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Improving a Business Through Masterminding

Guest post by: Michele DeKinder-Smith

Article Overview: Masterminding is a powerful way for a female entrepreneur to improve her business as she gains perspective and resources, gets and gives support, and becomes accountable to her mastermind partners.

Improving a Business Through Masterminding

When a female entrepreneur is ready to take her business to the next level, getting there may be as simple as creating or joining a mastermind group. Originally defined by businessman Napoleon Hill as a “coordination of knowledge and effort, in a spirit of harmony, between two or more people, for the attainment of a definite purpose,” mastermind groups provide support, resources and accountability for partners as they work toward a common purpose. Partners in a mastermind group meet regularly to work on their businesses instead of in them. Typically, the partners in a mastermind group come from different industries; for example, a mastermind group may comprise a doctor, a market researcher, a business coach, a mold remediation specialist and a direct response copywriter. Because their backgrounds vary, each member has the opportunity to gain fresh perspectives as well as new resources and connections from people who are facing or have faced similar challenges in business ownership. Each member of a mastermind group brings different experience and expertise, from which the other members can learn. Also, members may decide to develop business partnerships so they can make money together, or to offer referrals and recommendations to their own connections. Finally, during each meeting, each partner makes a public commitment to the other partners about specific results he or she plans to achieve before the next meeting, which provides accountability. While a female entrepreneur may work with a business coach to assemble a mastermind group, she also may choose a less formal route and simply identify likeminded businesspeople in her community with whom she has good chemistry. Before beginning, the partners should agree on how long the group will last (whether it’s three months or a year), how often it will meet – and when and where. Most mastermind groups have one or two in-person meetings per year, and it is possible to conduct phone meetings. Traditionally, during a mastermind meeting, each partner has 20 minutes to discuss issues related to his or her business, and to receive feedback from the other partners. Another format allows each person one minute at the beginning to talk about what he or she has achieved since the last meeting, and one minute at the end to say what he or she plans to achieve before the next meeting, with longer blocks of time in the middle devoted to two or three members asking for feedback from the group. In many cases, friendships formed during mastermind groups last well beyond the groups themselves – and the information traded lasts a lifetime.

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Article Tags: female entrepreneurs, growing a small business, mastermind group, mastermind partners, masterminding, small business owner, small business success, women business owners
Referred by: http://www.MichelePW.com



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My entry - 1. The Best Business Books Ever: The 100 Most Influential Business Books You'll Never Have Time to Read - this is a fascinating book about the history of Business theory, and I'd recommend it to anybody. 2. The Big Book of Small Business: You Don't Have to Run Your Business by the Seat of Your Pants, by Tom Gegax. Ditto. 3. PADI: The Business of Diving Book Okay, so this book won't be of use to anyone who doesn't want to start a scuba store, but I did, and this book was of course invaluable to me in reaching that goal.
Online Brainstorming - If any of you have read Jack Canfield's Success Principles or Robert Allen & Mark Victor Hansen, Enlightened Millionaires, you will understand how these great concepts come about. Go back to the original text on Masterminding which is Napolean Hill in Think & Grow Rich. While their are many Mastermind groups out there right now, they arent really true to the original philosophy. In its purest form a mastermind group, or inner circle is a group dedicated to one goal, one cause and they all utilize their personal connections and resources to accomplish it. I think if you really wanted to creat a 'next best thing' you need to find people to join your inner circle. STaff, friends, suppliers, mentors anyone that can dedicate some time to working on it, launching it and reaping the benefits. I think doing one online would be great..who else would be interested?
Exclusive: Interview with Results - Hi Forum Members, I'm helping start up a Business Coaching and Consulting company here in Toronto, Ontario, Canada (a Subsidiary of RSC Business in Los Angeles). As a Research and Development Intern I am required to practice my listening and interview skills by surveying Small and Medium Businesses on thier Business. This Survey is designed by RSC Business to also assist the Business being interviewed more insight into their own business. I am looking to interview about 30 businesses across North America over the span of 3 months. At the end of these interviews I will be publishing a report of the results and they will be made available for free to the Interviewees. The Report data will include responses from a minimum of 100 interviews. I would like to extend this opportunity to members of the Forum. If you would like to have this short 20-30 minute interview conducted on your Business and you reside in North America please send me an email or PM. Please contact me at andy[at]jvprosperity[dot]com to arrange our interview and to get free access to the results when they are published.
Re: HOw to market a B2B consulting company - [quote="zohahunt77":428owzbi]Hi, I was wondering if anyone can tell me the difference between B2B and B2C. I don’t know about b2b marketing but I have done marketing so know things about it. I will suggest you to take online services which will spread your business all over web network. Online marketing is the best way to market any business.[/quote:428owzbi] B2B = Business to Business - You are marketing to other businesses. B2C = Business to Consumer - You are marketing to consumers.
English teachers learn Japanese as Interns - Yasunori, what about the many students that leave N. America to teach English in Japan. They may want to learn Japanese (maybe Business Japanese is a bit different) and the Japanese Business Culture.


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