Most people I've come across who run their own business have goals planned out for what they want to accomplish. They are really passionate about their goals and want to achieve them but for some reason never seem to get there because "life" gets in the way.
A large benefit of any Mastermind Group should be the Accountability Partner. If you commit to someone else you are more likely to follow through on your goals than if you just tell yourself. Having someone to push you and bounce ideas off of also helps.
Blogger Debbie Lousberg discussed this topic in a recent post of hers:
"Get support. Find a friend, coworker, or hire a coach to keep you accountable and moving forward. Check in weekly with that person to track progress and celebrate victories you have along the way."
By sharing your goals with someone and asking them to help you stay on track toward achieving them, it's not so easy to just shove them into a drawer for the next several months and hope they come true somehow. A little bit of self-induced pressure to meet a goal and keep your word with someone is great motivation! Choose this person carefully - someone who is objective, not too emotionally tied to you, and won't let you off the hook. Your "accountability partner" may be a friend, co-worker, mentor, coach, or even a small group of colleagues, such as a Master Mind group. Even better if you can reciprocate by holding them accountable to their own goals.
Make arrangements to meet or phone the same time every week to check in on progress and successes. As this person becomes more understanding of your goals and actions, they may be able to provide ideas, information, contacts, and resources as well. They become an important piece of your network.
HueinaSu recently posted to her blog about Building A Success Team. Among her suggestions to building the success team, she discusses: Accountability Partners, Calling in the Professionals, Coaching, and Daring to Connect.
Of particular interest to me was her thoughts on Finding the Right Crowd and Masterminding:
Be very careful about who you tell your goals and dreams to. You want to share your dreams and goals only with those who will support your vision, believe in you, and help you succeed. Sometimes as you make positive changes in your life, you would find that not everybody around you is happy and supportive of your new endeavor. Even your own family or friends could be "pulling your leg", because they might be jealous or afraid that your relationship will change. So, be very careful to keep your dream and goals only to yourself and those who you know will support you.
Jim Rohn, self-made millionaire and successful author, said "You are the average of the five people you spend the most time with". You want to surround yourself with people who are more successful, or at least as successful as you. You will be inspired by them and receive resources from them. Joining or creating a mastermind group is a great way to surround yourself with like-minded, driven, successful people that will propel you to higher level of success.
If all your friends want to do is complain about their problems, maybe it's time you make new friends. Don't get me wrong. Sometimes you do need to vent and release the emotions. But, there is a clear distinction between occasional venting and chronic complaining. If you find yourself in "The Whiners Club", get out of there and join a mastermind or support group instead.
Mastermind Groups are a great way to meet creative, innovational, and thought provoking people. You bounce ideas off of each other and collaborate and elaborate on each of the ideas. Some of the best discussions have come from seemingly "ridiculous" ideas, but once you start going through the process and discussing the idea, it actually creates a positive and energizing dialog.
What happens after you've been in the same group, with the same people month after month?
It starts to get boring!
There are a couple of things you can do to prevent this problem.
The first is to make sure your mastermind group is constantly introducing new people each month. With these new people coming in, there are constant streams of new thoughts and ideas. In larger groups like this, there are people from every industry that can bring in fresh perspectives.
I belong in one group that has only five people, and it will always only have five people. Once a month, we invite someone to come join us for a meeting. This type of meeting is just to let the guest come in and inject us with new ideas and playing devils advocate.
This allows our group members to think in new and different ways, keeping us sharp and focused throughout the year.
I've been involved with another small group like this (that didn't want to grow its membership) and it failed. It failed because after some time, we couldn't come up with more creative ideas to bounce off of each other. We had all come to "think alike" and in any mastermind group, this is not good.
Whichever type of Mastermind Group you join, you must make sure that they have a process of introducing fresh ideas. Hopefully these two tips will help you achieve just that.
Jim Meisenheimer wrote for a blog called Earth Science and recently posted his 15 tips for getting motivated and being successful in 2007. They included:
Analyze what worked for you and what didn't during 2006.
Establish personal and professional goals in writing and put them on a white board in your office
Create action plans for all goals with specific completion dates
Call your biggest and best customers and thank them
Coming in at # 12 was Getting involved in a Mastermind Group:
Get involved with a mastermind group which means starting one if you have to. My group, Masters Speakers International, of course we had to give it a sexy name, has been meeting four times a year for 10 years. My time with this group of talented people has made a huge difference in my life and in my business.
It's great to see a group that has been successful for over 10 years! If you're looking for motivation and success in 2007 why not try out a Mastermind Group?
Taye Adamo writes a blog called "WinnersGarden." The post she most recently put up dealt with The Importance of People In Your Journey To Success.
