Jaime Masters on Creating a Mastermind: An EOFire Classic from 2021

0:01Boom! Shake the room, Fire Nation. JLD here and welcome to Entrepreneurs on Fire. Brought to you by the HubSpot. podcast network, the audio destination for business professionals with great shows like Marketing Made Simple. Today, we're pulling a classic EO Fire episode from the archives, and we'll be breaking down how to create a mastermind. To drop these value bombs, I brought Jamie Masters into EO Fire Studios. Jamie is a business coach, author, and professional speaker who has hosted one-on-one interviews with over 450 millionaires and billionaires. She made her exit from her corporate world after finding herself$70 ,000 in debt and realizing she hated her job.

0:41And today at Fire Nation, we'll talk about growing older. It's challenging to make friends, but inviting someone to a mastermind is a great business tactic to make friends. The significance of creating a mastermind is the deep level of connection and vulnerability that you get from a crazy and bumpy entrepreneurial journey. And so many more golden nuggets, Fire Nation, as soon as we get back from thanking our sponsors. The Gold Digger Podcast, hosted by my good friend, Jenna Kuchar, is brought to you by the HubSpot Podcast Network, the audio destination for business professionals. The Gold Digger Podcast helps you discover your dream career with productivity tips, social strategies, business hacks, inspirational stories, and so much more.

1:20A must-listen episode is one of Jenna's recents on everything you need to know about affiliate marketing. Listen to Gold Digger wherever you get your podcasts. Ever thought of giving a TEDx talk? It's one of the most powerful ways to share your message with the world. And four-time TEDx speaker, Taylor Conroy from Thought Leader can help you get there. Visit thought-leader.com slash fire to join Taylor's free training where he teaches you how to land a TEDx talk and spread your message to millions. Jamie Masters, my first ever mentor, my sister from Maine. We went to high school together. I mean, we didn't even really know it, but we grew up in the same town I mean a lot of crazy things in our lives intersected and then you know dissected and then intersected again and just Amazing knowing you as a human being we've both since you know fled that state Which we talked about a little bit pre-interview and we now live in warmer climes you um outside of austin, texas myself in Um, or I should say outside of san juan puerto rico and love and life life is good And like I said, you were my first mentor.

2:32And I was reading the audio version of the book with your part in the chapter. And I was just blown away that it was nine years ago that we were working together. And it was insane. And what was insane to me is that it was even like 11 or 12 years ago that you had this kind of epiphany where you looked around and you're like, I know that on the average of the five people I spend the most time with, and my five people, they're not that impressive. I need to up my five. So talk to us right now about how you had that epiphany and then what you went through to get your average to this amazing level, which has been such an impressive thing that you've held together all of these years.

3:15Talk us through that process. Thank you very much. And fled Maine sounds horrible. Go visit Maine people. Everything is wonderful in Maine once in a while. All right. So we represent our state, John. We have to be really good about this. So when I added up the people that I had, I had listened to that Jim Rohn quote and I think it's really important and it makes it sound horrible when I wrote people's name down and went, they all suck. They don't suck, right? They're amazing humans. But when you look at the mentality of people that hate their job and don't want to do anything about it and just feel like this is the way life is and they can't change it, that mentality is not who you want to be around when you really want to become more growth oriented and more successful.

3:53And so making that list and then looking around and going, oh, crap, I don't have anybody else that I can add to this is kind of sad. And so humble pie of going, OK, I think I can, especially as an introvert and not being able to make a lot of new friends, at least so I thought. It was a skill set that I had to learn. And so masterminds were huge as a big piece because the thing of like making friends is difficult when you're older. Right. But inviting someone to a mastermind is a really great business tactic. to make friends, just so we're clear. So I ended up really going through and trying to look at my current network.

4:28I found one person in my current network that I thought had the mentality and the success that I wanted. I asked him and then I literally didn't have anyone else to ask. And so I went online and found people, as you know. It's a great story. And you created this mastermind of all-star, baller entrepreneurs. I mean, we talk about it in depth in the book. We talk about so many cool things in the book, actually, like how you structure masterminds and how you keep people on point, how you keep people in the mastermind involved, how you have accountability in there, all these different things, super important, super meaningful.

5:01For Fire Nation, who's out there and they're kind of going through this step in their common path to uncommon success, which is joining or creating a masterminds, talk to us a little bit about what the significance has been in your life, having been in masterminds now for well over a decade. This makes me sound so old. Well over a decade. Well over a decade. Well, I think what I didn't realize when I got into them was the amount of deep level of connection and vulnerability that you can get because entrepreneurship is a crazy bumpy road no matter what. Even if you're making millions, it's also bumpy.

5:39Just so we're clear, you get better at navigating problems, but you don't feel so alone. And this business is so lonely when you don't have people that you can talk to, especially if you have a partner that really isn't into business, right? Then you're like, but they think I'm crazy, potentially, for my growth mentality. And then the people that are of significance to you that really know your crap, because everybody's got their own perceptions and issues, and they can help you navigate it as gracefully as we can as business owners. And that's sort of the goal. I don't think the goal is like getting rid of all of our problems.

