The most successful leaders and change-makers throughout history have all had a mastermind group. Think of King Arthur and the knights of the round table. A mastermind group is a peer mentoring concept where individuals join a select number of people with common goals; supporting and challenging one another to exceed their expectations. The ultimate goal of a mastermind group is to propel its members to new heights. A mastermind group gives its members foresight and vision to reach their next-level goals.
The term ‘mastermind’ comes from Napoleon Hill, the author of the famous business book Think and Grow Rich. He defined ‘Master Mind’ as a ‘coordination of knowledge and effort, in a spirit of harmony, between two or more people, for the attainment of a definitive purpose.’ When great minds come together, magic happens. So is a mastermind group what you need to scale your business?
Here’s what to consider when creating or finding the perfect mastermind group.
1. Find the right tribe.
Your vibe attracts your tribe, but your tribe can also create your vibe. It goes both ways. You probably know of Jim Rohn’s quote that ‘we are the average of the five people we spend the most time with.’ Surrounding ourselves with visionary leaders who can elevate our thinking and challenge the status quo will motivate us to improve our personal and business situations. A tribe is a group with a common goal. When you find your goal, you will find your tribe. The right tribe is a group attracted to and interested in a particular topic, industry-specific business, mental support, or has a focus on solving a specific problem. Here are some common Mastermind group goals:
- Brainstorming and sharing million-dollar ideas
- Sharing knowledge and expertise on a specific subject
- Peer accountability and support
- Collaborate and dominate an industry
- Mastering leadership skills
- Smashing business goals, 10X a business
- Problem-solving and sharing challenges
2. Don’t just let anyone into your mastermind group
The quality of the people in your mastermind can make or break the group. Ensuring you qualify members early is fundamental to maximising the chances of success for your group.
Three main criteria to assess new and existing members are;
- their level of commitment,
- how motivated they are,
- and, whether they have a growth mindset.
Everyone needs to be committed to the cause and the purpose of the mastermind group. For example, if the main goal is to 5X each other’s profits over the next five years, this will require rigorous planning and consistent hard work from every group member. Do the members have enough time to commit to the cause? Do they want to hold themselves and their businesses accountable? Do they have the skills, experience, investment, and mindset to work toward the group’s goal? We need to understand the primary motivation and desires of the group members, as well as their personal lives. Are they intrinsically motivated? They may want to leave a legacy or generate more profit to sell their business. Are they looking for investors? Do they want to make the company public? Do they want to create positive change in their local community? Do they want to spend more time with their families? Do they want to be able to retire on an island in 5 years? Knowing each member’s bigger vision will enable you to understand what is motivating them and understand if they are aligned with the group’s purpose. A growth mindset is an essential criterion for members. Leaders join mastermind groups to grow their leadership skills as well as their businesses. If someone is stuck in their ways, thinks they know everything, or is not receptive to new ideas, they will surely bring down the group’s energy and create counter–productive brainstorming sessions. These nay-sayers must be identified and removed as soon as possible or they may turn off members and quickly dissolve the group. There’s no place for big egos in a mastermind group; everyone should feel free to give and receive feedback and advice.
3. Cap your group
Mastermind groups are most effective when there are less than 15 members, however, you can have a mega mastermind group of up to 100 members with smaller sub–peers. The most successful mastermind groups are small because it’s easier to build trust and hold each other accountable in the smaller groups. Personal challenges and private company information are often shared, so people are more likely to open up in a smaller intimate mastermind. Confidentiality is expected of all members, and everyone is required to sign a non-disclosure agreement. As mastermind groups are usually made up of people who complement each other’s skills and expertise, you will often find exclusivity to some types of businesses or expertise within those groups, forcing the group to stay small. When the members complement each other, it’s much easier to collaborate and share experiences which, in turn, will add value to the group.
4. Make the meetings productive.
Mastermind groups for business owners will generally meet monthly, quarterly, bi-annually, or yearly, depending on the timeframe they set to reach their goals. Regardless of the frequency of the meetings, everyone needs to be punctual and available to be fully present for each session. The meetings are likely to run for to two hours, or more, to allow everyone to share challenges and experiences with the group. This is why it’s best to keep the group size small, between four to eight people. It is essential for everyone in the group to have equal time and respect their allocated times. Each meeting will need to have an agenda, a facilitator, and the minutes taken. Here is a proposed structure example for your Mastermind Group:
- The facilitator welcomes all members and reviews the shared norms you agreed together
- Each member to share a brief update on their progress
- Right now, I am feeling…
- My progress has been…
- My win was…
- Regarding my commitment, I…
- My goal was…
- The hot seat is where everyone shares what they are feeling and thinking about their projects, and new ideas they have. Other members get the opportunity to share feedback.
- A closing round where each member commits to an explicit action and goal to be completed before the following meeting.
So do you think you’re ready to commit to a mastermind group? It’s worth considering if you are looking to challenge yourself or find your next million-dollar idea!
Never under-estimate the power of a mastermind group; when members are aligned, committed and working towards a similar goal, magic really can happen.