Did you know that according to the national statistic 49% of new businesses will fail within the first 5 yrs? It gets worse. Inc magazine reports 96% of businesses fail within 10 years
Pretty shocking, isn’t it?
That’s why it’s so important, now more than ever, for both new and seasoned entrepreneurs to actively seek out wisdom with decisions you need to make every day in your business.
What do you think is the #1 contributor to this staggering 96% failure rate?
Inc defines it as “unprofitable blind spots” You don’t know what you don’t know because you’re too close to your business.
At the end of the day, success or failure of a business comes down to what the person at the top – you, the CEO – did or didn’t do.
In the same study, Inc found that the second biggest contributing factor to the 96% failure rate, was due to MISTAKES and MISSTEPS.
In other words … poor decisions.
”The stories we tell tomorrow will be the result of the decisions we make today.”
yooncannon
Now, we’ve all made good and bad decisions in our lives.
How many of you have given advice to others, maybe even to your kids and said something like …
“I wish I knew THEN what I know now” …
That’s called wisdom.
There’s a famous proverb in the bible says
“Walk with the wise and become wise. The companion of fools suffers harm.”
I love this imagery that we’re told to WALK with the wise. In other words, we do life together.
This isn’t like I just occasionally go and ask a wise person for advice. While that’s good to do WALKING with the wise is different in that we’re actually plugged in with a core group of like-minded entrepreneurs who consistently meet to support you lead you in the right direction.
So, while reading LEADERSHIP books is good, taking a SALES course is good, attending an industry conference is good, it’s just not enough to overcome the daily challenges in your business that pull you in so many different directions.
As the CEO in your own business, you’ve been gifted with your own unique superpower.
But, imagine how much faster your business could grow if you could tap into the collective force of 6-12 other superheroes in business?
That’s the power of belonging to a peer advisory mastermind group.
It’s like having a dozen real superheroes as your closest friends.
Let me explain:
- WHAT a peer advisory mastermind group is.
- WHAT to look for in a CEO peer mastermind group.
- HOW they work
- HOW much is the typical investment level
- WHY mastermind is the typical investment level
CHAPTER 1 - WHAT IS A CEO PEER ADVISORY MASTERMIND GROUP?
A mastermind group is a CONFIDENTIAL organization of 6 to 12 business owners from similar sized non-competing businesses. Meeting together at least once a month resolving the biggest challenges.
Napoleon Hill, author of Think and Grow Rich, first defined the mastermind as a…
”Coordination of knowledge and effort, in a spirit of harmony, between two or more people, for the attainment of a definite purpose.”
GAINING POTENTIAL THROUGH THE “MASTERMIND POTENTIAL
(excerpt from Chapter 10 in Think and Grow Rich)
”No individual may have great power without availing himself of the mastermind.”
yooncannon
In the preceding chapter, instructions were given for the creation of PLANS which translates DESIRE into its monetary equivalent.
With PERSISTENCE and intelligence, and the use of discrimination, the objective will have been half-way reached, even before you recognize it.
You may better understand the “intangible” potentialities of capability available to you through a properly chosen group. It will explain the two principle’s characteristics. Economic in nature and the other psychic. So the industrial feature is obvious.
So economic advantages may be created by anyone who surrounds himself with the advice, counsel, and personal cooperation of a group of men. Thus, willing to lend him wholehearted aid, in a spirit of PERFECT UNITY.
This form of cooperative alliance has been the basis of nearly every great fortune. With a high understanding of this, may determine your financial status.
Andrew Carnegieattributed his entire resources to the capacity he accumulated through this Mastermind.
Here is the summary of how Andrew Carnegie would open each of his mastermind group sessions:
“I RELEASE myself to the mastermind because I am strong when I have others to help me.
I BELIEVE the combined intelligence of the mastermind creates wisdom far beyond my own.
I UNDERSTAND that I will more easily create positive results in my life when I am open to looking at myself my problems and opportunities from another’s point of view.
