Helping Entrepreneurs catapult their business using the power of a Mastermind Group

 | 

What Is a Mastermind Group?

The mastermind principle was first popularized by Napoleon Hill, author of the classic of success literature: “Think and Grow Rich”.

So now what is a Mastermind Group? Great question! Here’s our Mastermind Group Definition:

A mastermind group is basically a group of like-minded people that get together to reinforce growth and success while offering support to each other. The members of the mastermind group usually strive for a similar goal – for example improving their business or improving other areas of their life.

This is Napoleon Hill’s exact definition of a mastermind group.

“The coordination of knowledge and effort of two or more people, who work toward a definite purpose, in the spirit of harmony.”

Video of Napoleon Hill talking about the Mastermind Principle

Why Should You Join a Mastermind Group

The benefits of joining a mastermind group are plenty… here are some of the things you can gain by joining a mastermind group:

  • Support System. Because the members of mastermind group have similar goals, they can easily feel how it is like to be in your situation and give you support so that you don’t give up. When progress is slow you will receive encouragement from them to keep pursuing your goal.
  • Learn From Others. As you share your progress each week you will start hearing what the others in your group are up to. You will hear about their successes and also failures. That way you see what works and what doesn’t and you will be able to make better decisions for yourself.
  • Information and Materials In a mastermind group, members share information and resources that have helped them on their journey with each other. This can go from sharing a helpful blog or book to a life-changing online course.
  • Achieve Your Goals. In each mastermind meeting everyone sets goals for the coming week and reports on the progress they have made towards those goal the following week. That way the other members hold you accountable to your goals. It builds peer pressure (the good kind) so that you want to look good in fron of the group.
  • Valuable Feedback. Through the feedback you get from your fellow members you will get different perspectives on your progress and decisions which you otherwise would not have gotten. This can be very important since we sometimes don’t realize what is holding us back on our own but it may be very clear to others.
  • Expand Your Network. By joining a mastermind group your network will not only be expanded by the other members but also by the people in their network. If you are, for example, looking for someone to design your website, there is a good chance that one person in your group will know somebody who has that skillset.

How Do I Find a Mastermind Group?

It used to be that you had to just hope that someone comes to you and asks you if you want to join their mastermind group. Or you could have reached out to a lot of people and tried to create your own group.

Now, however, you can go to MasterMindo.com and see a list of mastermind groups, choose one that interests you and fits your needs and then join it.
Alternatively, if you don’t find any fitting group, you can create your own group on our platform and let other people find your group!

How Does a Mastermind Group Work?

The main element of every mastermind group is the meeting where all members come together in person or virtually (for example over our virtual room platform). This happens usually once a week. There is no right or wrong way to run a mastermind group but here are a couple of universal rules which you should follow:

  • Meet On a Regular Basis. Have a regular schedule that works for all members. For example you can say that meetings are every sunday at 5PM CST. Do everything you can so that meetings are not cancelled.
  • Have an Agenda. It is a good idea to have a predefined agenda for the meetings so that they don’t become chaotic. For example, you can say that first everyone states their progress they have made in the last week, then talk about problems they have encountered and then set their goals for the next week.
  • Be Respectful. Try not to interrupt members and never ridicule them. Mastermind groups should be a protected space where members can be vulnerable and talk about things that they wouldn’t do in public.
  • Divide Up Time Fairly. You don’t need to exactly time how long every member talks. However, you should make sure that all members get talk roughly the same amount of time. Don’t leave anyone out.
  • Have a Person In Charge. It is important to have one person that is in charge of organizing and keeping order. If not it is very possible that the meetings will go off-topic and become a little chaotic.
  • Keep In Touch. Try to keep in touch with the other members to see how they are doing between meetings. You should encourage each other not just during the meeting but also in between meetings.

Are you interested in joining a mastermind group or even starting your own? If yes, go ahead and join MasterMindo! (it’s free)