Since becoming involved in the National Speakers Association (NSA) starting in November 2010, I’ve been slowly learning the concept of the mastermind.
Napoleon Hill introduced the idea of the mastermind in his 1937 book Think and Grow Rich: “The Mastermind principle consists of two or more minds working in perfect harmony for the attainment of a common definite objective.” … Or, two heads are better than one.
A single person is limited by his or her own thinking and biases. But a group of like-minded individuals can solve problems and challenges quicker and better – the collective whole is greater than the sum of the parts.
Up until this point, I’ve not formally participated in a mastermind group. I do have a group of speaker friends I talk with on the phone from time to time. We discuss the business, challenges, and goals. I’ve considered them masterminds, but they’ve only been the two of us and the frequency is not regular – maybe every few months.
This week starts my participation in a new mastermind group with Karen and Lois. The common connection is we’re all speakers living in the Missoula area. Our goal is to help each other in our individual speaking businesses. We’ll meet once a month for three hours. I’m enthusiastic and optimistic as the Missoula Mastermind Group launches.
Here are seven guiding principles to consider when starting your own mastermind group.
- A Common Link. Foundationally, there needs to be some type of common interest or objective. In our case, we are all professional speakers. My guess is that any group of people could start a mastermind group, including mothers, business leaders, or even a hobby group.
- A Desire to Learn and Improve. Participation in a mastermind group should be voluntary. Each individual should have a strong desire to learn and improve his or her business. Each participant should also have a strong desire to help others improve their businesses.
- Compatibility. All the participants need to have some level of compatibility. Ideally, they like each other. Value and benefit will come in a variety of styles and skills. Members may differ yet still offer a nice complement in thinking and ideas. Minimally, all members should respect each other.
- Participate. There is no sense joining if you can’t or won’t participate. I plan to arrive with the spirit of giving and abundance, and my guess is I’ll end up receiving and benefitting.
- Schedule. Our group has designated the fourth Tuesday of each month to meet. We realize that we’ll need to be flexible in this schedule, but at least there is a regular monthly starting point.
- Agenda. None. There is no pre-agenda. The group sets the agenda, and the individuals within the group set their own agendas. The agenda becomes what is needed at each gathering.
- Structure. Some type of agreeable structure should be in place to maintain productivity. In our case, we’ve agreed to meet for three hours with each participant getting one hour to utilize the ‘brains’ of the others. And be fully present for the others during their hour.
In mastermind groups, each participant may want and need different results or end products. Some may just need a support or accountability group. Others will require specific advice. Others still may arrive stuck and need help with a breakthrough. And some will need all of the above at different times.
I may not be a smart man … but I know what support is.
I’m looking forward to getting some support, some specific advice, some help getting unstuck, and some new breakthroughs … now, how cool is that?
Do you currently belong to a mastermind group?
Have you ever been involved with a mastermind group?
Do you believe that a mastermind group could be helpful?
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