How to Create a Mastermind Group: The Power of Many
Why a Mastermind Group?
A good Mastermind group can change your life. There is no better way to navigate the difficult challenges in life, and in entrepreneurship, than the collective experience of others. When you surround yourself with smart and engaged people who share your view of life, you are exponentially more powerful than you alone. Mastermind groups allow us to tap into our shared know-how and wisdom to help each other solve problems together, or keep us accountable to achieve the goals we set for ourselves.
The concept of the Mastermind Group was formally introduced by Napoleon Hill. In his timeless classic “Think & Grow Rich,” he wrote about the Mastermind principle as:
“The coordination of knowledge and effort of two or more people, who work toward a definite purpose, in the spirit of harmony.”
“No two minds ever come together without thereby creating a third, invisible intangible force, which may be likened to a third mind.”
You’ll gain tremendous insights, which can improve your business and personal life. Your Mastermind Group is like having an objective board of directors.
You will receive:
- Experience, skill and confidence
- Real progress in your business and personal life
- An instant and valuable support network
- A sense of shared endeavor – there are others out there!
Steps to Create your Mastermind Group
1 Choose the Right People
Because of the group nature of a mastermind group, a commitment is required. Look for highly motivated people who are willing to ask for and give help and support.
You want 2 to 8 people who:
- Share similar experience levels
- Share similar ambition levels and desires for achievement
- Share similar values, beliefs and ethics
- Are positive and forward thinking
2 What Type of Mastermind Group are You?
- Topic based – Formed around a specific topic such as weight loss, fitness etc.
- Mission based – A group with a shared singular mission.
- Business – To help members grow their business, regardless of niche.
- Goals and Accountability – To help members keep themselves accountable for their goals, business related or not.
3 Define Your Purpose
Once you’ve identified your group type, define the group’s purpose. Write a mission statement such as:
“The purpose of this group is to keep each other accountable with one common purpose – Be the Best We Can Be. We will meet weekly on line to check in with each other, review our annual goals and the progress we are making toward achieving those goals. Through our combined mind power and network we help each other to live for our purpose and reach our highest goals.”
4 Develop a Formal Agenda
Set a schedule and stick to it so that your meetings are as productive as possible. Rotate the meeting leader and time keeper each meeting so that all members share this responsibility. Also have a note taker. Some groups start their meetings with a prayer or a grounding exercise. Ask each member to share what successes or challenges they have had since the last meeting (1 to 2 minutes max). This is a wonderful way to celebrate and encourage each other, while also staying updated with what is going on with each member. Have each member state the goals for the upcoming week and any help they require from the other members. Assign the leader and timekeeper for the next week’s meeting.