This became famous in the 1920s with Firestone, Edison, and Ford because they were in a mastermind group together. They all had houses in Florida and would bounce ideas off each other. In that context, it’s great! They were peers!
The problem with most mastermind groups is there is one dynamic person/legend bringing in 100 people and fleecing them for money.
Masterminds need to be peer-to-peer and small groups.
I had a young man stay at our guest house one time and he told me he had spent almost $2M on mastermind groups! That’s money he could have put into his company. These are big name groups which I’m not going to mention but we all know them.
So I asked him what specifically have you learned from these groups?
He told me they would teach “mindset” and stuff….
I’m all for learning “mindset” but you don’t need to pay that kind of money to get motivated!
Masterminds Should Be Peer-to-peer Small Groups
If I ever created a mastermind, I would niche it down into very small groups of similar peers. That way, you have seven other groups members to run your ideas through to be improved. Iron sharpens iron!
You Don’t Have to Pay for One!
I had a mastermind group with my softball team. After the game on Monday nights we’d go out afterward and discuss our businesses and ideas like where to expand business to, choosing business locations, etc. I started the softball team but I didn’t have to pay to be in a “mastermind”.
I had another one that were my poker buddies. They were all business owners and I simply created a poker game of entrepreneurs. It didn’t cost me anything.
I also have enough business partners right now that I have a mastermind group at my own office!
Then there is my college buddies. We have a Zoom call once a month to bounce ideas off each other because they’re super smart guys.
That’s three or four mastermind groups I’m a part of that I didn’t have to pay to get in!
If you have the money, you should be putting it in your business. Otherwise, you should spend money on coaching and/or consulting. I have a New York Times Best-selling Author as a coach. I pay him for every phone call.
I don’t need a mastermind to tell me if I should franchise a business, I’d rather find someone who’s done it and pay them directly for their time and input.
These larger teaching groups are only OKAY if they pass the following requirements:
- It doesn’t require more than 10% of your income
- It passes the “One plus one equals DONE” formula