A mastermind group is a group of people who meet regularly to help each other achieve their goals. The concept was first introduced by Napoleon Hill in his book Think And Grow Rich. Hill believed that by coming together, people could pool their resources and knowledge to achieve more than they could on their own. Hill took the inspiration from Andrew Carnegie, the steel magnate who gave his mastermind group much of the credit for helping him build his billion-dollar fortune. Mastermind groups typically consist a dozen people who share similar goals and interests. The group meets regularly, usually once a month, to discuss their progress and challenges. They also provide each other with support and encouragement. Mastermind groups can be a valuable resource for people who are looking to achieve their goals. By working together, members can tap into each other’s knowledge and experience, and they can hold each other accountable for their progress.
It seems that there has been an explosion in private Facebook groups and other private physician groups positioned as ‘masterminds.’ Some of these charge a recurring monthly fee and seem to be the main side-gig for their founders. I am a member of one that has >700 members and charges a recurring monthly fee (this likely equates to over $1.25 million a year for the founder of the group). Honestly I’m still not convinced whether being a member of this group is truly useful for me. It seems to be full of physician who host podcasts, provide life coaching services, those who create and sell courses and some with private practices – none of which I currently have any interest in pursuing. The result is that the majority of live sessions and discussions that take place aren’t relevant to me. Additionally, I believe that the networking benefits can be easily replicated from free Facebook physician groups or from LinkedIn. Finally, some of the sessions with ‘experts’ like lawyers, advisors or founders of companies share information can be easily found in free YouTube talks.
Whether or not you should join a physician mastermind group depends on your individual needs and goals. If you are looking for a way to:
- Gain support and motivation from other physicians
- Learn from the experiences of others
- Get feedback on your ideas
- Brainstorm new solutions to problems
- Network with other physicians
Then a physician mastermind group could be a great option for you.
Here are some of the benefits of joining a physician mastermind group:
- Support and motivation: When you are surrounded by other physicians who are facing similar challenges, it can be a great source of support and motivation. You can share your successes and failures, and learn from each other’s experiences.
- Learning: One of the best things about a physician mastermind group is the opportunity to learn from the experiences of others. You can get feedback on your ideas, and learn about new solutions to problems.
- Feedback: A physician mastermind group can also be a great way to get feedback on your ideas. You can share your plans with the group, and get honest feedback from people who know what you are going through.
- Brainstorming: A physician mastermind group can also be a great place to brainstorm new ideas. You can share your thoughts with the group, and come up with new solutions to problems.
- Networking: A physician mastermind group is also a great way to network with other physicians. You can meet new people, and learn about new opportunities.
If you are interested in joining a physician mastermind group, there are a few things you should keep in mind:
- Find a group that is a good fit for you: There are many different types of physician mastermind groups, so it is important to find one that is a good fit for you. Consider the size of the group, the frequency of meetings, and the topics that will be discussed.
- Be prepared to contribute: A physician mastermind group is not a one-way street. You should be prepared to contribute to the group by sharing your own experiences and expertise.
- Be respectful: Remember that the other members of the group are your peers. Be respectful of their time and their ideas.
If you are willing to put in the effort, a physician mastermind group can be a valuable asset to your career.
There are a few downsides to mastermind groups that you should be aware of before joining one.
- Time commitment: Mastermind groups can be a significant time commitment. Meetings typically last for several hours, and you may also be expected to participate in between-meeting activities, such as reading assigned materials or completing exercises. With burnout already rampant in our clinical lives, sometimes I question whether adding another thing to my plate is worth it.
- Cost: Mastermind groups can be expensive. Some groups charge a monthly or annual fee, while others require you to purchase a book, course, attend an annual meeting or pay for other materials.
- Incompatibility: Not all mastermind groups are created equal. It’s important to find a group that is a good fit for your personality and goals. If you don’t feel comfortable with the other members of the group, or if you don’t feel like you’re getting anything out of the meetings, it may be time to find a different group.
- Distractions: Mastermind groups can be a great way to get motivated and stay on track, but they can also be a distraction. If you’re not careful, you can easily get sidetracked by the conversations of other members, or by the activities that are planned for between-meetings. You can end up in an endless cycle of scrolling through your feed and commenting on each and every post from other members.
If you’re considering joining a mastermind group, it’s important to weigh the pros and cons carefully. If you think the benefits outweigh the risks, then a mastermind group could be a great way to take your career to the next level.
Andwise is building a platform to empower physicians without any sales funnels – providing 100% free education and a private community. Physicians can join here.
Varun Verma M.D. is a board-certified internal medicine physician, entrepreneur, patient advocate and author. He is the co-founder of Andwise – a platform designed to empower physicians with the financial knowledge and resources they need to make smart non-clinical life decisions.