Your achievement or success this year 2007 would be determined by the kind of people you hang out with. What do they do? What do they belief in? What do they confess with their mouths? Are they negative or positive thinkers? Is their belief ingrained in impossibilities? Are they a bunch of mediocre? Are they inconsistently consistent in their thinking and actions? Who are their friends? What goals do they set for themselves? Do they belief in their own abilities? What are their philosophies of life? what do they wear? And so on.
Brian Tracy once said that: "you cannot scratch with turkey and fly with eagles"; you cannot relate with mediocre, uninspired and unfocused people and expect yourself to be different from them. It is either you associate with people that can lift you up or you go out with those that would drag you into mud.
This has important implications for your Mastermind Group. You can have the best system and structure in the world but if you don't have the right people in the group, it won't be a success. You need to surround yourself with people who empower you, compliment your areas of expertise and fill in the gaps you are missing, can help you step outside your comfort zone to accomplish the goals you set out, and can keep you accountable for actually doing what you say you are going to do.
I came across an interesting blog today called "Life Strategies For Today." Today's post was on "Mastermind Your Way To Success."
In it, the author asks what Mark Victor Hansen, Robert Allen, Anthony Robbins, Andrew Carnegie, Henry Ford, Thomas Edison and Ben Franklin have in common - the answer being they all participated in Mastermind Groups.
The author goes on to discuss a Mastermind Group experience and how one particular group works that I thought was worth posting:
In groups of 6-8 we brainstormed how to raise $10,000 in three days. The ideas were mind boggling. As we got more and more excited, our ideas became more and more bold. One group said they weren't stopping at $10,000. They wanted to raise $1,000,000!
I have been in my mastermind for a year now and I couldn't be happier. My business has hit an all-time high. And I credit the habit of masterminding with the lion's share of my success. Here are some of the qualities that work for us.
Keep the number small. My group is 4 people but we could comfortably increase to as many as 6.
Meet regularly. We meet by phone once a week to go over successes and challenges. Plus we put one person on the hot seat for special focus. Then we also meet in person for an all day retreat a minimum of 3-4 times a year.
Don't make anybody wrong. There is no such thing as a bad idea. As soon as you begin attacking the creativity of the mastermind, the ideas will shrivel up. Keep the brainstorm going and you'll be astounded at the new levels of insight you reach.
Treat each meeting as if you paid $100,000 a year to be a member. A mastermind meeting isn't a coffee klatch. The only way it can truly be effective is if everyone takes it seriously and shows up ready to focus.
A word of caution - be very picky about whom you choose to make this commitment with. You will likely be together for a long time. Make it a goal for 2007 to be a part of a mastermind team.
It seems like publishing books online is becoming a rising trend! Here's another version of Napoleon Hill's "Think And Grow Rich" online if you don't already have a copy of the book.
A recent post in the Warrior-Wiz blog got me thinking about how success is contagious.
I just got back from Maryland and spending time with Lloyd and Vicki and their inner circle mastermind group out there. I am currently in Nashville with Ed Clay, another one of my creative real estate financing students and we are looking at buying some properties today and helping him start his own inner circle group down here. Man it is exciting.
One of the things that constantly amazes me in our Mastermind Groups is how the success of one member breeds the success of others. Entrepreneurs often need a motivational kick in the pants to get going and move forward on accomplishing their goals. There's nothing like begin surrounded by a group of other entrepreneurs doing great things with their businesses to help you get yourself into gear.
If you're feeling like you're in a rut with your business, go out and find a Mastermind Group to join. One night with a good group can completely change your perspective and help you take your company to a whole new level.
"Individual commitment to a group effort -- that is what makes a team work, a company work, a society work, a civilization work." - Vince Lombardi
One of the downsides of being a solo entrepreneur is the solo part. I've been a home-based entrepreneur for pretty much my entire working life - 15+ years. A lot of that time is spent working alone. But there's great value in getting outside of your own head, and having the input and feedback of others. By enlisting the help of like-minded folks - who themselves are successful - you increase your own success. Just like hanging with a group of unmotivated sad-sacks can drain your own motivation - joining a group of those focused on success adds fuel to your own passion to thrive.
Enter the Mastermind Group
I've had the privilege of being part of several Mastermind Groups over the years. Each one brought its own dynamic and perspective. I've also recently joined a new group of masterminds that includes Chris Cree, Phil Gerbyshak, Kirsten Harrell, Kammie Kobyleski, Thom Quinn, and Troy Worman. The benefit of a Mastermind Group, particularly for the solo entrepreneur, is the diverse thinking, with a similar focus. It can be a sort of advisory board, where challenges that need more than your own thinking can be explored. A good Mastermind Group can offer growth, awareness, and new view-points. It's important when you work for yourself to get feedback and input from trusted advisors, and a Mastermind Group can be one of the best sources of guidance available.
