Entrepreneurs who failed to lead a mastermind were making “at least” a six-figure mistake, a millionaire businessman warned yesterday.
Canadian based best-selling author and creator of Mastermind to Millions, Jay Fiset, said the small-group collaboration model could even benefit business owners in the startup phase.
Speaking exclusively to MindShift.Money, Mr. Fiset, who this week leads his signature training in Phoenix, Arizona, said masterminds gave businesses leverage.
“If you do not have a mastermind as part of the model by which you share your intellectual property, training, expertise and community—it’s at least a six-figure mistake,” he said.
“I’m also a fervent believe that the most powerful position is to actually bookend it, because I think all of us should be in a mastermind that sharpens our leading, learning and edge and all of us should lead one.
“And if you do both those things, both of those pieces I think it actually makes a million dollar difference in most people’s lives.”
Mr. Fiset said entrepreneurs wanting to start a mastermind could either leverage their own expertise and talents or collaborate with others to create a powerful sphere of influence.
He said influence—which could be gained through community, engagement and reciprocity—often trumped results, experience and expertise.
“You can launch a fantastic mastermind borrowing people’s expertise and influence as anchor members,” the father-of-two said.
“If I was to do a mastermind that related to money for instance, I don’t need to be a money expert, I can bring in (MindShift.Money founder) Dr. Tony Pennells.
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“I can simply create that collaboration and that community and that ecosystem by borrowing the network, wisdom, resources and experiences of the members that I put in that group.”
However, business owners opting for collaboration to start such programs needed to focus on relationship building and intimacy before harnessing influence.
Mr. Fiset also said the most common mistake when starting masterminds was “rushing the sale” when instead applicants should be screened thoroughly via an application process.
Candidates also needed to be hyper-targeted and matched to ensure the selected group was dynamic, “played well together” and could contribute at the highest value.
“Don’t move too quickly,” said Mr. Fiset, who uses his event—Wine, Conversation and Cash—to interview and screen applicants. “What I see happening sometimes is, ‘I’ve got three more seats in my mastermind, I just need to sell them.”
“And that is the kiss of death for a mastermind. Vet properly, say ‘no’ when ‘no’ is appropriate – them having room on their credit card doesn’t qualify them.”
Masterminds could work for any industry with Mr. Fiset having run programs for churches, online marketers, entrepreneurs, dentist offices, car dealership and stay-at-home moms.
While he said those thinking masterminds were “too much work” or took up “too much time” should think again.
“Either you get it or you don’t,” Mr. Fiset said. “And if the story is, ‘you’re too busy,’ that’s also the bullshit story you’ll also use to get in the way of any other circumstance or any other opportunity.
“And you will either continue with that story or you will face it and do something at a higher value.”
Mastermind sizes could vary with the perfect number sitting at nine to 10 members, however entrepreneurs could start with as few as five participants.
“Never go to a networking event again,” Mr. Fiset said.
“Create your own hyper-targeted people (because) the truth is you will get further with 8-12 people that you select than if you were in a room of 350 people all waiting for their turn to sell their shit.
“It’s ridiculous. And if we get strategic about this, the worst ‘wine, conversation and cash’ evening I’ve ever done created $60,000 in sales.
“That’s the worst one and I’ve had significantly better—I don’t even tell the top end because people don’t believe it.”
To learn more about running masterminds download Mr. Fiset’s free, 52-page Mastermind Mentor’s Manual at mastermindtomillions.com.
His three-day live event, Mastermind to Millions, will also be held September 15-17 in Phoenix, Arizona, with more details at mastermindstomillionslive.com.
This is a sponsored post on MindShift.money partner Jay Fiset.