A while back I read a book by Napoleon Hill â€œThink and Grow Richâ€. In the book he talks about â€œMastermind Groupâ€
â€œThe Mastermind principle consists of an alliance of two or more minds working in perfect harmony for the attainment of common definite objective. Success does not come without the cooperation of othersâ€ â€“ Napoleon Hill
As I read about it and did my research on the topic of â€œMastermind Groupsâ€, I realised this is something I want to do to improve my life, from a business and personal perspective.
Since Iâ€™ve joined WA, Iâ€™ve come across so many people from all types of backgrounds. It is really electric here at WA â€“ the motivation of people, trying to help each other, moving forward with certain goals and aspirations.
So hereâ€™s the thing people - if all of us built our own small but motivated â€œMastermind Groupsâ€ I honestly believe we will advance, prosper. And in the process make great friends and change lives for the better.
What Is A Mastermind Group?
There are people who pull you down and mock you for going after big goals and thinking differently, then there are people who inspire you. Help you brainstorm new possibilities,.
Mastermind groups have formed around multiple people striving for a common purpose - from small goals to life changing ideas, improving fitness to online success.
There is synergy of energy, commitment for perfection. The purpose of Mastermind Groups is to raise the bar by challenging each other to create and implement goals, brainstorm ideas, and support each other with total honesty, respect and compassion. Mastermind participants act as catalysts for growth, devilâ€™s advocates.
Your mastermind group helps to set up accountability structures that keep you focused and on track. You'll gain tremendous insights, which can improve your business and personal life.
This is the essence of a Mastermind Group.
Benefits of a Mastermind Group
Form groups around a specific activity, but even with differing goals youâ€™ll be able to guide each other and lean on each other for support.
If your progress has slowed on a specific goal, your mastermind group - the only people who really understand your goals and objectives are their to guide you.
Hearing the different views your mastermind group members have will give you 360-degree view to approach your goals. Whether you agree with their assessment or not, itâ€™s an approach that you may not have looked at it from. And you could end up with many different angles to work from.
Everyone in your group will have access to a different skillsets and network of people. When you ask for help in your mastermind groups, these resources will help you make progress more ways then you would have done by yourself. Your Mastermind Group is your â€œBoard of Directorsâ€
Your fellow group members should hold you accountable to goals you have set for yourself. Knowing that you have a regular scheduled meeting will drive you to make progress. It should be in your agreement with your group to push you to complete your agreed goals.
What Will You Get From It?
- Answers, ideas and direction, which come from brainstorming with the group
- Tap into the experience and skills of others
- Increased confidence that you've made the right decisions and are taking the right actions to achieve your goals
- Accountability and real progress in your business and personal life
- An instant and valuable support network
- A sense of shared endeavour - there are others out there!
- Design things to be the way you want them to be
- A boost to your everyday positive mental attitude and moreâ€¦
An ice breaker if you like. Ask few questions to get the group going.
- What Are You Working On? Nice and broad, and each member can answer with whatever they feel comfortable sharing.
- What Did You Learn? Very often my groups are focused on similar goals, and lessons learnt by one member benefit all of us.
- What Do You Need Help With? By having a specific question on the agenda, this helps take pressure off members who want to reach out to the group for help.
Your mission statement is what you want it to be. But make it as promising and compelling so that it derives from your mission statement, that you set out when you put this mastermind group together.
For example - Our Mission Statement: The XYZ Mastermind Group is a group of proactive entrepreneurs who meet monthly to brainstorm and problem solve, create and share collaborative opportunities, increase our collective profitability, and positively impact and shape our local community. Weâ€™re supporting each other on this journey to prosperity.Who Should I Invite Into My Mastermind Group?
Putting together a perfect member profile, just as you would with a perfect customer. Get clear on what youâ€™re looking for so you can invite the right people. In the case of being here at WA, itâ€™s pretty straightforward:
- Want to make certain amount of money by certain date
- Want to learn certain skills
- Want to improve on certain skills
- Helping and getting help in certain aspects of your business and so onâ€¦
- People with certain skill sets that will benefit all
Any members in your mastermind group not only provide you with guidance, feedback and advice, but should be able to receive the same in return.
Similar Drive and Commitment
You want everyone in the group to be similarly committed. If one person is striving to build muscle, while youâ€™re trying to be on a diet, you may not be compatible for a mastermind group.
Diverse Skill Sets
One person may be analytical and approaches things from a scientific perspective. But also gain valuable feedback from people who are perhaps more abstract.
My personal preference; I like members who are active problem solvers. I want to get feedback, solutions to my issues and move forward.