Yet, the real power of a Mastermind Group comes from the commitment and participation of all the members. As you work on your own goals, challenges, and ideas, you provide support for other group members, offering your perspective, knowledge and guidance. This cooperative approach has many benefits over traditional "expert-on-novice" models of advising. As a participant, you are more likely to gain as much as you contribute, and the success of the group will grow as each individual grows.
Being a solo entrepreneur offers some of the best opportunities for real success available. And though a solo performance can be the highlight of the show, without the backdrop of the rest of the cast, it can also be a very lonely performance.
I was reading Chris The Prosperity Guy and his most recent entry on Mastermind Groups and how many people to start with:
The best way to start a mastermind group is to find one person at a time. My experience shows that this is a good idea. Form a two person mastermind group and then look for a third that both of you agree on and build it up to six or eight people.
From my own experience we haven't started a group with less than 4 people. You need a small group to make sure everyone gets along and can agree on the direction. You also need to have enough people to make it interesting and valuable. The whole point of having a Mastermind Group is to leverage the energy, experience, wisdom, and network of the people in your group.
We start our groups with at least 4 members and build to 8.
Mastermind groups are a wonderful resource to learn and grow. There may be different interests in different groups but the end goal is the same. Sharing knowledge and information should be the mainstay of any group. Some groups have very specific goals, for example a group of sales professionals may share information about marketing, customer retention and business building.
Mastermind groups are not always formal groups. Many people belong to local book clubs. They read a book together have a meeting and talk about a specific chapter. This ladies and gentleman is a Mastermind Group. The goal is to discuss lessons learned and different points of view in a friendly atmosphere.We all have set points of view on a variety of subjects. Mastermind groups allow us to see things in a fresh and sometimes surprising way.
Regardless of what type of Mastermind Group you want to join or start the goals and objectives of every one in the group should be the same. They are not a place to tell people what to do but rather give them the tools that they need to reach their goals. We are all individuals and have different needs.
One of the most important aspects of a Mastermind Group is the willingness to be coached, the right mindset. If you already think you know everything you are not needed in the group. You may disagree on certain points and that's alright, but that doesn't disqualify the point that is being made.
All things in their purest forms consist of energy, whether it's something tangible like your body or intangible like your thoughts. The energy flows all around us. In a Mastermind Group that energy affects the entire group. When you're participating in a group it should create positive energy. You should feel energized and ready to go. You will be able to take the tools you have learned with your group and the positive energy and start working towards whatever your goals happen to be.
The "Master Mind" may be defined as: "Coordination of knowledge and effort, in a spirit of harmony, between two or more people, for the attainment of a definite purpose"...Napoleon Hill
Kristen Marie Schuerlein writes a blog on designing a life that you love. Her recent post was on creating an inner circle or Mastermind Group to help you achieve the success you're after. Kristen notes:
None of us get to the top of the mountain alone. Why would we when it is so much sweeter up there being surrounded by friends?
She goes on to make 5 suggestions for people considering creating or joining a Mastermind Group:
1. Determine the size of group, and carefully select members
2. Decide frequency of meeting and agenda for each meeting. One group I was in had a very formal agenda for each meeting, with a specific topic for discussion. Another was less structured, yet focused.
3. Be clear about expectations for attendance and behavior. Success comes from 100% participation. Without a rigorous commitment, the group will lose its power and sense of importance.
4. Always strive to be of service to others. Focusing on others first is the surest way to get the most out of your group.
5. Forget everything I just said, and build your inner circle organically. While I believe in the power of having a group that meets monthly or so, and that is committed to one another, I also believe in the power of one on one relationships and selecting your team over time. Honestly, either approach works. Perhaps you decide to have both. The bottom line is understanding the power of surrounding yourself with people up to big things, and seeking to give to others. This is a secret to success.
Many people seem to have enjoyed my first post on Evan's site, sharing the "recruitment" letter that we sent out to invite members to our 2007 Dental Mastermind Group.
Last Sunday afternoon I drove down to Birmingham to meet for the first time with our Mastermind Group for 2007 - 18 dental principals who will meet quarterly for a working dinner and then a full day of coaching.
In addition we will offer them:
Unlimited email access to myself and my co-coach Simon Hocken;
An individual 30-minute coaching call, once a month;
A group conference call once a month and
A group email facility so that they can communicate with each other.
