What Kind of Mastermind Do You Really Need?

Guest Contributor: Melanie Benson Strick
Melanie's Posts - Melanie's Blog


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.

Criteria For A Mastermind Group

I came across a press release today from the National Association of Women Business Owners who are recruiting for a Mastermind Group initiative.

There are two things that I liked about this release.

The first is that they outlined some of the benefits / criteria for joining which were:
--wish you had a board of advisors whose expertise and advice you can trust
--welcome support from like-minded business owners
--wonder if you're making the right business decisions
--would like to grow your business but aren't sure how
--want to feel re-energized and motivated

The second is the way that they recruit members. They hold an event to introduce the Mastermind concept to people. It's over breakfast where everyone pays for their own meal. Reservations are not required and it's a chance for the potential members to meet the organizers and understand how it works.

I always do my meetings one on one after the candidate has had a chance to review the website. I find that is it more personal and easier to screen to see if the candidate would be a good fit or not but this is an interesting approach and one I thought worth sharing!

Are You Alone?

Often in business there can be the assumption made that people who do well have done it alone. We have been trained to think that the CEO has all the answers and should not need to ask for help.

In reality, however, the opposite is usually the case. Business owners who have the greatest success are usually the ones who admit that they do not know everything and look to experts and their peers to get advice and support. This is the power behind the Mastermind Groups.

The Essential Business Coach blog touched on this issue in a recent post:

In his work, Napoleon Hill talks about what he calls a 'mastermind' group. This mastermind group is made up of like-minded people who meet to talk about business concerns and find their way through in achieving business outcomes.

In this way, the most successful business people always have people around them. They have trustworthy people around them who enable them to think through the problems that they face and help them hone their business ideas.

You do not have to be alone in business.

Get the right people around you that you need to succeed. Get yourself a business coach and a range of mentors who will help you with your business success.

Who You Hang Around With Matters

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.