5 things you must know for a successful mastermind.Mar 14, 2022
How to HARNESS the ENERGY of a MASTERMIND GROUP
There's a seldom-discussed concept behind the success of every renowned athlete, famous musician, successful entrepreneur, or even business leader I know - and virtually everyone you can think of. No, it isn't because they have an outstanding IQ or academic record, the right family name, or good looks.
Here is the secret element - each of these people has surrounded themselves with other successful people, they have all used the Mastermind Principle.
A mastermind group sounds like something that would be the exclusive realm of super-successful people, but it’s not. It can actually help anyone who wants to make progress in any area of life, from improving your career to growing as a person.
In fact, many people have found out they were using this tool without even realizing it! A mastermind group is simply two or more like-minded individuals with similar goals and aspirations meeting regularly to share information, ideas, and resources for mutual success.
A few weeks ago Warren Buffett tweeted this "Surround yourself with people that push you to do and be better. No drama or negativity. Just higher goals and higher motivation. Good times and positive energy. No jealousy or hate. Simply bringing out the absolute best in each other." This is exactly what a mastermind group or alliance is.
In the last few years, I have seen a ton of people and companies calling their course, their webinar, or workshop a mastermind, and they ARE NOT Masterminds.
1. What is a Mastermind group?
A mastermind group is simply two or more like-minded individuals with goals and aspirations, meeting regularly to share information, ideas, and resources for mutual success.
The concept of surrounding ourselves with successful, thinkingBIG people is as old as the history of man. In ancient Greece, the likes of Plato, Aristotle, and Socrates all surrounded themselves with those who would challenge their own thinking and expand their arsenal of possibilities.
Socrates is well-known for his belief that all growth takes place through “discourse,” the process of discussion.
High achievers throughout history have shared insights in the small groups that fostered discourse and opened the doors to ever greater success.
I think one of the best descriptions was from Napoleon Hill and his concept of the “mastermind alliance” that he introduced in his book from the 1920s, The Law of Success, and expanded upon in his 1930s book, Think And Grow Rich.
While Napoleon Hill called it a “mastermind alliance,” it’s the same as the modernized term “mastermind group.” And it’s THE ONE concept people most reference when they credit any one thing with helping them become successful.
In a true mastermind group, you get a combination of brainstorming, mentoring, peer accountability, and encouragement, access to Infinite Intelligence, in a group setting to help you develop your business and personal skills.
The mastermind principle is based on the idea that "a rising tide lifts all boats." This means that when you surround yourself with successful people, you will become successful. This is because you are constantly exposed to new ideas and strategies, and you are held accountable for your actions.
I have been a member of several mastermind groups over the past 20 years (even before I knew what one was), and I have seen firsthand how powerful this tool can be. In a mastermind group, I have received access to expert advice, encouragement, accountability, and more importantly.. ideas from infinite intelligence that not a single person in the group could have come up with alone. This is why I believe that every entrepreneur should join a mastermind group.
I notice many people struggle to develop an idea, start a company, or simply grow as individuals without taking advantage of this principle.
I've always been interested in the notion of "compounding energy" - that phenomenon in which the whole is greater than the sum of its parts (1+1=3).
Have you heard of a draft horse?
A draft horse is usually a big, heavy horse used for farm work and is generally configured by two horses hitched to a plow.
Each draft horse can pull about 8,000 lbs by itself. So we would think logically, two Draft horses together could pull about 16,000 lbs. But the truth is that together they can pull about 25,000 lbs and with a little training they will go to nearly 32,000 lbs. That’s twice what we could mathematically expect. But that’s the incredible power of the mastermind principle. It’s the unique combination of power that comes from working together and from the spiritual power from the universe that is added to the process.
I don’t know anyone who has become extraordinarily successful in any area who has not utilized the principle of the mastermind group (Whether they consciously know it or not). At this point, I can’t imagine spending even one month without access to one of my mastermind groups.
I want to encourage you to gather together in a structured, repeatable environment for the success of everyone in your group.
2. Joining a mastermind group can provide you with the following benefits:
There are many groups that we join, that in essence, are a form of a mastermind.
Back around 2008 I started getting into shape and started running. I ended up joining a run club. The benefits of a run club group are many. First, it provides camaraderie and support. Everyone in the group knows what it's like to struggle with running, and they can offer words of encouragement when needed. Second, a run club group provides accountability. If you know you're going to have to report to your friends each week about how many miles you ran, you're more likely to stick to your running routine (actually we didn't even need to report back, all of our workouts were posted online in software called Strava, I remember being on 15 mile runs thinking I am not going to make it, but if I don't everyone is going to know, and I can tell you 100% I would have quit some of those runs if that was not in place). Finally, a run club group can help you improve your running skills. By sharing tips and advice, members of a run club group can help each other achieve their running goals. A run club is just a verticle mastermind group.
You may have heard of groups like Alcoholics Anonymous and Weight Watchers that demonstrate the power of collective accountability and seek to create communities around people’s dreams and goals.
This is one of the most important benefits of a mastermind group. In a mastermind group, you are held accountable for your actions by your peers. This can help ensure that you stay on track and achieve your goals. Just like a run club, when I tell my group my goals for the week, month, or quarter, I have personal accountability to hold up and it raises the bar on what is expected of me. If I miss one of my goals I said I was going to do, that I said was important for moving closer to my dreams. My group will question me and hold me accountable to MYSELF.
Diversity of Thought
The benefit of having a "diversity of thought" in a mastermind group is that you are able to get more ideas. When you have a variety of people in the group, you are able to get different ideas on how to solve problems and achieve goals. The group can brainstorm ideas and strategies to help you overcome any challenges you are facing. Additionally, having different backgrounds in the group can help you learn new things and grow as a person.