On Sunday we met in our hotel bar for pre-dinner drinks and, to my delight, the atmosphere was vocal and friendly from the very start.
This happened because some were old friends who have met at The Dental Business School (my core coaching programme) and others who have met on our one or two-day specialist workshops.
When we entered our dining room, I asked the hotel staff to stand back whilst I formally greeted everyone and asked them to stand and share with the group:
Who they were;
Where they were from;
A mini-profile of their business and
A little known non-business fact about themselves (my ice-breaker)
Dinner was fun and, again, vocal. I retired to my room at 10.30pm and heard on Monday that the last group of 4 left the bar at 1.45am (I had warned them not to get too much alcohol in their system so, thankfully, there were few fuzzy heads the next day - but don't lose sight of the social element - many of my clients are single-handed healthcare professionals who seldom get out to play).
On Monday (9.00am start), the energy in the room was immediately electric and full of anticipation.
We spent the first hour presenting to them – rules, boundaries and objectives for the group together with an explanation of the support services I mentioned above.
Then it was straight into 2 syndicates – one of 10, the other of 8 (because we have found that more than 10 is too many and less than 6 is too few.
They have in common:
Ownership of a dental practice
At least one year of DentalBusinessSchool membership.
When we first created MMG's 4 years ago I mistakenly believed that I would be required to come up with sparkling new "advanced" material to engage their interest.
But we quickly discovered they had heard "the basics" but not implemented them all.
So the MMG evolved as an environment for implementation of the standard stuff they had heard me present on the core programme.
The format is to spend approximately 30 minutes helping each client to deal with specifics - facilitated by the coach but helped by all the other people in the room.
Themes yesterday were:
I need to employ a full-time business manager
I need to do the Patient Journey basics
I need to do the marketing basics
I'm still overwhelmed and my task list just gets longer
We agreed that, in fact, there was only 1 "to do" on their "to do" list.
The only "to do" is to employ people "to do" the "to do's" on your "to do" list.
Delegate to a business development manager, do dentistry, communication and leadership and let others do everything else.
My favourite comment of the day (from a client) - "have you noticed that there is a tit in the middle of practitioner?"
As always, we spent more time with the earlier volunteers for coaching and, as the day progressed, time became a pressure – but the later delegates require less time because many of their own issues have been addressed in earlier conversations.
Although we nominally allocate 30 minutes per member, it is important to reinforce that the objective of the day is to be results-based and not time-based. If the members get the answers they were looking for in 30 seconds that's OK. Move on.
If a member has been coached but complains that there are "15-minutes of my time left" they may be unsuitable.
The day flew by - and before we knew it there were farewells until next quarter.
A truly inspiring experience - I love the "buzz" of the mastermind group - which is why I am looking forward to attending my own MMG(as a delegate) on Friday this week!
There is an increasing number of Mastermind Groups starting online. I personally haven't ventured online with my Mastermind Groups because I question how to get the same value and keep the commitment level high as with a face to face group. I'm still, however, curious as to the various ways people are using Mastermind Groups to grow their businesses.
An example I came across recently was to have an open group in the form of a Forum where each participant would post their thoughts and follow the following structure:
1) Once a week, someone starts a thread in the Business forum, entitled (Name) Business Discussion - John's Business Discussion, Neil's Business Discussion, etc.
2) That thread is to focus on ONE aspect, or one problem, or one concern that person has for their business. The only discussion in that thread - in John's Business Discussion thread, for example - will be helping John achieve, or overcome, or answer matters concerning John's business.
3) Every week a new thread begins on another member's business and special topic.
4) Each thread may continue as long as it has life, and as long as it remains on topic.
5.a) This will alleviate any leadership problems 5.b) This will allow everyone to post when convenient, thereby overcoming time differences 5.c) The discussion can go on as long as required (weeks, months), and is not limited by time in a chat session 5.d) Goals could be discussed, set, encouraged, followed up and adjusted over time
6) For those who enjoy and feel they can get something out of a chat session could call for a chat meeting as part of their discussion thread, and the thread used to report on, and discuss further the points raised in chat.
I'm curious to see if this gets off the ground and how it works out. It sounds great on paper - the challenge is getting people to commit.
I've got a lot going on in my life: I'm married, I do a lot of public speaking, I'm a published author and I'm working hard on my next 2 books, I'm the sole author at 3 blogs, and offer contributions to several others, I'm president of a few non-profit organizations, I've got a full-time job as a VP at a financial services firm, and I'm going back to school soon for my master's degree. And I'm sure there are things I've missed that also take up my time, energy, and talent.
