First time I heard the phrase ‘Mastermind’, I had visions of a James Bond scene where some sadistic, cat stroking maniac told his minions all about his plan to take over the world!
It was only a fleeting vision you understand…
Surprisingly, I’d been in a variety of personal development groups for years and the term Mastermind had been used to describe everything from simple business meetings to ballrooms of hundreds of people.
But, it was while reading ‘Think and Grow Rich’ by Napoleon Hill, when the full understanding of the power of being in a Mastermind really hit me for the first time and I realised there was something missing from these groups.
On a side-note… isn’t it interesting that these groups are always called ‘Elite’? More on that another time…
Back to Mr Hill. His book was written in the 1930’s after two decades of research into the successes of some of the richest men of that time. Yet, almost a century later, the principles within still resonate with business owners and entrepreneurs the world over.
Hill’s research concluded, behind every successful business person is a Mastermind. He observed, when several minds come together, in a spirit of harmony and with common purpose, they create a synergy within the group that could not happen with one person by himself. The creation of a ‘third mind” if you will.
Masterminds allow participants to come together and discuss their goals and challenges in an environment of trust, where they won’t be judged, criticised or ridiculed. Group members then offer suggestions, insight and support to each other that they would not normally receive elsewhere.
As group members are most often, from different sectors, providing insights from different perspectives. You may find yourself coming up with an idea that never occurred to you before as you are inspired from the synergy in the group. Or you may even be the inspiration for another member in the group.
It’s also important to not underestimate the power of observational learning. You can often learn more from other members’ sessions than your own as you’re free to observe the process without being “inside” it.
Don’t misunderstand, this is not a ‘support’ or ‘networking’ group… it goes far beyond that. It’s about having a solid group of success-focused, like-minded people working on common purpose.
What makes a Good Mastermind Group
Leader – A good Leader is often the difference between having a group that is efficient and productive and one that is frustrating and ends up dissolving quickly. They will have been in a Mastermind for at least 12 months and will understand coaching and mentoring principles.
Structure – Good Masterminds have forums for regular contact between members, a direct line of communication and one to one sessions with the Leader, a place to share documents and of course a calendar to schedule regular events, each with a detailed agenda.
Purpose – Good Masterminds should be created with a clearly defined purpose. “Increasing the profitability of each member of the group by a minimum of 20% in the next 12 months” is far easier to measure in terms of success.
Group Size – Group numbers should be kept small enough (somewhere between 6 and 10 people) to ensure that everyone can participate. Enough people to ensure interaction and ideas flow but not too many that stifles opinions or challenges.
Bond – In a Mastermind, friendships can be created that last a lifetime as members build trust and empathy that extends far beyond the meetings themselves.
Participation – It’s critically important, that everyone in the group participates. Your peers will give you feedback and will expect your feedback in return.
The Benefits of being in a Mastermind
I’ve found that the benefits of joining a Mastermind group vary from one person to another, but here are some of the most common…
Accountability – The group (and Leader) holds you accountable to what you say you are going to do. When you know you’re going to be meeting with your Mastermind group in a few days, you make sure you have something positive to report on your progress.
Confidence – That feeling of “not being good enough” that we all have from time to time can be paralysing and often holds many people back from joining a Mastermind. It can be a great boost to your confidence to learn you have as much to give as you have to gain. It’s amazing how a simple idea of yours can become a game changer for another member and helps you realise your own potential.
Resources – Whilst this process is not about networking you will naturally find yourself with a growing list of contacts and resources. Usually without even looking for them and in general conversation, another member will ‘know a man who can’.
Perspective – It’s incredibly refreshing to belong to a Mastermind group with people of differing views and perspectives. At the same time, you offer a completely different perspective to someone else and therefore open their minds.
Support – The Mastermind group is a safe place of mutual support at all time. You will never find someone putting down your ideas. They may ask you questions or encourage you to see things from a different perspective, but there is always respect and unreserved support for your success.
Encouragement – Celebrating successes, no matter how small they seem, with your fellow members and receive their encouragement is a massive boost to moral. Similarly, if you’re struggling, you’ll be amazed how that encouragement can help you stay positive.
Energy – A good Mastermind will bring energy back to you and help you fall in love with your business again. I always feel energised after meeting with my group and that energy carries me for days afterwards. It’s like a shot of what I call ‘Binsulin’ (Business Insulin).
Experience – Some of your peers will have “been there, done that, got the t-shirt”, they’ll have experience in areas you don’t and you will be able to leverage that experience.
Expertise – The same applies for more specialist knowledge. There may be parts of your business you simply don’t know enough about but your peers can help or point you in the right direction.
Synergy – My favourite part of a Mastermind. An idea or concept, once started, will suddenly gain a life of its own and, often end up completely unrecognisable, sometimes nothing to do with the original idea. Partnerships, Joint Ventures and even completely New Businesses can also rise from this synergy. So if you’re a business owner, and any of the following questions keep you awake at night, maybe you should join a Mastermind?
How can I achieve my dreams, ambitions, goals and objectives? How do I overcome the challenges that hold me back?
How can I delegate most of the things I do daily to my staff?
How do I get to spend more time with my family? Where do I get help and support from? How can I grow my business? How can I remove myself from the business? How do I stop being the lid on my business?
Jim Rohn said, “we are the average of the 5 people we spend the most time with” and Einstein said, “the definition of insanity is doing the same things over and over and expecting different results…”
What will you change today?
