How to Build Winning Mastermind Groups

I believe that the fastest way to grow is to leverage the power of many minds.  Enter the "Mastermind Group" concept.

Definition of a Mastermind Group
“…a friendly alliance with one or more persons who will encourage one to follow through with both plan and purpose. - Napoleon Hill

What is a Mastermind Group?

  • The true benefits of a Mastermind Group.
  • Logistics and structure for a successful Mastermind Group.
  • How to find or start your own Mastermind Group.
  • 10 specifics tips to achieve massive results with Mastermind Groups. 

Examples of Mastermind Groups

  • King Arthur’s Knights of the Round Table - The greater the bounty we may give…the greater our nobility, fame and honour. –King Arthur
  • Franklin Roosevelt’s Brain Trust
  • Andrew Carnegie - “We have here in this business a master mind. It is not my mind, and it is not the mind of any other man on my staff, but the sum total of all these minds…”

What a Mastermind Group is NOT

  • A cult
  • A business partnership
  • A gossip group • A party
  • A whine fest

What a Mastermind Group IS

  • Formal, structured and focused
  • Consistent –scheduled on a regular basis
  • Productive, encouraging and inspiring
  • Brutally honest –tell you what you need to hear
  • A place of trust

Benefits of a Mastermind Group

  • Accountability
  • Encouragement
  • Inspiration
  • Outside feedback
  • Unbiased opinions
  • You will grow together

What are Masterminds like?

  • 2 to 5 people
  • Share same values and goals
  • People who are willing to dissect and be dissected
  • No “know-it-alls”
  • Participants should be plus or minus two levels of each other
  • If a participant is too advanced, they may feel like they are always providing information, getting nothing out of it (free consultation)
  • If a participant is too low, they may be seen as a taker, nothing to contribute
  • Different niches
  • Doesn’t have to be in person –leverage conference tools

The Structure (typically for an hour)

  • First 10 minutes –share wins –start on a positive note to get everyone fired up
  • Next 40 minutes –hotseat –one person presents a problem, rest of group focuses on solving it
  • Last 10 minutes –discuss goals to be accomplished before next meeting

Roles

  • The Moderator
  • The Hot Seat
  • The Group

The Moderator

  • The person from last week’s hot seat
  • Keep track of time
  • Direct the conversation
  • Prompt the quiet ones

The Hot Seat

  • Assigned in advance
  • Present a problem or issue
  • Talk about current or upcoming projects
  • Present a recent finding or discovery
  • Ask specific questions for group

The Group

  • Listen and pay attention
  • Share experiences and resources
  • Dissect and investigate further
  • Ask probing questions
  • Encourage and support

Where do you find your Mastermind Group?

  • Conferences
  • Meetups
  • Like-minded people
  • Social Media
  • Events
  • Start your own

Building Winning Mastermind Groups

  1. Be brutally honest (and respectful)
  2. Share how YOU are best motivated
  3. Dedicated GOALS meetings (twice per year)
  4. Plan ahead when you are in the hot seat
  5. If online-based, meet in person at least once per year
  6. Start a private hub for sharing
  7. Follow up and know it is okay to disagree
  8. Make it a priority (put it in your calendar)
  9. Make rules for the group
  10. What happens in the Mastermind stays in the Mastermind (sacred place)

 

Reduce the hours that you work in your practice so that you can focus on running your practice

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