Mastermind Membership And Logistics

I was pointed to the Life Two Midlife Improvement blog this morning (I'm not close to my midlife yet) because of a post written by Dave the Coach about who to invite and how to run a Mastermind Group. His advice is:

Who Should be a member?

You want people who have a similar interest. For example, a group of executives starting their own consulting companies.

They should be willing to make a commitment for a year to give a chance for the group to work. Note: It takes at least 4-6 months for the group to really gel and get to a consistent level of performing.

Interview people you are considering. Ask them what they can bring to the group and share what you bring to the table as well.

You all will need to be able to give each other feedback and be honest and willing to discuss when things are not going well. This is the most challenging aspect. And the most rewarding.

This needs to be a group that is passionate about blowing through the roadblocks and really exceeding everyone's goals.

What are the logistics?

I recommend meeting every two to four weeks at the same time. That way you can protect the time in your calendar. It means protecting that time as part of your commitment to each other.

You generally start a meeting with a check-in to share what you need to discuss. That drives the agenda with equal time given. Sometimes, my MM group will devote an entire meeting to working on a single issue for one member. We then make sure subsequent meetings shift their focus to the rest of the group. It is very democratic.

Whether you are mid-life or not, Mastermind Groups are a great way to help you connect with your passions and build a plan to accomplish your goals.

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!