So with all of this going on, why on earth would I agree to be part of a mastermind group, something that undoubtedly will take time, energy and talent in ways I can't even begin to imagine. I came up with 3 great reasons to join a mastermind group, and I strongly encourage you to find a way to join a mastermind group of your own, because these benefits FAR outweigh the time commitment that's required of a mastermind group.
Mastermind groups offer new perspectives. Have you heard the old saying, it's hard to see what's on the outside of a bottle when you're stuck on the inside? This is why mastermind groups are so valuable. You can team up with people that are outside of your life bottle and see things you couldn't otherwise see. Additionally, the folks you choose will have different experiences than you, and can offer new ways to handle issues that come up, and can help you by asking you great questions that help you find the answer to get through those times you are stuck and in need of a breakthrough.
Mastermind groups offer a built in accountability circle. When you share your goals and with someone else, you help them help you be more accountable for the outcomes. One of the best ways to achieve something is to be constantly reminded about it, and a mastermind group offers 4 or more people that can ask you where you are with your goal, and offer encouragement if you've fallen away from your goal.
Strength where are you are weak. Nobody is good at everything. That's a fact. Joining a mastermind group helps you fill in those weak spots with people who have strengths you're lacking, if you build the group strategically. Find people who are organized if you're lacking organization, who have good writing skills if yours are lacking, and generally are gifted in areas you are not. After all, it's a lot more fun working in our strengths zone than in our weakness zone, and if we work together, we can ALL be stronger.
If you are not currently in a Mastermind group, I suggest you take the initiative to start one.A Master Mind group is a powerful way for people to support each other as they get clear about their goals and define what they need to do to accomplish them. The idea is that there is a powerful synergistic affect when 2 or more people come together in a harmonious alliance to assist each other.
I recommend 5-8 people to start a Mastermind group.If a group is larger than this it can become difficult to manage time and still give each person a chance to share and ask for input at each meeting.A smaller group can run into problemsand lose energy when one or two people can't make a meeting.
One of the important points to consider when you are forming a Mastermind group is to make sure that you get a group of positive people who are goal-oriented and motivated.Negative people or people who are always saying "yes, but..." will tend to stifle the energy of a Mastermind group and can result in a less harmonious and productive group.
You might want to start by asking people you already know and trust to join your group.Then ask new members if they know anyone who would be a good fit.If you are starting from scratch, I recommend that you screen potential new members over the phone or in person to make sure they fit with the overall spirit of your Mastermind group.It is much better to discover a mismatch before accepting the person than to discover this once the group is rolling.
I started a Mastermind group by posting an invitation to join on my blog.I wasn't sure if I would get any responses, so I was delighted when I ended up with 6 wonderful bloggers (Chris Cree, Phil Gerbyshak, KammieKobyleski, Tony D. Clark, Thom Quinn, and Troy Worman) who were willing to join.All 6 write blogs that I subscribe to and read regularly so I had a good sense that we would all fit well together.
Our group decided to meet monthly via a teleconference call.The calls will be recorded so that each member can replay the meeting anytime they want.We will support each other between calls through email and a private online forum I set up in www.gather.com.
KayleenReusser is a writer and keeps a regular blog to discuss her business and thoughts. She recently uploaded a post on Mastermind Groups that caught my eye.
After hearing about Mastermind Groups from a Toastmaster member who discussed Napoleon Hill's famous book "Think and Grow Rich", Kayleen picked up a copy and immediately set up her own group.
Getting together with people like that on a regular basis to share dreams and work towards them together, offering encouragement and advice, should help your goals be reached, according to Mr. Hill. Plus, the group will hold us to be accountable to striving toward our goals.
She founded a group with a few members of a local writer's workshop she attended.
We're meeting about once a week for a few weeks to share notes and information we've found about goal-setting, then we'll settle into a monthly meeting.
She's looking to build the group to a maximum of 8 people (also the maximum we use for our groups).
I would encourage new Mastermind Group founders like Kayleen to put some structure behind the groups. What is the weekly / monthly agenda? How long are the meetings? What is expected from each member? Who will facilitate the meetings?
Making sure you have a set structure in place will keep the group on track and allow it to keep going once the novelty of the idea has worn off.
JemmaTurrell writes a blog on Power Selling. She recently wrote a post called Master Selling. It it she discusses how a person with a technology background can transition into becoming a professional salesperson. Among her tips are:
Learn to be comfortable interacting with others
Consider taking a sales course
Develop a strong level of self-confidence
Remember: Everyone is a salesperson
The one I enjoyed the most was:
Seek mentors who have been successful in sales or sales management. Use them to bounce ideas off or and share your enthusiasm for being in sales. In the classic sales manual Think and Grow Rich, Napoleon Hill advocates the use of a mastermind group. This type of support can be wonderful in an advisory capacity. Think and Grow Rich is one of the most successful motivational business books ever written.
