Seven Strategies for Creating a Successful Mastermind Group
Copyright 2006 Donna Gunter
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.
I recently joined forces with a business colleague and we have
begun our own mastermind group for solo entrepreneurs who want
to build their businesses online. We're a diverse group -- we
have a business coach (me), a website designer, a college
entertainment provider (wax hands, 3-D photo collages,
build-a-bear, party inflatables), a wrought-iron fence
installer, and a voiceover/website narration specialist.
As we're starting to determine who we are and what we do and how
we operate, here are the steps we're using to figure out our
direction in the establishment of this 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!