The Power of the Mastermind
A mastermind group is a support team that meets on a regular basis to provide and receive advice, feedback and ideas. As Napolean Hill discovered, the results that are produced can be far greater than the sum of the parts. Explore involvement in a mastermind group as a way to network, share resources, and achieve greater success!
Are you looking for creative and critical input regarding business projects? Why not form (or join) a mastermind group?
The phrase “mastermind group” was first coined by Napolean Hill in his classic book, Think and Grow Rich. In researching his book, Hill spent 20 years studying hundreds of success Americans, including Henry Ford, John D. Rockefeller and Thomas Edison.
Hill defines the “master mind” as “coordination of knowledge and effort, in a spirit of harmony, between two or more people, for the attainment of a definite purpose.” To state it simply, a mastermind group is a support team that meets on a regular basis to provide and receive advice, feedback and ideas.
The specific benefits of a mastermind group include:
1. A safe, non-judgmental environment in which to express your ideas, thoughts, dreams and goals.
2. A network of successful, like-minded people to serve as your personal Board of Directors.
3. Increased accountability regarding your goals and objectives.
4. Helpful advice and feedback regarding ideas presented to the group.
5. Powerful synergy that is created from the collective input of the group.
6. Development of strong relationships between the members.
7. Enhanced leadership and communication skills that develop through the presentation of ideas, and offering feedback.
8. Great solutions to the questions and issues that are brought to the group.
You can create a successful mastermind group by taking the following steps:
1. Form the group. Contact a number of prospective members. They should work in non-competing fields, and be people that will contribute to the synergy of the group. An ideal group size is 4-6.
2. Create a regular schedule. Monthly seems to work well, and a regular day and time is best. All members should be committed to this schedule.
3. Formulate a plan. A set format causes the meetings to run more efficiently. For example, the first 30 minutes could be open for general discussion. Then, each member could receive an allotted amount of time (15-30 minutes, depending on the size of the group) to discuss his or her “issue of the month.”
4. Include an occasional guest (optional). Some mastermind groups include guests as part of their format. These guests could be invited to speak on a particular topic (e.g., an attorney who specializes in estate planning), or could participate in the planned format.
5. Take action. One of the benefits of a mastermind group is built-in accountability. Be sure to take action on the ideas that were generated at the meeting. Furthermore, develop a support structure that includes follow-up reporting at the next meeting. Be sure to report both your successes, and your challenges.