Hey guys. Stuart Trier here from SEO Cheat Guides. Today I want to talk to you about the power of masterminds for entrepreneurs. I’m down here in Vegas this weekend for a mastermind and really it’s one of those things that I was explaining to my wife before I went and some of the benefits. She’s not an entrepreneur so she was wondering what exactly happens at these masterminds. I kind of went through it and explained it for her and I figured it’s something that a lot of people can benefit from it terms of understanding how important and how to benefit from masterminds to really leverage up and scale up your business.
I have a couple of stories that I’ll share with you in terms of things that have really impacted my life in terms of being part of a mastermind. I’ve been doing masterminds now for probably 15 years. When I first started out in business, I was 23 years old. Our business was doing well. We were at the end of our first year. We were probably at around 1.2 million at the end of our first year, going into our second year, and we needed to get a bank loan. My business partners was 22 and I was 23 and really, we weren’t getting any traction. We’d go to the bank. We’d ask for a loan and basically we were blown off.
I had joined this mastermind group with a young entrepreneurs organization. I was in a group of seven other business owners most of which were 10, 15 years older than I was at that time. One of the benefits I got from the group was I presented this problem to them and I was able to leverage or crowdsource their experience in terms of solving this problem. This problem wasn’t unique. I mean every business tries to get financing and there are things that make it easy and there are things that make it hard.
I remember presenting this to the group and I was somewhat nervous. Everyone was older than I was. I was definitely the youngest and probably the least successful person in the room. I explained this was our issue and we weren’t having any benefits. I literally did a 20 minute presentation and I collected some feedback. Everybody went around and did some experience sharing. This one guy, RJ, walked through really how I was going to be able to solve this problem. He gave me a detailed kind of outline of what I needed to do in order to set up the financing. I left that meeting. Seven days later we met with three banks and we were in a situation where we had a line of credit for $350,000. The difference there was understanding that he had the solution that I needed and I was able to tap into the group collectively to benefit from that experience. That’s one of the things masterminds really allow you to get.
I’m down in Vegas, as I said, and I’m here with a bunch of entrepreneurs, mostly in the marketing space. Really, we’re here to get together and share experiences, certainly come to the group. Everybody is going to be presenting something and everybody is kind of in a business. No matter where you are in business, there’s some challenge that’s preventing you from getting to that next level that needs to be overcome. If you can articulate that challenge in a group like this, you get to benefit from the diverse range of experience or unique abilities that the group has. Not everybody has the same outlook or the same way of thinking and it’s great to be able to tap into a group of seven or eight