After learning about the importance of Master Mind peer accountability groups from last week’s post, we wanted to hear from WEV clients about their experiences Master Minding. Keep reading to understand how Master Minds can help business owners’ day to day mentality and get tips on how to make your Master Mind group a success.
1. How has your involvement with your Master Mind group held you accountable in your business?
There are some days where I get up early and put in an extra hour or two to just meet the goals I set for myself, knowing that I’ll have to make a report at my Master Mind meeting that day! So my Master Mind group helps me set my goals, but also spurs me to meet them.
–Kathy Wertheim, Werth-It
My Mastermind keeps me focused on the important things – the things that move my business forward. It helps me work ON my business, not IN my business.
—Emily Barany, Emily Barany
I am not continuing on to create a business, but I am going through big life changes and deadlines by applying to grad school. My Master Mind group has helped me to divide my actions and accomplishments into segments of time. I think of my to-do list in 2 week segments because we are meeting every two weeks. Having this group in place lets allows me to pretend that I am answering to a “boss” outside of myself.
–Mikel Brown, SET 2014 Graduate
2. What is the greatest benefit you have experienced from being a part of a Master Mind group?
While Master Mind is NOT a networking group, I made $29,000 in 2014 just from referrals from fellow Master Mind members. That’s not a bad result from a one-hour weekly meeting. But really, my biggest result is having other business owners help me set goals and keeping me accountable to my goals.
– Kathy Wertheim
The greatest benefit from my Master Mind group is my peers’ support and diverse advice. I can, in an hour, receive thoughtful, personalized advice from 5 people.
I get to watch and appreciate the learning and evolution of each of my Master Mind group members. When they come to insightful conclusions and share them with the group, I am inspired. I also enjoy having the external accountability in place, especially because I don’t answer to anyone above me for my goals.
3. What advice would you give to someone wanting to form a Master Mind group?
My Master Mind meetings start on time and end on time. This really helps people, as they know they can schedule meetings around it and count on us to be on time. We don’t spend very much time chit-chatting about our lives, so people know that it will be a very focused and productive meeting. By having a clean agenda, people know they can count on having time to talk about issues but also know that they have to report on their goals. My weekly meeting covers five things:
1. We open with a statement of our purpose.
2. Quick report of the past week’s goals: what got done, what didn’t.
3. There’s a long section where we ask for help with issues and sometimes talk about what’s stopping us from meeting a weekly goal.
4. We create the goals for ourselves for the following week.
5. We close with a thought for the day.
Finally, I suggest setting yearly goals and reporting on them each quarter, so people know if they’re meeting their annual resolutions.
– Kathy Wertheim
Have diversity in your Master Mind group, such as different business types (retail, service, etc.), structures (sole proprietor, incorporated), and sizes (with/without employees).
Be open to constructive criticism and to new viewpoints on how you can approach things you are going through. Don’t be afraid to use and/or receive a little tough love to get jolted back onto your path.
– Mikel Brown
If you are looking for extra support from fellow entrepreneurs, come to WEV Connects! You will connect with the WEV community, enjoy a business owner panel on The Psychology of the Solopreneur, and it will be a great opportunity to find people to Master Mind with in the future. WEV Connects will be held in Santa Barbara on March 26th and in Ventura on April 9th. This event is FREE and open to the public! RSVPs are encouraged, but not required.