How to Form a 'Mastermind' Group

by Michael Corthell

What is a mastermind group exactly? A mastermind group is a mix of brainstorming, education, and support in a group setting to enhance and sharpen business, personal skills and create new ideas.

A good mastermind group demands accountability from its members and through its shared experience and knowledge, helps members achieve success.

The master mind alliance was widely introduced by Napoleon Hill in his book, The Law of Success, and further expanded in his 1930's book, Think And Grow Rich. While Napoleon Hill called it a 'master mind alliance,' today it is called a mastermind group. Mastermind groups have been around for a long time because they bring their members success.

Benjamin Franklin belonged to such a group. He called it the Junto.

''No two minds ever come together without, thereby, creating a third,
invisible, intangible force which may be likened to a third mind.''
― Napoleon Hill, Think and Grow Rich

Members challenge each other to set positive goals, and encourage each other to succeed. The group demands commitment and confidentiality, plus a willingness to both receive advice, and offer advice.

A good, solid group will support each other with respect, honesty and compassion. The group members act as catalysts. They may play devil’s advocates at times, but they should always be supportive.

What a Master Mind is not:

It’s not a class. Your group will probably want to bring in guest speakers and teachers on occasion, but the primary focus of a mastermind group should be brainstorming, accountability, and support.

It's not a coaching group. Mastermind groups are about member to member sharing, not about facilitators and coaching. You will get everyone's feedback, advice and support in a well run mastermind group.

It's not a chamber of commerce or a networking group. You probably will share leads and resources with each other, but this is not the main focus of your meetings. However, through your connections within the group, you will find many networking opportunities.

What will you get by being a member?

Being part of an exclusive community. You have to be invited. You were invited because you are a good fit. And the other members need you just as much as you need them, so quality of experience and knowledge is important to the other members.

Great advisors. Removes the feeling of being alone while running your business. Your peers turn into business advisors and you become theirs.

Collaboration. Your mastermind group works together―to achieve more together.

Expands your business and customer network. Being invited and joining expands your network rapidly and exponentially.

Gaining new information and insights. Everyone in the mastermind alliance has unique in skills and experience. They will be shared. It is a near certainty that someone will have a solution for you. You, in turn, will be able to offer solutions to them based on your own experience and knowledge.

Co-op advertising and cross-promoting. You will most find ways to help each other though cross promotion.

Become a big thinker. The group will give you a true Master Mind. It will just come naturally as you interact with the group. You will think outside of the box, stretch your boundaries and do amazing things.

You will gain amazing insights. Insights that will improve your business and personal life. It's like having a objective board of directors, and a cheerleading team. It is a peer support and advisory board.

One last thing. You'll make many new friends and have fun!

FMI

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Mastermind Groups: A Bond in Business

by Lucas Kollmann