6:13There will always be problems, but being able to help feel not so alone, have other brainstorm ideas to navigate through some of these issues, that's huge significance because we need connection, especially as business owners. Because normally, I've worked with a lot of clients, they're like, I can do it myself. I don't need anybody. I can do it myself, right? Like a toddler. I love everybody very much, but I had that mentality also. And so letting people in is actually hard to do, but also extremely fulfilling to make the journey a lot more easy and fun. It's so true, Fire Nation. And I love what Jamie shares in the book and then soon about, you know, exactly how to structure a mastermind and, you know, what exactly you should be looking at when you're creating a mastermind.

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9:55Visit thought-leader.com slash fire. Join Taylor for his free training and get your message out of your head, out of your heart, and out into the world where it belongs. That's thought-leader.com slash fire. So Jamie, we're back. And what specific advice do you have that, by the way, you share so detailed and so eloquently in the book for people that are looking to create their first mastermind? Because they're looking around and again, they want to up their five and they don't really see or know of a mastermind to join. What would that look like? Yeah, normally I get asked, like, I want to join a mastermind, right?

10:31I think creating it is really important, but think of it like a practice group, right? Because what you're going to do when you start creating one, either you're going to set too high of expectations. I highly recommend getting people that are better than you in business, but finding them is kind of difficult, right? And so asking and asking, but having potentially a practice group where you're like, you know what, I'm going to do this one for six months. I'm going to learn. We're going to see how it goes. I might suck it first. Because I had run masterminds before I started my mastermind with my business coach mentor.

11:01So it wasn't like I was getting in and never had done anything having to do with it. I just had never done it with myself before. So gratefully, mine has been going 10 years. But being able to have somebody that's never done it before, get a practice group. It's like a practice podcast. You suck for a little while and then you get better. And you can actually pull people from that one instead of going, well, we're going to be together for 10 years. Ready? Go. And not even be on a first date with anybody. And so as you start learning, you can set a three-month mastermind around a specific topic like YouTube or something like that.

11:33And that way you can go, ooh, that person and I really jive. Let's pull them into the next iteration of a mastermind because it's kind of a feedback loop too. So if you've never done it before, don't assume to nail it out of the park the very first time, but take the rules and the agenda that I've got, which is going to get you leveled up more than you would on your own anyway. Deal with a commitment that's a little bit more short term instead of we're going to get married now, right? And then it'll be a little bit easier to learn what you like about it, what you don't like about it. If you can have hard conversations, if people are waffling and not really showing up, you can, you can get your legs before you really find, find the, the way of getting the mastermind that you really, really connect with for a long period of time.

12:14I love how you like listed out and we're super specific with these rules and agenda because so many people will launch a mastermind or create a mastermind or even join a mastermind that's going on. And after a few weeks or a couple months, they'll be like, this mastermind stinks. Like it's not working. Like I don't get it. And frankly, they're just doing it wrong. Like you don't just have a mastermind where everybody shows up and just starts yelling at each other. Like not even in a mean way, but just like talking over each other. Like nobody has a turn. People don't feel like they're being heard.

12:40They're not being served. There's no followup. There's so many ways to do a mastermind wrong. And there's frankly only a few ways to do it right. And Jamie lays out the ways to do it right in an incredibly eloquently detailed specific manner. And Jamie, you dropped a ton of value bombs in your parts in the common path to uncommon success. So for that, I thank you. I did pull out my favorite quotes from your entire contribution. I'm going to read it to you now and have you bring it home for us. It's crazy to look back and see how the small decisions you've made have turned into massive business and life wins.

13:15That's what a mastermind can do for you. Surround yourself with the right people who will help you make the right decisions that will impact your life in ways you could have never imagined. Bring this home for us. What do you want Fire Nation to take from those words and from masterminds in general? The people that you surround yourself with by osmosis, you start to understand and believe the same things that they believe. So it's a fast track way to be able to level up your beliefs without even realizing that you're doing it. So I highly recommend it. I know John does too. Please go start a mastermind.

13:47Even if it's not perfect, you'll get better and better as you go. Mike drop fire nation. And if you're looking at the calendar and it's before March 23rd, you still have an amazing opportunity to pre-order this book, The Common Path to Uncommon Success, featuring Jamie, 16 other amazing entrepreneurs and get five amazing bonuses as well. One of those bonuses, I'm shipping all three of my journals to your door if you're in the US. Um, if you're outside the U S you get the digital versions and you get four other insane, amazing bonuses, uncommon success book.com uncommon success book.com. What are you waiting for?

14:25Take action. Fire nation, Jamie, you are amazing. Thank you for sharing your truth, your knowledge, your value of fire nation for that. We salute you and we'll catch you on the flip side. Thank you so much. The gold digger podcast hosted by my good friend, Jenna Kuchar is brought to you by the HubSpot Podcast Network, the audio destination for business professionals. The Gold Digger Podcast helps you discover your dream career with productivity tips, social strategies, business hacks, inspirational stories, and so much more. A must-listen episode is one of Jenna's recents on everything you need to know about affiliate marketing.

15:00Listen to Gold Digger wherever you get your podcasts. Ever thought of giving a TEDx talk? It's one of the most powerful ways to share your message with the world. And four-time TEDx speaker, Taylor Conroy, from Thought Leader can help you get there. Visit thought-leader.com slash fire to join Taylor's free training where he teaches you how to land a TEDx talk and spread your message to millions.