Who To Include In Your Mastermind Group

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.

New Years Resolution - Masterminding

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!

Good luck with your group Tim!