Definition: A mastermind group is a group of like minded positive individuals who come together to share and aid in each others growth and success.
Mastermind groups date back to Ancient Greek philosophers, such as Socrates. They were a lively group of individuals who came together to share ideas and insights. I first read about mastermind groups in Napoleon Hill’s book Think and Grow Rich (written in 1937). I started my first mastermind group in 1998, and have enjoyed more success then I ever dreamed was possible for myself. To learn how to start your own, read on.
Step One: Select the right people
Ideally a group should consist of 5-7 people who are willing to commit to work together personally and professionally. Make sure to select positive powerful people for your mastermind group. You want people who have a positive outlook on life, and will give your meetings energy and vitality. You don’t want a bunch of negative people in this group or it will turn out to be a bitch session. People may think you are a little crazy at first when you first start calling and asking them to join, but if you persevere you will find magnificent people willing to join and share in the success.
Step Two: Everyone must make the commitment
A mastermind group is designed as a long-term support system. Everyone must be willing to make the commitment to the success of themselves and others for the long term. This is not meant for people who don’t have the time to commit. If you are committed to the process you are expected to attend all meetings and be an active participant.
Step Three: Determine the details of your meeting.
Decide how often you would like to meet. Decide where you will meet and for how long. My mastermind group meets for a few hours once a month. We meet at one of two locations that are quiet and where we will not be interrupted.
Step Four: Decide on your format
How do you want to format your meeting? What do you want to talk about? You want this time to be valuable and not turn in to a coffee hour. A basic format to follow is to give each person an allotted amount of time to speak. In this time they will highlight 1-2 accomplishments since your last meeting, state what goals they want to achieve before your next meeting, and ask for guidance on any roadblocks or pitfalls to accomplishing what they want. When one person is speaking the rest should be silent, unless called upon. All attention is one the speaker. The magic of a mastermind is that you now have all these brains helping you work through your roadblocks. It is truly a fascinating experience.
On Accomplishments: Big and small accomplishments should be shared. Taking the time to celebrate the small everyday accomplishments will make way for big accomplishments.
Guidelines for Goal Setting
¨ Must be specific
¨ Must be measurable by you and another person
¨ Must be important to YOU (can’t be something someone else wants you to do)
¨ Must have a deadline for completion
Timekeeper: It is a good idea to elect someone to be the timekeeper at each meeting. It is very easy to go off on tangents, and then the person who speaks last ends up rushing through their piece. I find that a simple kitchen timer works great, and the bell keeps everyone honest.
Step 5: Accountability:
Decide how you will track your progress from month to month. You can each track your own progress or you may want one person to take minutes each month. The key here is to keep each other accountable. If you don’t keep your fellow master minders accountable that lets you off the hook with your goals. Remember the purpose of this group is to achieve, to live the life of your dreams, and to not cop out. Supportively hold each other’s feet to the fire; you’ll be glad you did.
I wish you nothing but great success in starting your own mastermind group. You deserve the best, but only you can claim it for yourself. Please write me and let me know the magic you have worked through the ancient art of the mastermind group.
“A candle loses none of it’s light by lighting another candle.”