What Kind of Mastermind Do You Really Need?

Guest Contributor: Melanie Benson Strick
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Recently I was asked by someone if I knew anyone who was looking for a mastermind group. I asked the woman exactly what she wanted from a mastermind group and she replied, "I don't know, I just keep hearing about it and I think I should have one."

I've been masterminding for over 15 years. I've participated in and led probably 12 groups over these 15 years, ranging from spiritually-influenced to self-run to high-end groups facilitated by someone else. Each of these mastermind groups served a particular purpose and it wasn't until I was really clear about what my needs and preferences were that my mastermind experiences began to truly align with success.

Here is an overview of some of the types of mastermind groups that exist and what purpose they serve.

Traditional Masterminds.

Influenced by the popular book, Think and Grow Rich by Napoleon Hill, traditional masterminds are typically formed by a group of like-minded people who want to tap into the power of a "third mind" that is bigger than anything any one member can access alone. Focused on achieving goals, these groups meet to support and affirm your ability to achieve these goals.

Benefits: Typically there is no cost, everyone in the group is considered equal and the group members agree to meet in person or on the phone regularly.

Downsides: Usually one member of the group will fall into the leader role and become the coach or facilitator out of necessity. This changes the dynamic greatly and takes away from the leaders own personal experience. These groups often lack any structure or system to run so unless the group is VERY motivated it will fall apart. If a few members get more successful than the rest, they will usually leave the group as they won't feel challenged.

Spiritual Masterminds.

Usually formed around a church or spiritual group, spiritual masterminds are formed around the power of prayer. Group members bring a challenge to the group and the group's role is to help them tap into a power greater than themselves to access new thinking, opportunities and possibilities to transform their situation.

Benefits: Spiritual connectedness is very powerful for these groups, many times there will be an appointed leader and a set time to meet (although many are run as traditional masterminds.) Many spiritual communities offer a mastermind guide to assist in the process of setting and tracking goals.

Downsides: As powerful as the spiritual connection is, these groups don't typically offer any kind of brainstorming or proven strategies so the person is left to uncover the path on their own.

Business Masterminds.

A business mastermind is hosted by a leader who facilitates a mastermind experience for their group. There are two key types of business masterminds: mastermind only and coaching masterminds. The mastermind only groups are the like a traditional mastermind but led by a neutral 3^rd party. A coaching mastermind is hosted by a trained coaching expert who facilitates an experience where brainstorming, strategizing and support occurs.

Benefits: Business masterminds are usually by application only so it reinforces a certain standard or level of success in the group. The 3^rd party facilitation ensures that regular meetings are set, accountability is in place, and that all participants are equals. If coaching is included, the participants will get valuable support to overcome stuck spots swiftly.

Downsides: These groups usually require an investment to play with other big players that you wouldn't typically have access to. Is that really a downside though? I think not, but I had to put something in this category.