I'm always on the lookout for new articles that discuss Mastermind Groups. I'm fascinated by the different ways people are using Mastermind Groups to help achieve their goals.
I came across a resource that I foolishly overlooked before: my own website.
We have over 800 authors now writing for the site and many of them have already covered Masterminding and the benefits. From a simple Google search, here are some of the articles already on the site:
One of my resolutions/goals for 2007 is to start a mastermind group. ... So how do you start a mastermind group? How do you choose whom to invite into your ... www.evancarmichael.com/Starting-A-Business/841/Mastermind-Your-Way-To-Business-Success.html -
Sometimes called a "dream team" your mastermind group is made up of two or more ... You'll find one of the real values of a mastermind group is the ... www.evancarmichael.com/Entrepreneur-Advice/565/Two-Heads-Are-Better-than-One.html
What exactly is a mastermind group? I have heard that term many times but I ... If you want more information I recently set up a Mastermind Group Blog that ... www.evancarmichael.com/Forums/viewtopic.php?p=520
A powerful strategy, first defined by Napoleon Hill in his classic book, Think and Grow Rich, the mastermind group is simply a group of like minded people ... www.evancarmichael.com/Business-Coach/143/Ten-Simple-Ways-To-Increase-Your-Business.html
In every successful business I have ever known about, or read about, a formal or informal mastermind group has been in place. In view of that, ... www.evancarmichael.com/Sales/499/How-to-Gain-Introductions-to-New-Client-Groups.html
Membership in a Mastermind Group is, however not for everyone, Carmichael warns. "We screen our applicants to make sure they are serious about building ... www.evancarmichael.com/Press/Teaming-Up-To-Make-Business-Dreams-Come-True.htm
Several months ago my mastermind group was talking about backing up their computer files. One member of the group actually took his back up disc to another ... www.evancarmichael.com/Business-Coach/107/Planning-for-the-Unthinkable.html
Marisa Ladd is a real estate agent based in Springfield, MO. She's recently put together a Mastermind Group at her office with some of the other agents.
The group will consist of seven RE/MAX agents from my office, each with a different offering to bring to the table. I'm thrilled at the opportunity to learn from some very talented and successful agents, as well as share some of my own ideas.
They are taking a more structured approach where meetings are held once a month for one hour. Monthly mailings are discussed for 15 minutes. Then they will spend 30 minutes on 2 special topics every month which will vary. For example, in the first meeting Marisa will discuss the topic of blogging while another agent will share tax tips.
From my experience, it's important to have structure in the meetings. It makes sure that people show up on time and get value from the session. Unstructured meetings can frequently end up in long discussions on unrelated topics, uncertainty in what is expected of each member and can often lead to a group falling apart.
At the same time you need to do your research and change the structure as needed. When we first started our Mastermind Groups we looked at the various successful ones out there to learn what they did so well. We incorporated those ideas for our first meeting. As the groups grew we always take the feedback of our members to make the meetings even better each time around. The structure changes slightly as we make improvements but we do keep a strict structure so that everyone knows what to expect and gets value from the meetings.
Paula Gregorowicz writes a coaching blog and recently discussed the topic of New Years resolutions. She goes over her thoughts on why New Years resolutions don't work and what you can do about it mentioning topics such as setting the wrong goals and thinking that doing the same thing will generate different results.
She also touches on an issue that many small business owners face as they grow their businesses - having the right goal but not having the right support around them. Paula says:
Whether or not you already have a plan, you need support to achieve the truly big things. And, if you don't yet have a plan the right support can help you formulate one that works.
She goes on to discuss the Mastermind Group concept and how it can be used to surround yourself with people who will support your initiatives and help you achieve your goals:
Successful people know that you can't go it alone. Define what sort of support you need - who can help you and then go out and get it. You might need a friend. Maybe a group of like minded individuals (support group, mastermind group, etc.) is the right fit for you. You may also need professional assistance in the form of a coach, trainer, career counselor, financial planner, etc. The most important step is to define who you need in your life to be successful and then go out there and get them. Make that commitment and investment in yourself and it'll pay many dividends.
Many of the members in our Mastermind Groups know where they want to take their companies but don't know how to do it and don't have the resources, strategies, connections to take them there.