I DECIDE to release my desire totally in trust to the mastermind and I am open to accepting new possibilities.
I FORGIVE myself for mistakes I have made I also forgive others who have hurt me in the past so I can move into the future with a clean slate.
I ASK the mastermind to hear what I really want my goals my dreams and my desires and I hear my mastermind partners supporting me in my fulfillment.
I ACCEPT. I know, relax and accept believing that the working power of the mastermind will respond to my every need.”
CHAPTER 2 - HOW CEO PEER ADVISORY MASTERMIND GROUPS WORK
Mastermind groups work by allowing us to gain insights about different situations that we normally don’t notice. Because of the experiences of other peers, they can solve problems in areas that one may not have expertise. In the hope of obtaining such insights, there are different types of mastermind groups a person can join.
I work with three different types of mastermind groups:
- 7 Figure CEO Group – these are businesses whose current sales volume is between 1M-10M a year. We have varied industries in order to provide a diverse set of perspectives, insights, and areas of expertise for each member to learn from.
- 6-Figure Entrepreneur Group – for those doing under 1M in sales. Industries represented range from health and wellness practices. Including small law firms, online entrepreneurs, coaches, consultants and more.
- Startup Group – My third group is made up of founders launching new Startups and business owners. Especially, those who are in the early stages of growing their businesses.
The success of working with the right mastermind group have the following factors:
- Shared values
- Similar goals
- Similar stages in the business
- Various industries / niches
- Diverse areas of core competencies
- Different perspectives (no stale ‘group think’ syndrome)
CHAPTER 3 - HOW MUCH IS A TYPICAL INVESTMENT LEVEL for CEO PEER ADVISORY MASTERMIND GROUPS?
Mastermind groups for entrepreneurs and CEO’s typical investment level range from $24,000 a year, all the way up to $100,000 per year. The type of mastermind group depends on the amount you are willing to invest.
An investment in a paid group like this offers a chance to be around other big-thinkers and success-oriented people. Like-minded individuals that have the same goals and aspirations as you. For the purpose of increased opportunities, problem-solving ideas and create new plans. So this could be also a good investment for yourself.
Members who enrolled in my mastermind group programs had previously enrolled in other popular groups like:
- Russell Brunson’s Inner Circle: with a $24,00 a year good investment
- Sales Authenticity and Success Mastermind: $24K, $60K, $100K per year
- Vistage 3-Hour Mastermind Group: $18,810 /yr with $2,250 enrollment fee.
* Every 14-16 months, each member hosts a meeting and is responsible for the food and meeting accommodations. If the group elects to meet for a retreat, there may be some additional costs.
CHAPTER 4 - WHAT TO LOOK FOR IN THE RIGHT CEO PEER ADVISORY MASTERMIND GROUP
As far as what to look for, here are three important factors in choosing a peer advisory mastermind group. It’s also how I structure my own:
1. FULL IMMERSION
– It’s hard to go deep if a group is only meeting a quick hour. The pursuit for organizations that unite every month for at least HALF day or FULL day sessions.
A typical agenda in this kind of groups I facilitate flow like this:
➢ Arrival, Coffee, CEO member to member conversations
➢ Opening comments, affiliate wins, & accountability updates
➢ Monthly Focus ~ Officer skill development discussion, exercises
➢ LUNCH
➢ Individual Spotlight – Core Challenge Presentation and Mastermind
➢ CEO Q-Storming Roundtable
➢ Member Rapid Fire Mastermind
➢ Personal 30-Day Action Plan Development
With the groups I run, each member takes turns giving a demonstration on their core business challenge along with questions they want to ask their peer group.
We hash it out together to brainstorm innovative ideas. In the end, you get to hear the stories of what worked as well as what didn’t perform well from your peers.
Sometimes I talk to a business owner who doubts whether they can take a full day away from their field every month. Consequently, that’s a tell-tale sign that they’re the ones who need it the most because isn’t that the whole idea of having your own career?
