This is Part 2 of a five-part series on the Power of the Mastermind. If you have not yet read Part 1, you can begin the series here.
The power of the mastermind comes in many forms. In Part 1 of this series, we talked about focus. Focus involves getting outside of your business long enough to stop working in it and start working on it. The second thing that comes to mind when I think about the power of the mastermind is “Ideas and Warnings,” or what I like to call Hindsight in Advance.
Eureka Moments Show the Power of the Mastermind
I have never been to a mastermind where I have not heard this statement: “Every mastermind I go to, I get a million-dollar idea.” I have personally found this to be true as well. In fact, many times I get so many ideas I have to give myself a “Top 3” list just so I do not get distracted by too many shiny objects. For example, at a mastermind in 2017, I learned about vacation rentals and renter arbitrage. This quickly turned into a side business for me and my wife with revenue of over $500,000 after just 2-3 years and only 11 houses. To top it all off, my wife and I do this on the side, thanks to the advice and insight gained from other masterminds and our own experiences, which prevented us from dropping another business to make room for this one.
Instead of making $250 a month as we do on our rentals, we make about $1,000 a month, net, per-unit, and all because of a mastermind. That is an example of how an idea can bear fruit after you have left a mastermind meeting and taken it home to grow.
Hindsight in Advance: Warnings When It Counts
The other thing that comes to mind when I think about the real power and benefit of a good mastermind is “warnings”. I have been at a mastermind where I was told not to go down a path. I was told not to buy a package of homes that initially looked like a good deal after a wiser person than I looked at it and showed me why it was not such a good deal. Needless to say, I did not buy the package and the person that did found out very quickly why it was not a good deal.
It is from a mastermind that I learned that tried-and-true axiom, “Some of the best deals are the ones you don’t do.” In a mastermind, your community dreams up new businesses and sets new goals, but the members are also able to reap the invaluable benefit of experienced, detailed, evidence-driven warnings from investors who do this stuff better and have done it longer. That hindsight in advance of making a mistake will enable you to make the best decisions for your business while leaving the bad decisions in the dust, unmade.
Please leave us your comments and let us know how masterminds have helped you with million-dollar ideas or warnings that have helped you more than you could have imagined. I would love to hear from you. Don’t forget to tell a friend about the mastermind concept. Your friend will be forever grateful.
I encourage you to find the right mastermind for you. It is an investment of Time, Talent, and Money, but once you make the investment your life and business will never be the same again! For Information about the Good Success mastermind and to see if you may be a good fit for the nation’s elite, purpose-driven business mastermind, go to GoodSuccess.com/mastermind.