Having members who are coaches, trainers, career counselors, financial planners, etc. can certainly help provide you with some expertise on specific areas. You should also consider members who have either already gone through what you're trying to accomplish or have the skills / expertise / contacts to help you. For example, if you're very strong at creating your product but need marketing help, make sure that the other members of your Mastermind Group are strong in marketing. If you all have the same strengths and same weaknesses you won't get as much value from the group.
Alexis Neely writes a blog on family wealth planning. A recent post of hers discusses the importance of surrounding yourself with people who will support your goals and initiatives.
She writes:
When I started making changes in my thinking from negative, limited thinking to positive, abundant thinking, I too changed the people around me. And, when I wanted to make more money, again I found people who were making the kind of money I wanted to make and spent more time with them.
She also brings up the story of Mark Victor Hansen, author of the famous Chicken Soup For the Soul series:
I heard a story about Mark Victor Hansen, I believe. He was making about $2mm a year and had hit a ceiling. He was talking with someone who told him - look at the people around you. And, each of them was making around $2mm/year. Mark joined a mastermind group with people doing what he wanted - making $20mm a year and fairly quickly he broke through the barrier he had previously been experiencing. So, look around at the people in your life and consciously spend more time with people who have what you want.
One of the main benefits of being in a Mastermind Group is surrounding yourself with like-minded people who can help you achieve your goals and get you to where you want to be. If you're joining a group or starting your own make sure to carefully select the members so that they will be complimentary to your success.
Getting the right people is something that we take very seriously in our groups. We use a 3 stage screening process to make sure that the member is qualified and will be a good fit for the group. Make sure that you screen your fellow members and that they will be able add to your success and you to theirs.
Yanik Silver is launching a new Mastermind Group for Internet professionals / entrepreneurs. I came across his press release and he's got a different model from other groups that I've seen that I thought I would share.
The features include:
Three, 2-day meetings per year. Two will take place in Bethesda, MD (outside of Washington, DC) and the final meeting of the year will be in another location around the country and include an optional adventure trip (like Baja racing, rafting, sky diving, etc)
Six 15-minute 'one-on-one' pre-scheduled private phone calls with me personally every other month.
Two 30-minute '911-Emergency-as-you-need-it' private phone calls with me.
12-Months Underground Secret Society membership ($1051.00+ value)
Access to Yanik's private rolodex and joint venture introductions
AND...Attendance for you and one other (spouse, partner, key employee) to the annual Underground Online Seminar(TM). ($3,400.00 value)
His pricing structure is split into models:
Group #1 "Millionaire MasterMind" will be $5,000 on acceptance and $1,250 monthly (for 12 months) or you can pre-pay $17,000.00 and receive a $3,000 discount.
Group #2 "Six-Figure MasterMind" will be $3,000 on acceptance and $995 monthly (for 12 months) or you can pre-pay $13,000.00 and receive a $2,000 discount. Note: Members in the Six-Figure group will have first right of refusal to move up to the 7-figure group for future years.
The price tag is very hefty compared to most Mastermind Groups and the number of meeting is also very low. Most groups will meet on a monthly basis as compared to only 3 times per year.
It's smart to segment based on income as if your members are too far apart, the higher earning members often find that they aren't getting value from the group and it quickly falls apart. Nonetheless, I'm always interested in seeing how people are using the Mastermind Group concept and what packages they are offering.
Looking through "Think and Grow Rich" last year about this time, I reread the section about Mastermind groups. Like a lot of people, my copy of "Think and Grow Rich" is quite worn and is filled with inked in arrows, circles and notes highlighting the passages of importance.Napoleon Hill's section on mastermind groups always intrigued me when I read it, but Fear had always stopped me from forming my own mastermind group.
I was afraid of my invitation to join being rejected by potential group members; worse yet, a declination to join might also be taken as personal rejection.
I was afraid that some members would not provide the right kind of support and input to the group and the messy process of rejecting them from the group would be controversial and painful.
I was fearful that the project would die a slow death of apathetic neglect as enthusiasm dwindled by group members.
I wish my imagination for success was more powerful than my imagination for disaster all of the time, but at that moment about a year ago, my thoughts for the success of forming a mastermind group overpowered all fears of failure.
With the help of another member, we talked about and invited two others to be members of a mastermind group that met on a conference call weekly.We knew each other; not all of us had known each other for the same amount of time.
One year of masterminding weekly has provided these results:
Accountability to members who understand me and my business objectives.
A forum to whine a little and then be positively directed to move on.
Education about others' business problems which are common to all businesses.
Quick observations and suggestions from members in a spirit of helpfulness and camaraderie with no strings attached.
If you are thinking of joining or starting a mastermind group to help you in your business, the only thing you need to be fearful of is waiting another day.
Doug Emerson writes a blog about making money in the horse business.
