I have been part of a mastermind group, and have run mastermind groups, since 1994. They have profoundly shaped my life and my business, and I’m a successful in business and life because of my participation in mastermind groups.
Mastermind groups offer a combination of brainstorming, education, peer accountability and support in a group setting to sharpen your business and personal skills. A mastermind group helps you and your mastermind group members achieve success. Participants challenge each other to set powerful goals, and more importantly, to accomplish them.
Through a mastermind group process, first you create a goal, then a plan to achieve it. The group helps you with creative ideas and wise decisions-making. Then, as you begin to implement your plan, you bring both success stories and problems to the group. Success stories are applauded (loudly!), and problem are solved through peer brainstorming and collective, creative thinking.
The group requires commitment, confidentiality, willingness to both give and receive advice and ideas, and support each other with total honesty, respect and compassion. Mastermind group members act as catalysts for growth, devil’s advocates and supportive colleagues. This is the essence and value of mastermind groups.
Each meeting has a mastermind group agenda, so that conversations stay on course. The Facilitator is tasked with making sure that conversations are deep and balanced, and that all mastermind group meeting agenda items are covered in the time allotted.
You’ll see lots of people running big group mentoring programs and calling them “mastermind groups.” But are they really? Here’s a three-part test:
I have seen huge mega mastermind groups (200-500 members) that are true mastermind groups. They’re designed so that individuals can get personal attention and the brainstorming, problem-solving, and accountability power of the group. But it takes a lot of smart logistics (not to mention quite a few Facilitators to run the Hot Seats), so not every large group program can call itself a true mastermind group.
The concept of the “master mind alliance” was introduced by Napoleon Hill in his book from the 1920s, The Law of Success, and expanded upon in his 1930s book, Think And Grow Rich. While Napoleon Hill called it a “master mind alliance,” it’s been shortened and modernized to “mastermind group.” Mastermind groups have been around since the beginning of time. Even Benjamin Franklin belonged to such a group, which he called a Junto. But it was Napoleon Hill who explained it clearly and encouraged people to gather together in a structured, repeatable environment for the success of all. Napoleon Hill wrote about the mastermind group principle as:
“The coordination of knowledge and effort of two or more people, who work toward a definite purpose, in the spirit of harmony.”
“No two minds ever come together without thereby creating a third, invisible intangible force, which may be likened to a third mind [the master mind].”
In a mastermind group, the agenda belongs to the group and each person’s participation and commitment is key. Your mastermind partners give you feedback, help you brainstorm new possibilities, and set up accountability structures that keep you focused and on track. You create a community of supportive colleagues who brainstorm together to move the members to new heights. You’ll gain tremendous insights which improve your business and personal life. Being a good mastermind group member creates massive value for you and everyone in your group.
Your mastermind group is like having a objective board of directors, a success team, and a peer advisory group, all rolled into one. Whether you find an existing mastermind group to join, or start a group of your own, you’ll love what this group process can help you accomplish. Learn about our classes for starting and running mastermind groups here, or sign up for my free video tutorial below.
P.S. A quick reminder: the Mastermind Success Accelerator class begins October 25. This is the final time I’ll be teaching it this year. If you want to learn how to design and fill mastermind groups, and create a marketing plan for your launch, this is the class for you.