What is a Mastermind Group? A Definition and tutorials
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 successful in business because of my participation in mastermind groups.
What is a mastermind group exactly?
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. Members challenge each other to set strong goals, and more importantly, to accomplish them.
Mastermind group facilitators start and run these groups. They help the group to dive deeply into discussions, and work with members to create success — as each member defines it. Facilitators are the secret to thriving mastermind groups. I’ve seen plenty of groups fail because of poor leadership.
Through a mastermind group process, first you create a goal, then design 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.
FREE – Creative Ways to Add Mastermind Groups to Your Business Model – live webinar on Dec 6, 2021. If you’re looking to expand the scope of your mastermind groups, join us for this free webinar. In this webinar, we’ll talk about where to add mastermind groups into your existing business model and new ideas for expanding the target audience for your groups. Plus I share nine creative, unique mastermind group business models…one may be just perfect for you and your business! You’ll also receive our pricing-revenue spreadsheet so you can calculate how your offer and your pricing model affect your total revenue numbers. Creative Ways Live Webinar – begins December 6.
What a mastermind group is NOT
- It’s not a class. While your group can vote to bring in guest speakers and teachers occasionally, the main focus of a mastermind group is the brainstorming and accountability support among the group members.
- It’s not group coaching. Mastermind groups are about the members sharing with each other, not about the Facilitator coaching individuals in a group setting. According to the Internation Coach Federation, coaches do not give advice. But in a mastermind group, everyone shares advice, ideas and feedback, including the facilitator. The key is to keep the conversation balanced among. Listen to my radio interview about mastermind groups and group coaching called “Beyond Group Coaching” with radio show host Christopher McAuliffe of The Coaching Show. Good news! If you are trained as a coach, you’ll use all those skills as a mastermind group facilitator, plus all your teaching, mentoring and consulting skills, too.
- It’s not a mentoring group, where the mentor or consultant provides all the answers, and the group passively asks questions, listens and learns. If the format is like a Q+A call, it’s not a mastermind group. In a mastermind group, both the facilitator and members mentor each other, and action planning and implementation are at the forefront.
- It’s not a networking group. While you may share leads and resources with each other, it is not the main focus of the meetings. However, through your connections with other members, you will find plenty of joint venture opportunities, lead sharing, and professional networking.
- Watch this short video tutorial where I discuss What’s the Difference between a Mastermind Group Facilitator, and a Coach or Consultant?
What about these “mega” mastermind groups?
You’ll see lots of people running big group mentoring programs and calling them “mastermind groups.” But are they really?
Here’s a four-part test to see if it’s really a mastermind group, or just a mentoring group:
- Do they have individual Hot Seats for each member, where you get to talk about your challenges and your plans? Watch my video: How Often Should Members Get in the Hot Seat
- Does everyone in the group get to brainstorm together (sharing knowledge, insights and best practices), or is the focus on the mentor being the person with all the answers?
- Is there a function for individual accountability reporting? (Is there someone on the staff who is holding your feet to the fire weekly?)
- Do you meet with the same group of people, so that you get to know each other’s goals, problems and plans? Is the facilitator the same person for all meetings? This continuity is crucial and is a main component of a true mastermind group.
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.
Napoleon Hill’s definition
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.”
He continues…
“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].”
What you’ll get from belonging to a mastermind group
In a mastermind group, the agenda belongs to the group and each person’s participation and commitment is crucial. 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 that 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 an 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.
FREE – Creative Ways to Add Mastermind Groups to Your Business Model – live webinar on Dec 6, 2021. If you’re looking to expand the scope of your mastermind groups, join us for this free webinar. In this webinar, we’ll talk about where to add mastermind groups into your existing business model and new ideas for expanding the target audience for your groups. Plus I share nine creative, unique mastermind group business models…one may be just perfect for you and your business! You’ll also receive our pricing-revenue spreadsheet so you can calculate how your offer and your pricing model affect your total revenue numbers. Creative Ways Live Webinar – begins December 6.
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