're doing and they want an opinion on, anything. And the rest of the group has to contribute and will contribute and be completely honest to help that person. And then the next week, another person is in the hot seat and everyone contributes in the same way. But we start that meeting talking about what we've done and what we've accomplished and our big wins from the week prior so that we can get each other fired up. Then we have that hot seat and at the end we talk about the goals that we want to accomplish by next week. And that kind of goes—and I can't tell you how important they are to me because without the mastermind groups that I am a part of, I would not be where I'm at today. I can tell you that for sure. I know that.
Now, how do you get the most out of your mastermind groups? Well, I'll tell you, I'm in three different ones right now so I know a lot about this topic. And there are some where I know—not the ones I'm in now, the ones I'm in now are great—but I've been a part of many in the past where you can tell there's some people who really aren't into it or they're not contributing as much. Or maybe they're presenting themselves in a way that just isn't helpful for everybody else. I mean, that's the purpose of the mastermind group, is to be there collectively to help each other. And so I'm going to give you six tips to help you contribute to the mastermind groups that you're in.
And the first one, and this sounds very obvious, this is going to sound completely obvious but I'll tell you it's difficult to do when you're spending an hour and you're completely focused on trying to help someone else. And the first thing you want to do is just listen. You know, because when you're on a conference call especially if you're not there in person, it's really easy to tune out to maybe check Facebook or check email while you're listening to somebody else present. No: Give them the attention that they deserve, because when you are in the hot seat, you don't want people distracted on Facebook or Twitter, on email. So the first thing you need to do is listen and pay attention. And that's just the form of respect. These are people that you care about, these are people who are your friends. You'd want to be treated the same way as well. So just make sure you listen to what's going on and really try to focus on the issues and the problems and the pains that the people who are in the hot seat are having so you can contribute and help them succeed because you know they're going to help you succeed as well.
That goes along with the second one which is caring. That is sort of what I just said earlier. Somebody who cares is also very honest. It can be really easy just to make things fluffy for people and always tell people, “Oh you're doing a great job.” But you can hold people back from succeeding by just telling them that all the time. You want to be completely honest. And that's the point of a good mastermind group, is everybody's completely honest with each other, because if you're honest with each other you know what's going on so you can make changes and adjust so that we can all succeed. So when it's your turn, you'd want the same attention and care and honesty from other people as well. And you'd have to sort of agree that yes, there might be times where it might sound kind of harsh and to understand that that's not because you don't like the other person or you just aren't happy with them. No, it's because you want to help them. And if there's a general understanding between the entire group, and if you come into a group and you're new, you can just say that. I think people will appreciate that even more. I've been told many things that I've been doing wrong in the past by people in my mastermind group and I appreciate it so much. Because if I wasn't told those things bluntly and upfront, I perhaps would've spent a lot of time and money going down a path that I shouldn't have gone down.
Now a third tip that I want to give you is make sure you hold other people accountable for what they say they're going to do. Now that doesn't mean you have to run a boot camp and tell people to do pushups if they don't do something. But just simply being there to remind them and to hold them accountable, and if they don't do something that they say they're going to do, to be there and say, “Hey, what happened?” Because that will make the other person know that there are other people watching, other people who are counting on that person to keep going and keep doing stuff. So hold other people accountable, and push a little bit. Push and try to help people out. Again, we're all there to help each other and also welcome that push and welcome that accountability from others as well.
It's really easy to get annoyed sometimes from people in these mastermind groups, especially if they're trying to help you and they're really into trying to help you. It can get a little condescending at times. You just have to again remember that it is for the purpose of helping you. And if they're doing it in a way that you're not comfortable with, again you want to be honest with them and say, “Hey that's not helping me. Maybe if you're trying to help, this is how you should do it instead.” So for everybody, it's different, but just keep that in mind. Again, always an open floor so you always want to make sure that everybody can say anything and not be afraid of that.
Fourth thing for you—not you Roy, but for everybody out there listening—if you want to contribute to your mastermind group, stay on task. Get your stuff done with your goals, with your deadlines, and any contributions. Make sure you stay on task. Not just on that call and making sure that whenever a thought comes in your head and you think it's helpful, to speak up . . . That's another thing, speak up, because it's really easy just to listen to everybody talking. But if you have something to contribute, make sure . . . I'm taking notes during my mastermind groups. There'll be more than six tips here because I'll think of new ones along the way, in addition to this outline that I've created. But that's another one; I take notes because sometimes the group talks and they move, and I want to go back to something that we talked about in the past and my notes will help me remember what I want to say. Now going back to the one I just said, make sure you stay on task, because if you don't, you're going to drag everybody down. But when you do succeed, when you do reach your goals, when you do push forward and keep getting to the next level, that's only going to bring everybody else there with you.
Now the fifth thing, and that sort of goes along the same lines, but it's to inspire. You're there not just as someone to be honest, not just as a friend, but there as an inspiration. So that kind of goes along with the last one I just said. But do your work, do it well, and by doing so you're going to inspire people. And a lot of times, it's really interesting in these groups, a lot of times, it's not strategic in the suggestions. A lot of times it has to do with the mindset. And I get a lot of inspiration from people who are in the mastermind groups with me. And it's not about strategies, it's not about tactics. It's about huge big fat goals; it's about what's blocking me from moving forward. It's about these fears that I have and all these other things. And you want to be there to help people get though that.
Now the last thing I want to say is just share what's working for you. Even outside of the actual call, share what's working. If you're in a Facebook group with this private group that you have or maybe you have all each other on an email thread, if something awesome happened and it's working for you, share it. It's going to be your contribution to the group, something that you discovered that everyone else is going to benefit from. And that's going to help other people know that, “Hey, when something cool happens to me, I'm going to share it too.” So those are my six tips for you Roy, and probably more than that in there.
But Roy, I hope that answers your question. For everybody out there, I hope you listen to this and really put these things into action because it can really come back your way. Again, my motto is, “The more you give, the more you get back.” And this is just one way within the mastermind group to do that.
So thank you so much Roy. An AskPat teeshirt is going to be headed your way. I want to reiterate those resources I shared with you earlier. That's AskPat.com/mastermind, then also AskPat.com/session89.
Lastly, as always, I'm going to end with a quote. And this quote comes from Richard Branson. And he says, “A business has to be involving. It has to be fun, and it has to exercise your creative instincts.” I hope you guys are having fun with what you're doing. Take care, I'll see you in the next episode.
Check out my guide to starting and running a mastermind.