In 1901, Andrew Carnegie sold his business in what was, at that time, the largest corporate takeover ever. Carnegie received almost $230,000,000 worth of bonds in the sale, and had a special vault built to house them in New Jersey.
John Dealey wrote a new article that caught my attention recently called Life Lessons from a Billionaire. It profiles Andrew Carnegie and his secrets to success. Among the strategies discussed is that of Masterminding:
Carnegie believed that being a member of a MasterMind group was essential for success. A man named Charles M. Schwab worked for him and Carnegie claimed he was one of the smartest men he had ever known. They frequently brainstormed together to become even more successful. Each credited much of their success to the power of the MasterMind sessions they developed in the steel industry.
If it worked for one of the wealthiest people to ever live, it can work for you. Winning is not an individual sport, it is a team sport and the sooner you get the right people on your team, the sooner you will achieve the success you want and deserve.
Lisa Egan writes a blog on MasterMinding and is a supporter of having the groups online. Regular blog readers will know that I've touched on online Mastermind Groups before and while I'm still skeptical that they can have the same impact as a face to face meeting, I like to present you with the options and let you pick which option best suits you.
Lisa wrote a recent post highlighting the benefits of the online model:
I demonstrated how a typical mastermind group set-up would operate in our online groups. These are not chat rooms, bulletin boards, or webinars; they are complete home-away-from-home, full featured, multi-media rich spaces where you can conduct every on ground meeting task and then some.
Masterminding online is actually better, faster, more efficient, productive, broader, and deeper. I guess you can tell I'm passionate about this. I absolutely believe in it. Ten to fifteen members in an on ground group cannot achieve the necessary knowledge, and information exchange that is required to be effective in the time alotted for a typical meeting. Being a member of an online group means you have access to your group 24/7 when you need to tap into the mastermind, and as a participant, you can respond when the brainstorm strikes and at your convenience ... maybe after you've had dinner or the kids have gone to bed.
Do any of you have experiences or thoughts of online versus face to face Masterminding?
I came across an interesting blog this morning called Kevin Thompson Uncensored. His most recent post discussed how he went over to a friend's house to help him brainstorm ideas for his window cleaning business. By putting their heads together they were able to create a new program for his friend, Louis, to get more clients for his business:
And this is where the "Mastermind Principle" came into play.
We asked ourselves this one simple question:
How can we add so much value to this program that when presented to the client, they'd immediately think to themselves, "I'd be crazy not to take advantage of this".
And let me tell you, that’s when we came up with some incredible ideas.
You see, when you ask yourself the right questions, you'll come up with the right answers... every time.
And when you do this with someone else (which is called masterminding), you come up with a whole lot more right answers.
Where things used to be a struggle - now they are accomplished with ease.
Where cashola used to be tight - now it flows like a fire hydrant
You can accomplish great things with the help of like-minded people, and when you begin using the power of the mastermind, you'll do more, go further and have more abundance that you ever thought possible.
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.
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
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!
Ryan Mercer wrote a great article on the Importance of Masterminding. In it he outlines what Mastermind Groups are, how members can get the most out of their experience, and what the top 10 benefits are of joining a group.
He also provides 7 suggested guidelines for how a Mastermind Group should be run. They include:
1. Invite the 'givers'. In other words, create good company and be in good company.
2. Coordinate in the spirit of harmony. Complaining or whining, arguing with or negating anyone else's ideas is not productive. Gently remind people to express positive solutions.
3. Plan a mastermind session bi-weekly or once per month, and make them fun. Try lunches, dinners before or after the weekly conference calls when the energy of the group is naturally high.
4. Start each session with a time "Good News", Success Stories, or Joke of the day, from the group or even Chicken Soup Books. This generates incredible synergy for the group.
5. Encourage team members to determine their "Top Challenges." One person can facilitate and lists the challenges out on a board, overhead, or shared electronic media.
6. Let the group prioritize and take a vote on each of the challenges listed by asking the question: "How many of us would like to focus on this one first and work on it until it's resolved?" And then take a vote. Do that for every challenge down the list.
7. The facilitator can then asks the group, "Who has any experience that can help with this challenge?" Then, brainstorm all of the solutions on the overhead/board/media.
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.