Another important benefit of a mastermind group is the encouragement factor. In a mastermind group, you are surrounded by others who are striving for success and who will encourage you to achieve your goals. Remember what Warren Buffet said "No drama or negativity. Just higher goals and higher motivation" This type of environment is conducive to achieving success and the support system in a mastermind group can provide you with the encouragement you need to keep pushing forward when things get challenging.
One of the most important benefits of a mastermind group is the relationships you build with others in the group, and how they know someone who knows someone. I think of it like the game "Six Degrees of Kevin Bacon" a concept which posits that any two people on Earth are six or fewer acquaintance links apart. Almost every person I interact with, personally and professionally have been the result of a mastermind group.
3. How do I find a mastermind group to join?
There are a number of ways to find a mastermind group to join. You can search for one online, or you can look for one in your local community. There are likely a number of groups available in your area, and it's important to find one that fits your needs. In the last few years, online masterminds through software like Zoom have enabled tremendous possibilities for us to find the right tribe.
When looking for a mastermind group, be sure to consider the following factors:
The size of the group - I recommend 6-12 People in your mastermind group. Most people find that 8 is the ideal number.
The purpose of the group - Are you going to join a general or entrepreneurial type mastermind, are you going to join a Niche mastermind (IT Professionals, Lawers, etc)
The goals of the group - I recommend finding a mastermind that is designed like what I describe next in Starting your own mastermind. That follows Napoleon Hills' description of a mastermind.
The location of the group - DO you want something Local or Online
The cost of the group - Most formal masterminds have a cost or fee associated with them. These fees can range from $100 to $1000's per month. Determine how much you are willing to invest.
4. How do I start my own Mastermind Group?
Choose people who are already where you’d like to be in your life—or who are at least a level above you.
Many people at a higher level will want to become involved simply because they then get to share with a group they might never organize for themselves. The other people you’re going to invite are people they would like to be around, too.
The truth is, most people are not in mastermind alliances. And if you can start one they’d like to be involved with, they might just join and open a whole new world for you
Make a list of 10-15 people:
who you would choose to be in your mastermind. These people should have the knowledge, experience, or resources to create and carry out your plan that would achieve your goal.
Find people driven by excellence
In a Mastermind Group, slackers aren't much fun. They may be your friend, but you don't want them in your group. People who have a track record of achieving goals are ideal.
Find growth-oriented people
You'd be astonished at how many individuals do not read one book every year. If growing and learning are going to be key elements of your mastermind, target individuals who are already readers and thinkers. It won't work for someone to promise they'll start reading once they've ignored it as a priority for years.
Find people with a wide range of abilities
Don't look for copies of yourself. Welcome people who bring diverse personalities and work abilities to the table. You have your own viewpoint, belief, and way of doing things. You want members in your group who will push you out of your comfort zone. At the same time, you'll want to choose people who have a high degree of integrity and who you can trust.
Find people who are proven, problem solvers.
Your Mastermind Group's mission is to generate creative ideas, discover new answers, and strive for excellence and success you haven't yet achieved.
Find people who are Interdependent
You don't want people who expect others to fix their problems or correct their errors. You want individuals who have the ability to accept constructive criticism, speak "the truth in love," and develop ideas on their own.
Find people who are honest and dependable
Integrity is the most prominent characteristic of extremely successful individuals. This extends beyond honesty; you're looking for people who live their lives with integrity in all aspects.
Find people who are Are success-oriented
You want people who aren't satisfied with things as they are. The goal of a Mastermind Group is personal development, and those that aren't seeking more would slow down the progress of everyone else.
Select 6 to 12 like-minded individuals.
The best mastermind groups are those where everyone shares the same growth goals and aspirations. Look for people who are positive, motivated, and supportive.
Set ground rules and guidelines.
Once you have your members, set some ground rules and guidelines for how the group will operate. This will help ensure that everyone is on the same page and that the meetings remain productive.
5. How do I run my own Mastermind Group?
Once the group is established, add others with unanimously agreed-upon individuals who will work in total harmony for the good of each other and for the good of the group. In some paid masterminds this is the job of the facilitator.
Meet Weekly or Biweekly:
Meet weekly, if possible, for an hour to an hour and a half. This meeting must be held sacred as a life-enhancing priority. The meetings should be upbeat, enriching, encouraging, and beneficial to each individual and the group’s purposes. As we say in one of my groups, if you don't make a meeting you better be in the hospital!
Play All Out:
In order to get the most out of your mastermind group, it's important to be an active participant. This means attending all meetings, coming prepared, sharing information and ideas, and collaborating on projects. By being an active member, you'll get the most out of the group and ensure that everyone else in the group gets as much value as possible.
Start With Positive
Start each meeting by having each member share something positive and good that happened since the last meeting. Everyone should have at least one win. This will set the tone for the meeting. As high performers, we rarely pat ourselves on the back and that is exactly what this is about.
Share Problems or Opportunities:
Each member should share an opportunity or problem they have experienced at least once a month, and ask for whatever support they would like on it. Appoint a time-keeper to make sure that everyone gets the same amount of time. This is important if you want your group to last. Everyone must get value.
End each meeting by sharing appreciations and acknowledgments.
If you are looking for a way to take your life to the next level, you need to join a mastermind group!
Whether you're going to join a general or entrepreneurial type mastermind, going niche, or setting up your own; knowing what we discussed will help you with the important steps in this process.
If you're looking for help in joining one of my mastermind groups, starting or running your own successful mastermind group, I am ready to partner with you, I know how to make that happen! Let me know if there's anything else I can help you with.