Build a Mastermind Group

This begins a series on involving other people to help you grow your business

A few posts ago, I discussed that business owners sometimes feel isolated and alone. I shared several methods of connecting with people to reduce the solitary nature of running your own small- or home-based business. One of the methods I mentioned included creating a mastermind group. Comments from readers indicated that you wanted more about this concept. So, I wanted to share a little more about mastermind groups.

Personal Experience with a Mastermind Group

I speak from personal experience. Three friends of mine and I formed a mastermind group a little over four years ago. All four of us owned businesses. We meet once a month for 90 minutes. One of us acts as scribe. While each of us records notes, his notebook maintains the official record of the group.

We follow a simple agenda. We each take turns to:

1. Report on the goals we set in the last meeting, what we did, and the progress we made towards our goal
2. Share a challenge, question, or idea. The group brainstorms ideas that might help
3. Set 1-4 things we will do in the coming month to progress towards our goal

Each of us experienced remarkable growth in our businesses, but also in our personal lives. We found strength within our companionship. We got through hard times with our families, businesses, and more. Let me share just a few of the things we accomplished because of our group:

• Two of us went back to school and earned graduate degrees
• Two of us started brand new businesses that earned even more money than before
• One of us expanded his business into a new market niche that has tripled profits
• One of us expanded his business into 12 additional states
• One fulfilled a lifelong dream to earn a counseling degree and work with addicts to overcome their addictions
• One rejuvenated his passion to grow his business and finds more joy now than ever
• One created a program to connect people for their personal and business growth

Create Your Own Mastermind Group

You choice of members in your group determines your success. You only want 3-5 people (including you) in the group. Each person must possess a desire to improve. They must believe in the goal setting process. They must accept the ability to change and learn from mistakes without giving up. Sadly, experience proves that mastermind groups consisting of close family members rarely hold together.

Set a time for your meeting that will allow you 90 uninterrupted and undistracted minutes. Many groups hold their meetings around meals or refreshments. If you choose to do so, do not let the meal distract you from the purpose. Ensure that each person takes their time. No one sacrifices their goals for someone else. Each member’s goals share equally.

You can find lots of information on mastermind groups. Some of my personal favorites include:

1. Napoleon Hill published the concept in 1928 in his work The Law of Success in 16 Lessons and Think and Grow Rich. I first read his book in the 1970s. I’ve read it 3 times since. 
2. Barbara Sher from her book Wishcraft. Pay particular attention to chapter 10 especially pages 228-229.

Others put unique spins on the concept. Evan Carmichael shares Creating Online Mastermind Groups 6 Basic Steps. Ariel Hyatt of Ariel Publicity highlights for all businesses, but emphasizes mastermind groups for performing artists. Articlesbase and Bright Hub provide excellent materials on choosing partners and setting up your group.

Do not waste a moment longer. Create your group and meet this month. Begin to gain the benefits of a mastermind group.

Don’t miss this Saturday’s post on Marketing Teams. I’ll share how one business owner gained 23 marketing ideas for the price of 6 breakfasts.