Mastermind groups, crafted to propel entrepreneurs towards their significant business and personal goals, necessitate careful evaluation. Before delving into the selection process, aspiring members should articulate their objectives and be discerning about the potential value each group’s members can contribute to their individual success. As a driven entrepreneur, the pursuit of excellence drives you to seek continuous learning and innovative ideas, making a mastermind group, composed of like-minded and ambitious peers, an attractive avenue for personal and professional growth. However, given the multitude of options available, choosing the right group is paramount, as not all are created equal. That means choosing the right mastermind group for you and your needs is a crucial step.

A mastermind refresher

The concept of a “mastermind” is commonly attributed to Napoleon Hill, who defined it as a developed mind through the cooperative efforts of individuals working towards a common goal. In contemporary business settings, mastermind groups, also known as CEO groups are designed to support entrepreneurs in achieving enduring success in both their professional and personal endeavors. These groups have evolved into structured entities managed by an executive director with participants paying membership fees. The executive director’s role is pivotal, often influencing the group’s dynamics, while the commitment of paying fees formalizes the collective dedication to growth and achievement.

The value of mastermind groups

Mastermind groups offer a conducive environment for entrepreneurs to leverage the accumulated experience of diverse members, including peers from various industries and group leaders. Within these forums, members can test ideas, refine strategies, build profitable relationships, and engage in reciprocal value exchanges. The transformative impact of mastermind groups is underscored by the survey results from AES Nation, revealing that around 98% of entrepreneur members find the experience ranging from valuable to extremely valuable.[1] This collective learning accelerates the path to success for entrepreneurs involved in these dynamic and collaborative communities.

Selecting a mastermind or CEO group

To derive significant value from a mastermind or CEO group, a thoughtful selection process is imperative and involves three key steps.

1. Focus first on yourself.

Achieving clarity on your motives and expectations is paramount before joining a mastermind group. Reflect on questions such as your overarching goals, broad expectations from the group, specific needs you seek fulfillment for, and the key benefits you prioritize. Additionally, consider what contributions you can offer to bring value to other group members and assess your comfort level with those contributions. This self-awareness aids in identifying the compatibility between your objectives and a particular mastermind group.

2. Understand the mastermind group.

Now you need to consider which of the many mastermind/CEO groups are most likely to help you achieve your personal and professional goals. Today, there is a plethora to choose from, with more forming all the time. You will likely be able to come up with a substantial list of candidates by talking with other business owners and doing some online research.

With candidates in hand, you will need to shrink the list down to high-potential groups. There are several questions to focus on when vetting specific mastermind groups, including:

• What is the mission of the mastermind group? Different mastermind groups usually

have their own distinct characteristics. By putting together the goals and objectives of the group as well as its orientation and methodology, you have the mission of the group. You should have a solid grasp of what a particular group is aiming to accomplish—and how it could be useful to you.

Who is the executive director, and what are his or her qualifications? The executive director organizes and facilitates the group, as noted above, and is typically instrumental in its success. Knowing who this person is, including his or her background and qualifications to run the group, is very useful when selecting a group. Consider the executive director’s track record of success in supporting driven entrepreneurs.

Who are the members of the mastermind or CEO group? From providing potential business opportunities to giving sage advice and guidance, the quality of the members is key. You want to know the attributes and track records of the entrepreneurs involved in any group.

How much is it going to cost? Think in terms of the total expense. This includes hard costs, such as the fees for attending, travel and lodging expenses, and ancillary fees. It also entails soft costs such as opportunity costs and the time and effort you will put in for the meetings and to help other members.

Tip: Talk with some current members of a mastermind group you’re evaluating. By learning what the participants see as the most and least valuable aspects of the group, you may get a clearer sense of how the group really functions and delivers value.

3. Make your selection.

Take your criteria for success and match them to what the different elite mastermind or CEO groups say they deliver, along with your sense of their ability to really deliver. Then match what each group will take from you in terms of effort, time, and cost with what will make being a member extremely worthwhile. Finally, as the final step, ascertain what would make joining a particular elite mastermind or CEO group not just a success but an over-the-top success.

Value from commitment

Mastermind groups can potentially add tremendous value to your business, your personal wealth, and your overall life. But they also require a real commitment from you. Make sure any group you ultimately choose to join is one that can deliver the results you most want and need—and one to which you can bring insights and connections that benefit other members, too.

ACKNOWLEDGMENT: This article was published by the VFO Inner Circle, a global financial concierge group working with affluent individuals and families and is distributed with its permission. Copyright 2022 by AES Nation, LLC.

This report is intended to be used for educational purposes only and does not constitute a solicitation to purchase any security or advisory services. Past performance is no guarantee of future results. An investment in any security involves significant risks and any investment may lose value. Refer to all risk disclosures related to each security product carefully before investing. Homer Smith is an investment advisor representative of Konvergent Wealth Partners. Konvergent Wealth Partners and Homer Smith are not affiliated with AES Nation, LLC. AES Nation, LLC is the creator and publisher of the VFO Inner Circle Flash Report. Investment advice offered through Integrated Partners, doing business as Konvergent Wealth Partners, a registered investment advisor. Integrated Partners does not provide legal/tax/mortgage advice or services. Please consult your legal/tax advisor regarding your specific situation.

[1] Source: Russ Alan Prince, John J. Bowen Jr. and JT McCormick, Reaching for the Stars, AES Nation, 2019.