If you can’t take a day away monthly you’ve given yourself a JOB not a business CLICK TO TWEET
I say this 100% of the time to people who invest themselves in belonging to the right society. It is important to realize the breakthroughs they get from taking a day away may end up saving them from hundreds of hours going in the wrong direction.
2. ACCOUNTABILITY
– Writing out your to-do lists all you want, but you know from experience it doesn’t mean you’re going to follow through on what you know you should do.
That’s the double-edged sword of being your own boss. You’re not liable to anyone in your own field.
Nevertheless, when you’re in a peer association, you have the pressure of the group. They will encourage you and holds you accountable. It’s far easier to let yourself down, then to let others sink.
3. COACHING
– Many mastermind societies include 1-1 coaching in addition to the monthly sessions. However, a lot of crowds are led by someone who comes from a corporate background. So the reality of solving challenges that SMB’s go through is a completely different approach than how you’re able to solve them inside an Enterprise size company.
And for this reason, as a business owner, what you want to inspect for in your facilitators is someone who comes from a successful entrepreneur background.
Otherwise, it’s like training with a soccer coach who has never actually played the game of soccer.
In short, that’s essentially WHAT a Peer Advisory Mastermind Group is and what to search for…
But let me tell you…
Top 3 Reasons WHY Smart Entrepreneurs Join Peer Advisory Groups in the next chapter.
CHAPTER 5 - WHY JOIN A CEO PEER ADVISORY MASTERMIND GROUP?
These are the reasons why joining a mastermind group is beneficial.
#1. CAMARADERIE.
Let’s face it. It’s lonely at the top.
As the CEO you’ve got so many critical decisions to make, and yet if you can’t confide to your employees and certainly, can’t confide with your competitors.
Furthermore, joining a Peer Advisory group provides much-needed camaraderie with other entrepreneurs who are on a similar journey.
#2. CAPABILITY.
No matter what level you’re at. You are able of so much more.
In Steven Covey’s best selling book, 7 Habits of Highly Effective People:
Success habit #7 is the importance of sharpening the saw.
And according to the Bible Proverbs 27:17:
“As iron sharpens iron, so one person sharpens another.”
Hence, both of my sons played competitive soccer. I can’t help noticing when they are playing with a group of beginner players, they’re own performance tends to go flat.
But, it’s amazing and so exciting to see what they’re capable of when they’re on the field with a team of high-level players. It takes their game to a whole new level.
Above all, ask yourself … are you surrounding yourself with high-level entrepreneurs who are bringing out the best in you?
#3. COLLECTIVE WISDOM.
We learn so much from the collective wisdom of others.
Furthermore, with the groups I run, each member takes turns giving a presentation on their core business challenge and questions they want to ask their peer group.
Similarly, we hash it out together to brainstorm innovative ideas. And you get to hear the stories of what worked and what didn’t work from your peers.
It’s far cheaper to learn from the mistakes of others than from your own.CLICK TO TWEET
Acquiring wisdom shifts the way you approach your business.
For example one of my members shared the changes he experienced from being in our group.
● Before, he used to strive JUST to make more money.
● Now, he strives to make a bigger impact.
● He used to wear himself in the past out thinking terms of “DO’.
● Now, he freed himself up thinking in terms of “WHO”
● Previously, he used to fixate on the WHAT …and found himself dreading Mondays.
● Now, he fixates on the WHY and is re-energized about the business is again.
As a result, if you want to play a bigger game, then surround yourself with larger thinkers and make it a priority to find a CEO Peer advisory group.
And if you’d like to learn more about the groups I facilitate just go to https://paramountbusinesscoach.com/ceo-peer-advisory-mastermind-groups/
Closing Thoughts …
My very simple closing thoughts …
Growing a business is very rewarding, but it’s NOT easy. Every single entrepreneur and CEO will have difficult challenges you will face along the way.
But, wisdom says …
Remember the wise African proverb that says:
If you want to go fast, go alone. If you want to go far, go together.
QUESTION:
If you have other questions, I’m ready to help!
