The Power of Business Masterminds: A Personal Insight

Welcome back to my blog, everyone. Today, I'm diving into the realm of business masterminds, shedding light on my experiences and whether I truly believe they are worth your time and investment. So, let’s get started!

Consecutive day 1560, and here we are, discussing an often-debated topic in the world of entrepreneurship. For those of you who aren't familiar, my mission is to save the lives of children by attempting the ultimate ultramarathon of run vlogging on consecutive days, spanning the distance of a lap around the world—all barefoot. It's a tall task, but with your support—subscribing, sharing, liking, and commenting—we can make a significant impact.

Now, back to business masterminds. Over the years, I've participated in several of these, and the results have been mixed. Some sessions have been game-changers, while others felt like a complete waste of time. And that’s the crux of the matter: figuring out which mastermind sessions will be beneficial and which won't.

In entrepreneurship, multiple heads are often better than one when it comes to generating ideas and discussing best practices. This is where business masterminds can shine. During my days as a coach for micro-business owners, we organized weekly masterminds aimed at systemizing, outsourcing, and delegating workloads. However, I found that holding these meetings weekly was sometimes too frequent. While some meetings provided invaluable nuggets, others did not add much value.

Masterminds require a delicate balance. As business owners, we have endless to-do lists, and learning to prioritize is a key skill. Deciphering which events will provide value versus those that may squander our time is essential. Today, for example, I'm attending a four-hour in-person mastermind in London. The participants are individuals I met at Daniel Priestley's "Key Person of Influence" event. These are people I feel comfortable sharing information with, and I expect the same transparency from them. The hope is that our similar stages in business will facilitate mutually beneficial discussions.

One of the major pitfalls of masterminds is the difference in business levels among participants. A stark contrast in business maturity can make the sessions less effective. For example, someone just starting out might not gain much from a session dominated by a business turning over £100 million annually, and vice versa.

Another critical aspect is having a structured agenda. Small talk can easily dominate the session, making it less productive. I’ve set aside an hour using AI tools to create a solid plan of attack for today's meeting. An effective mastermind should have deep business discussions focusing on overcoming existing bottlenecks and propelling each member to the next level.

The cost factor is another consideration. For me, today's session involves travel to London, parking fees, room hire, and dinner expenses—totaling around £150. While this may seem significant, you hope for a return on that investment through valuable insights and actionable advice.

From my journey, here are some key takeaways:

1. Quality of Participants: Ensure the caliber of the participants matches your level. This facilitates effective information sharing and problem-solving.

2. Structured Agenda: An agenda helps keep the meeting focused. Identify the significant bottlenecks in your business and seek support on how to overcome them. Prioritizing issues is crucial—focus on what's going to move the needle the most.

3. In-Person vs Online: While in-person meetings often foster better relationships, online meetings can be more accessible. Choose the format that best fits your circumstances.

I'll provide feedback on today's session in my next blog post. I hope this discussion is useful, and as always, if you have questions or comments, drop me a line.

Remember, if you believe in my mission of saving children's lives through run vlogging, do subscribe, share, like, and comment. The more people we reach, the more funds we raise, and the more lives we save.

Stay positive, stay happy, and I'll see you again tomorrow.

Kevin Brittain