The Power of a Mastermind Group
Is there an area in your life that would benefit from creating one of these?
You are the average of the five people you spend the most time with. -Jim Rohn
We can choose to hang around people that use and deplete our energy, that scoff at us for going after our big goals and dreams, or we can choose to spend time with people who inspire and uplift us.
The people we want in our corner will support our dreams, raise our standards and believe in our ability to make the impossible possible.
We can choose these people and eliminate the ones who drag us down. Forming a tight-knit group of individuals you respect to accomplish business and personal goals is the best way to surround yourself with people who are going to lift you up.
This is the essence of a mastermind alliance. A successful mastermind is one that operates in complete harmony and cooperation for the success of each individual member, as well as for the success of the group.
I love Mastermind Groups. Forming the right Mastermind Group has the potential to change your life. I believe in the power of the Mastermind model because I have personally experienced the magical energy, empowerment, focus, accountability, clarity, and inspiration they create.
I have also been part of Mastermind Groups that failed.
I have recently created a small Mastermind Group. It is a group of women coaches. The purpose of our group is to inspire, energize, and support each other as we build and grow successful lives and businesses. We support, hold each other accountable, share knowledge, create synergy, provide feedback, learn from each other, brainstorm with each other, and empower each other personally and professionally.
The formation of the group made me review the key things to consider when creating one.
Based on my experience, getting the right mix of people in the group is the key to creating the magic of the group.
Other key aspects are mutual respect, courtesy, interest, and positive focus. These are required from all members for the group to feel safe and supportive.
Could you benefit from a Mastermind Group (MM)?
If you are a small business owner, startup, solopreneur, freelancer, etc, you will want support structures to help you succeed.
A Mastermind Group (MM) is an easy, powerful, and low cost support structure.
The Background of MM Groups
The concept of the MM Group was formally introduced by Napoleon Hill in his timeless classic book, Think And Grow Rich. He wrote about the MM principle as:
The coordination of knowledge and effort of two or more people, who work toward a definite purpose, in the spirit of harmony….
No two minds ever come together without thereby creating a third, invisible intangible force, which may be likened to a third mind.
General benefits
In a MM Group, the agenda belongs to the group, and each person’s participation and engagement is key.
Your peers give you feedback, help you brainstorm new possibilities, and set up accountability structures that keep you focused and on track. You can create a community of supportive colleagues who will brainstorm together to move you to new heights. You can gain tremendous insights, which can improve your business and personal life.
Your MM Group is like having your own objective board of directors.
What will you get from it?
- Others’ experience, skills, and wisdom
- Real progress in your business and personal life
- An instant and valuable support network
- A sense of shared endeavor, shared energy, shared enthusiasm, shared inspiration
- A group who will keep you accountable, focused, in action
- Others’ views of your ideas, thoughts, and business may give you lots of clarity
Who should be included?
- Ensure all participants have similar interests
- Self-employed, small business owners, entrepreneurs, startups, you decide
- Business women & men or just one gender?
- Diversity of businesses or same business industry
- Interested in manifesting success in business & life
- Interested in self-development, personal growth
Screen or invite participants to ensure all share similar values.
- Positive attitude & energy
- Desire to create extraordinary businesses & lives
- Interested in helping others create success and are supportive
- Have integrity and are trustworthy
- Respond well to feedback
- Interested in sharing stories, creating synergy, ideas, enthusiasm
- Commitment to attending the meetings
- Only allow new members into the group with the unanimous consent of everyone in the group
Even with a screening process your group may run across people who say that they are committed but then don’t participate, or who say that they are 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 behavior becomes evident. A “slacking” member will bring down the energy and fun level for the whole group.
Limit number of participants.
- Small enough so each can have time to be heard & supported each meeting
- Group size is usually 4–6
Establish guidelines for how the group operates.
- How often do you meet? Typically once or twice a month
- Day & Time. Work day time? Evenings?
- Meeting duration. 60, 75, 90 minutes?
- Location. You can meet in person or via online meet ups like Zoom
- Facilitator. Will you rotate each meeting? or elect one person for a few months? or one permanent person? The group should decide.
- Rules. Confidentiality, respect, courtesy, honor where each other are personally & professionally, celebrate successes, agree on these as a group at your first meeting
- Purpose. Establish a purpose that all agree to
Set a general agenda for the group meetings.
- Welcome. 5 minutes
- Share a recent success or breakthrough. 2 minutes each
- Take the “hot seat”. Each member gets 10–20 minutes each meeting or rotate 2–3 members per meeting. What do you need help with?
- Today’s topic. You may decide to create group discussion at meetings on topics that are applicable to everyone’s business or mastermind purpose. 10–15 minutes
- Share a resource. Share newly discovered apps, tools, contacts, and other resources. 5 minutes
- Next meeting topic. Decide on next meeting topic, if there is to be group discussion at meetings, so that the group can do research or assign the topic to one person. Or, each member takes turns sharing expertise in their area. 2 minutes
- Adjourn
Establish group leadership guidelines.
- Take turns acting as facilitator or choose a permanent facilitator
- Facilitator is responsible to move the meeting along, ensure each participant has a designated amount of time for sharing & support, keep discussion on track, summarize as you go and at the end
I believe in the power of a Mastermind Group. I have been a part of several that have helped me grow personally and professionally. These groups have energized me, lifted me up, have been a lot of fun, and created lasting friends and personal and professional contacts.
Is there an area in your life that would benefit from creating a mastermind group?
I am a life coach and small business coach. I help others get really clear on the life and work they would love to have, know that they can have it, and help them manifest it. Visit me at https://www.lauraraduenz.com