- have the desire and inspiration to make this year extraordinary
- want a supportive team of Mastermind partners
- want to reach or exceed your goals
- be ready to let your desire to be more passionate about your life and work overcome that fear of change
So the members of your mastermind group will guide and help you with all of the above.How to Run A Mastermind Group
Meet Regularly And Precisely
This is the â€œnuts and bolts.â€ This can make or break your hard work on setting a mastermind group. Keep to a regular scheduled time; the entire group needs to be punctual â€œalwaysâ€. I typically meeting for 90 minutes once every other week or once a month. You may require more or less time, but ensure that you have adequate time because you want toâ€¦
Give each member equal time
Use a timer. You can have a mastermind group consisting of anywhere from 4 to 6 people, and you should be aware of that you have approximately 15 - 20 minutes per person, dependent on what meeting time you have agreed on. I have known groups where they meet once a month only, but each of those meeting can be 3 + hrs. long.No Interruption please
One person at a time, the purpose of the meeting is to give everyone a chance to speak, address their question. Hold all comments until the person speaking has a chance to speak. Also taking into account that if you got 15 min, then you donâ€™t tell a story and end up using your entire 15 min. There needs to be time for your group members to give feedback, advice on your questions, issues etc.
NOTE: If there are 6 members in your group. Each one gets to answer your question/issue. Imagine 5 different perspective responses plus whatever you had in your thoughts. In that 15 â€“ 20 min you may have had a whole new way of doing something. That would bring about the change/improvement you need or require.
Decide on the agenda
- On the basis of what was agreed as a mission statement. Or
- If you are coming from WA standpoint then it is fairly straightforward. Or
- This can also be decided prior to the meeting, if you know what your concerns, issues are or something that you really need to work on.
Have a facilitator
The best person for this role will be the one who initially set up the group, however it is also open to anyone willing to take the initiative Acting as a facilitator â€“ point out who is going to go first, next etc.
Make sure you capture what happened at each meeting â€“ lessons and triumphs, goals, deadlines and items you want to keep each other accountable to. Use Google Documents and alternative to Google docs is Zoho. For online group meetings Skype is perfect. You can use MP3 Skype Recorder (free) to record mp3s of meeting calls. Google hangout is also perfect for online meetings.
How much total time at each meeting?
Meetings need to have a start and finish time, and meetings that run over 90 minutes can run out of steam without frequent breaks. So first decide how long each meeting will be. Depending on what is going to be discussed, you can change from week to week, if need be.Start a Mastermind Group
Pick a Topic
Make it narrow or as broad as you like. If you are new to mastermind groups, I would recommend picking one specific aspect of your business/life to start out with. Again from WA standpoint perhaps reaching a deadline for a specific goal, or learning certain aspects of the online business and even set a timeline as a group to reach a certain point in your online business.
Pick your Partners
A mastermind group is only as good as the people in it â€“ pick your partners with care. There will be people that just wont fit in with actual mission of the group, Therefore they will have to be told they cant join. As harsh as it may sound, but it benefits all parties. By being upfront and truthful.
Agree On Ground Rules
Keep in mind the purpose of setting rules â€“ the purpose is to ensure everyone benefits from the mastermind group. Strict ground rules means long and prosperous group. If you become lenient as to how the group is run, then human nature is such that at some point people will become relaxed and the full potential can be lost.
Some possible ground rules:
Establish that your group is not group therapy, and whining, complaining, or gossiping will not be tolerated
Require members to donate money to charity of some kind, when they miss a meeting or when they are late.
- What are the consequences for missing a meeting or being late?
- Define the terms and process in which a member is dismissed.
- Do you need to create a non-disclosure agreement?
- Ask for a commitment to honesty, integrity, trust, and respect for all members.
NOTE â€“ Even with a screening process your group is likely to come across people who say that theyâ€™re committed but then donâ€™t participate, or who say that theyâ€™re honest but then fail to keep the trust of the group. Be prepared to ask people to leave the group who are not participating up to the group standard and do it quickly once the poor behaviour becomes evident. A "slacking" member can bring down the energy and fun level for the whole group.
It is quite normal to ask people certain â€œGoals orientedâ€ questions. So to get a clear understanding of their commitment to your mastermind group.
- Do you have a personal or business mission or vision statement?
- What are your three-year goals?
- Where will you find time to participate in the Mastermind Group?
- What is your commitment to moving forward in your business and personal life?
- Why should you be chosen to participate in this group?
I would absolutely love a feed back on this post. If you have any input/ideas please let me know in the comments section.
Note: I am looking to set up a mastermind group here at WA. I am based in London (UK). So if you are interested it will be ideal, that you are also in a similar time zone (more or less) as me. Then please PM me.