Seven Strategies for Creating a Successful
Mastermind Group
Mastermind groups are nothing new. In fact, Napoleon Hill writes
about them in his classic, "Think and Grow Rich", in which he defines "Master
Mind" as the "coordination of knowledge and effort, in a spirit of harmony,
between two or more people for the attainment of a definite purpose." He
further adds, "No two minds ever come together without thereby creating a third,
invisible intangible force, which may be likened to a third mind." He believed
that a group of like-minded, achievement-oriented people could dramatically
leverage each other's success.
About a year ago I joined forces with
several business colleague and we have begun our own virtual mastermind group
for solo entrepreneurs who want to build their businesses online. We're a
diverse group -- we have a business coach (me), a virtual assistant, a
subscription website owner and co-owner of a cleaning company, a professional
organizer/time management coach, and a marketing consultant. Instead of meeting
in person, we meet twice a month on a teleconference bridge line.
Here are issues to keep in mind as you begin your own mastermind group:
1. Ensure all participants have similar interests. In our case,
we've only invited others who are self-employed and either currently have their
business online or want to create a viable online business. I like the
diversity of industries in our group, and think the fact that we don't know a
great deal about each other's industries will enable us to bring great new
perspectives to the table, as we'll force each other to "think outside the box",
since we won't be constrained by preconceived notions of what will or won't work
in each industry. You may want to have all members from the same industry but
who serve different segments of the same industry, like insurance agents, or
bring people together who have some other common interests, like a hobby.
2. Screen your applicants. My colleague and I simply
brainstormed about people that we knew who all happen to share similar values:
-- the desire and passion to create extraordinary
businesses
-- love to help others create success and are supportive
-- have integrity and are trustworthy
-- respond well to feedback
-- seek win-win agreements and solutions
-- commitment to attending the meetings
-- want to get to know each other on a personal, as well
as professional, level
If you open membership to the general public to increase your numbers, you will
want to determine some key core characteristics that you're seeking in new
members and ask the appropriate questions to ascertain if the applicants possess
these characteristics.
3. Limit your number of participants. I think the ideal group
size is 4-6. We currently have 5 members, and may decide to include a sixth at
some point. A smaller number of members will ensure that all get to be heard in
the group and that all get to participate.
4. Establish guidelines for how the group operates. You'll need
to determine the date, time, length, and location for the meeting. You may have
someone to volunteer to host the meeting each month, rotate hosts, or meet in a
restaurant or coffee shop. Your group will also want to discuss some "rules of
the road", like issues of confidentiality, respect, how or if you share info
about colleagues or other businesses, etc. Keep the rules short, simple, and
clear to maximize the effectiveness of your group.
5. Set a general agenda for the group meetings. You may want to
pick a topic or focus for each meeting, from discussing tax strategies to
valuable resources you use to evaluating each other's marketing materials. We're
trying out two things--sharing a recent success or breakthrough (either business
or personal) and sharing a resource that the others might find valuable. I'm
going to suggest adding a time where each of us gets a limited amount of time to
share a problem or issue with which we need help. Our proposed meeting agenda
is noted below:
-- Welcome
-- Share a recent success or breakthrough (personal or professional)
-- What do you need help with?
-- Tonight's topic:
-- Share a resource
-- Next meeting topic
-- Adjourn
6. Establish group leadership guidelines. There should be some
consensus as to whether or not the group will have a facilitator or leader, and
what role that person will play. I think groups have a better survival rate if
there is a facilitator in charge to move the meeting along. Your group needs to
decide if that role will be permanent for a defined length of time, or will
rotate among group members from meeting to meeting.
7. If at first it doesn't work, try something different! Your
first stab at establishing how your group operates may not work. If some aspect
of the group isn't working, be flexible enough to try something different until
you find the right combination of factors that works well for your group.
I love the energy present at our mastermind group meetings, and can't wait to
see the results at the end of the year from the synergistic power of the group.
If you feel like that you're isolated and that no one understands the problems
of your business, create your own mastermind group using the guidelines above.
It may be the best step you take for your business this year!
(c) 2008 Donna Gunter
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Ask Donna an Internet Marketing question at
http://www.AskDonnaGunter.com. Read about running an online biz at her blog,
http://www.GetMoreClientsOnlineblog.com.
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