Dave Lloyd recently wrote a post in the Center for Career Growth and Advancement blog about tactics salespeople can use to maximize their sales efforts. After discussing ideas such as identifying your sales strenghts, working with a sales coach, and generating sales leads, Dave moves on to highlight Mastermind Groups:
The final resource to consider is one not many people think of, but can be tremendously valuable. This idea was first proposed by Ben Franklin and popularized by (Napoleon Hill) in Think and Grow Rich. Create a mastermind of salespeople. This requires some work up front but could pay great dividends, especially if you don't compete directly and mutually respect each other. A group like this could have various forms - you could be local to each other and meet weekly, or connect online or by phone on a regular basis, you could all be part of the same industry but sell in non-competitive territories, or you could hire a coach among you to assist each of you in getting the most out of this process. It's been proven time and again that a mastermind group of similarly driven and focused salespeople could be one of the most beneficial things you do. Regardless, if you're committed to sales success, you must continually improve yourself using either motivational techniques, lead generation and prospecting resources, or outside support from coaches or mastermind teams.
Tim Knox wrote in the Internet Marketing blog about his desire to set a new path with his business and achieve new goals. Part of his plan to accomplish the goals he sets out is to form a Mastermind Group:
One of my resolutions/goals for 2007 is to start a mastermind group. As entrepreneurs, our resolutions often lean toward the business side of life. We vow to make more sales calls, to be nicer to our employees, to keep better records, to spend more time considering the bottomline - they are all resolutions you should be thinking about for the coming year. In our repentant little minds we believe that we can wreak havoc in our lives 364 days of the year and then on the dawn of the New Year come up with a bunch of resolutions that wash us clean of our sins so we can start fresh for the coming year. It's like being a human "Etch-A-Sketch;" just turn yourself upside down and shake vigorously to wipe the slate clean.
Tim goes on to outline how he is choosing members for his group:
When forming a mastermind group start with those entrepreneurs you know well and do business with on a regular basis. Choose businesses that are complimentary (not competitive) to your own, that service the same markets and customers. One of your resolutions should be to network more; to mix and mingle with other entrepreneurs who are in the same boat you are; to find mentors who are ahead of you in the game and can help pull you up to their level. I started by making a list of those entrepreneurs that I did business with in 2006 that had the most impact on my business.
Masterminding is definitely an excellent way to meet new people, build a support group, and set yourself up with the necessary base to go out and accomplish your goals. While Tim's approach to choose entrepreneurs that he does business can work it can also be problematic. You may not want to reveal intimate problems about your company with the people you do business with.
For our Mastermind Groups we typically have members who have not done business with each other yet. That being said, they end up doing business with each other due to the trusted relationships that develop and if you already have a core group of people who you trust and think can add value to the conversation, see if they would be interested in joining!
Fred Bardy has set up a Mastermind Group consisting mainly of marketers from different backgrounds. He wrote a recent post on what he looks for when bringing new members on board.
Who Should Attend? Fred wants people who:
Have a similar interest... yeah we play soccer together... and we be mostly Nigerians... how is that for a start.
Have a similar skill and/or success level
Have the desire and inspiration to make this year extraordinary
Want a supportive team of MasterMind partners
Want to reach or exceed their goals
Are ready to let their desire to be passionate about their life and work overcome their fear of change
Questions To Screen Applicants
Do you have a personal or business mission or vision statement?
What are your five-year goals?
Where will you find time to participate in the MasterMind Group?
What is your commitment to moving forward in your business and personal life?
Why should you be chosen to participate in this group?
A blog post by Lisa that I read recently brings home one of the key benefits of being a part of a Mastermind Group: having a supportive group of people to keep you motivated and provide valuable strategies to help your business.
Lisa is an instructor on investments and the day he started he took the smart step and:
met 2 other women from my area, and we committed to keeping each other on track during our learning phase of this process. After 18 months, the group has swelled to over 40 members and includes a daily chat for our mastermind group.
Many entrepreneurs find that they don't have anyone to talk to about their businesses. Friends and family want to help but just don't understand and aren't a good sounding board. This can be a key benefit of joining a Mastermind Group as Lisa points out:
I think that personally, the majority of my success has been because I sought out others who had the same goals as I did. My closest friends, even after 18 months of (me) trading and my husband no longer having to work, haven’t shown any interest in what I'm doing. Thankfully, I’m blessed with a very supportive family, but my new "family of traders" has been the best "investment" I've made overall.
EvanCarmichael.com is the world's #1 website for small business motivation and strategies. Evan also runs a series of successful Mastermind Groups in Toronto for entrepreneurs.
