6 Key Principles for a Successful Mastermind Experience
If you have the right attitude, a mastermind group can rocket you toward success
“One of the most powerful tools ever used by successful people is the mastermind group. And it’s the one concept people most reference when they credit any one thing with helping them become a millionaire.” — Jack Canfield
The most accomplished people of any age have known the benefit of mastermind groups.
Benjamin Franklin had his Junto, where every week they asked “Who is thriving?” and “Who has failed?” So many people wished to join that they spun off a half-dozen subgroups. Steel magnate Andrew Carnegie had a mastermind group, as did Henry Ford. Napoleon Hill popularized these groups in his books such as Think and Grow Rich.
Today, many of the most successful people are part of elite mastermind groups. One that is repeatedly recognized by its members is The Genius Network, run by Joe Polish. The goal of this group is to 10x members’ earning potential each year.
The entry-level group has a $25,000 yearly fee, and the elite-level group has a $100,000 yearly fee. Despite this, the waiting time to become a member can stretch for years.
If you aren’t yet at a place where you can take advantage of elite mastermind groups, you can join or form a smaller one.
When looking at possible mastermind groups, consider these six principles. If the group members share these principles, you are likely to be successful. If they do not, you will not get as much value from the group.
Successful mastermind principles
#1: Commitment
Every member of the group must be fully committed to the mastermind group. This means preparing for and attending all the meetings. But it also means doing any readings or self-study assignments between meetings. And during the meeting, it means giving the other members your full attention.
As sales expert Brian Tracy puts it:
You owe it to your peers to fully participate in the group — and you also owe it to yourself. Working hard in the group is important because you’ll get a good return on the investment you made.
#2: Confidentiality
The meeting has to be a safe space for people to talk honestly about the problems they’re having. They can’t do that if they’re afraid anything they say will be grist for the rumor mill.
For example, Vistage is a mastermind group that’s been around since 1957. Members must have annual revenues of at least $500,000 a year just to be eligible. All members must swear to keep discussions confidential.
#3: Generosity
The goal is to lift the entire group higher by lifting up everyone in the group. In an hour-long meeting, you may spend 50 minutes helping others and only 10 minutes being helped. Every member must be willing to give rather than receive.
Sarah Peck of Startup Pregnant forms mastermind groups for entrepreneurs. She says she often sets a goal “for people to grow in community with each other.”
#4: Honesty
Members need to honestly admit their failures, flaws, and unsolvable problems. This requires courage. According to Entrepreneur magazine:
All change starts with honesty. Where are you right now. You have to be honest. If you’re not honest, you’re not ready or willing for the change you crave. How can you expect to get to where you’re looking to go if you can’t be honest with where you are today?
#5: Humility
Members also need to admit that they don’t know everything. They need to take in other members’ advice with an open mind, not dismissing it because they don’t like it.
In discussing mastermind groups, Jack Canfield admitted:
Some of the most valuable feedback I have ever received has come from members of my mastermind group confronting me about over-committing, selling my services too cheaply, focusing on the trivial, not delegating enough, thinking too small, and playing it safe.
#6: Discipline
Each meeting ends with action items for each member. The member needs to be able to take action on those items once they are away from the group. They can be given the greatest ideas in the world. But they’ll only profit from them if they have the discipline to implement them.
While you need to provide a core of the discipline, the mastermind group can help you. They can offer support when your follow-through is flagging. Specifically, according to The Napoleon Hill Foundation:
This relationship will allow you to recharge, regroup and reconsider at times when you otherwise might be tempted to quit.
Join or create a mastermind
Do you have the right attitude and principles to benefit from a mastermind group? If so, the next step is to join or create one.
There are many internet-based mastermind organizations, often led by business coaches. You can also look for local groups, or ask successful people you know if they have a mastermind group.
Decide if you want to focus on an in-person meeting or an online meeting. You should also know if you want a group dedicated to a particular industry or demographic. Most masterminds are oriented toward business growth, but some focus on personal growth. Regardless of the orientation, masterminds address both personal and professional aspects of your life.
To get the most out of your mastermind, it should be composed of peers. That doesn’t necessarily mean income level. Some common demographics are entrepreneurs and women executives. Focused groups can provide help with specific issues of that demographic.
If you’d like to start your own, there is even software available to help streamline the process.
Conclusion
Masterminds are groups of growth-minded peers meeting regularly for mutual support and improvement. They’ve been around for hundreds of years because they work.
To get the most out of a mastermind group, you need to follow the six principles of effective masterminds. If everyone in the group follows these six principles, the group will thrive.
If you have what it takes to succeed in a mastermind group, join or create one. Your future success is waiting.
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