In this article I’ll lay out what a mastermind group is, the benefits of having a mastermind group, and concrete strategies and actions you can take to start your own mastermind group today.
What Is A Mastermind Group?
The first place I came across the concept of a mastermind was in Napoleon Hill’s Think and Grow Rich. In it, Hill describes a mastermind group as: In my experience, my mastermind groups have formed around multiple people striving for a common purpose – from goals as small as college admissions and improving fitness, to as large as your entire life.
What Are The Benefits of a Mastermind Group?
Mutual support. I like to form groups around a specific activity, but even with differing goals you’ll be able to lean on each other for support. Many times when my progress has slowed on a specific goal, the members of my mastermind are the only people who really understand what has been going on behind the scenes, and give me support in spite of my failed efforts. Differing perspectives. Hearing the different views my fellow mastermind participants have allows me to see issues I wouldn’t otherwise become aware of – in my life, and in my approach to my goals. Whether I agree with their assessment or not, it always gives me a better understanding of how I can better improve my approach. Resources. Everyone in your group will have access to a different skillset and network of people. I’ve often found that when I ask for help in my mastermind groups, these resources help me make progress in ways I never could by myself. Accountability. My fellow group members hold me accountable to goals I set. In addition, just knowing that I have a regularly scheduled meeting internally drives me to make progress – because I don’t want to be the only person reporting back that I haven’t made an effort to move my projects forward.
How Do I Start a Mastermind Group?
Starting a mastermind group is deceptively simple in its steps:
Pick a Topic. This may be as narrow as you like, or as broad as you like (such as your entire life). If you are new to mastermind groups, I would recommend picking one specific aspect of your life to start out with. Perhaps fitness, your career, school, or some other broad area that you would like improvement with. Pick your Partners. I’ll discuss this in detail below. A mastermind group is only as good as the people in it – pick your partners with care. Agree On Ground Rules. I’ll provide some guidance below, but keep in mind the purpose of setting rules is not to stifle anyone – the purpose of the rules is to ensure everyone benefits from the mastermind group. I like to keep a loose set of rules and count on mutual respect of the individuals to keep everyone in line, but you may choose to have strict ground rules if you like. Meet!
Who Should I Invite Into My Mastermind Group?
Two words: mutual beneficiaries. Any member in your mastermind group should not only be able to provide you with sound feedback and advice, but should be able to receive some benefit from your feedback as well. Some qualities I look for in a participant include:
Similar Drive and Commitment. You want everyone in the group to be similarly committed. If one person is striving to compete in a bodybuilding competition, while you’re just trying to cut the sugar out of your diet, you may not be compatible for a mastermind group. Diverse Skill Sets. For me personally, I am very analytical and approach things from a scientific, engineering perspective. I enjoy mastermind groups where some people share this perspective, but also gain valuable feedback from people who are perhaps more abstract and in touch with their emotions (as opposed to a “cold” analytical approach). Problem Solvers. This is my personal preference, I like partners who are active problem solvers. My purpose in a mastermind group is to get feedback, solutions to my issues and move forward.
I like to limit mastermind groups to between 3 and 5 people. This keeps meeting short, in depth and on point. You can experiment with more or less, but I recommend starting with 2 or 3 if this is your first time with a mastermind group.
How Do I Run A Mastermind Group?
Three Question To Kick Start Your Mastermind Group
If you’re ready to start a mastermind group, you may want some very basic structure help you in the beginning. These three questions never fail to get my mastermind groups off to a great start. As your group evolves, you’ll come up with your own agenda and questions that you’d like each member to answer – but if you don’t know where to begin, this is a great place to start:
What Are You Working On? Nice and broad, and each member can answer with whatever they feel comfortable sharing. What Did You Learn? Very often my groups are focused on similar goals, and lessons learnt by one member benefit all of us. What Do You Need Help With? By having a specific question on the agenda, this helps take pressure of members who want to reach out to the group for help.
Your Thoughts and Strategies?
What do you think? Have you run a mastermind group before? Do you have additional tips to share, or perhaps pitfalls to avoid?
