I believe no man is an island. So I offer this tip – if you’re an entrepreneur, you need to be in a mastermind.

Belonging to a mastermind group is one of the most powerful tools to help you increase profitability in your business.

1. What is a mastermind group?

If you aren’t familiar, a mastermind is a group in which entrepreneurs can mentor each other and help each other grow their businesses. It can be an important catalyst for grown and in shaping your business.

The mastermind I run is called The Edison Collective. We get together face to face every quarter to expand our business (and occasional musical) knowledge. We share our ideas, solutions, best practices, successes and challenges as entrepreneurs. Most of all, we motivate and inspire each other.

2. What are the benefits of belonging to a mastermind?

While some mastermind groups run on a digital platform, face to face meetings are important if it’s an option. What I love about being in a mastermind is the connection. We are truly there to learn from each other. No one walks in with their ego. We gather to benefit ourselves as well as each other by sharing and learning from other entrepreneurial experiences.

To benefit from a mastermind you must be willing to collaborate, share and learn from each other. At times, it’s almost like free coaching. You get sneak peeks at how businesses run behind the scenes and oftentimes, we take those ideas and implement them into our own practices. And remember, trust is imperative. There is total confidentiality, so feel free not to not be boss for a bit.

I have found that meeting with this group has raised the bar for me. My business is more profitable. I find support from my peers, education and resources I may not have been exposed to in the past. Even better, I have another venue for accountability (yup, even I need it!) and a place to share my goals. So next quarter when we meet, I better bring the results!

3. Who can be in a mastermind?

The beautiful thing is that you don’t have to join an established mastermind. You start your own. Find like minded entrepreneurs who are driven to achieve the same goals and vision you are. Get together once a quarter face to face, have open discussions about your business and get your insights from each other. That right there? Priceless!

If you want more tips like this go to Mikemotorbike.com or Mikemichalowicz.com and click on Get the Tools for tons of tried and true resources for business help and how to run a truly profitable business. Let’s rock entrepreneurship!