We met up with Mindset Coach Chris Brown just before we left for Chicago and we got round to talking about Mastermind Groups as we were planning to start our very own online private masterminds.
What he advised was that masterminds are so often formed without the full understanding of what they are about. It is not always the person running the mastermind but the participants who expect something different from what it actually is because so many masterminds are really nothing more than “get togethers” without a full understanding of
how a mastermind works.
To quote from Napoleon Hill Laws of Success – The Mastermind
The Master Mind
Lesson 1: Introduction: The concept of The Master Mind, which Dr. Hill defines “as a mind that is developed through the harmonious cooperation of two or more people who ally themselves for the purpose of accomplishing any given task.” Hill uses ideas from physics to illustrate the synergy that occurs between like-minded individuals. He also warns of the danger to the master mind group of any single member who thinks negatively. Another key insight from Hill is that knowledge is not power – it is only potential power. He defines power as “…organized knowledge, expressed through intelligent efforts.” The master mind group makes this happen
Chris kindly agreed to write this guest blog post “The Power of A Mastermind Group”
“In a World that seems to be obsessed with breakfast & networking meetings, unfortunately all to many of these ‘get togethers’ are really what I call ‘The Tea & Toast Brigade.” Basically a group of individuals that are predominately small business owners, or one man bands that use it as a pitching fest & or just a way to meet new people, like some sort of dating service.
The Mastermind Group however is a totally different animal all together. In Napoleon Hill’s classic book Think and Grow Rich, there is a story about the “The Ignorant Man who made a Fortune.” Hill tells how multi millionaire Henry Ford was once called “ignorant” in a Chicago newspaper editorial. Ford issued a lawsuit and during the trial was quizzed by the newspaper’s lawyer to see if he was indeed, ignorant. One of the questions asked was how many troops the British sent over to put down the rebellion in the American colonies. Ford had no idea what the answer was and quipped, “I heard that it was a considerably larger number than went back!”
He then said, “I have a row of buttons on my desk, that I can push to summon to my aid, men who can answer any question I desire to ask…So why should I clutter up my mind with general knowledge for the purpose of answering questions, when I have men around me who can supply any knowledge I require?”
Ford had a mastermind group not for answering foolish questions, but to help him with every aspect of his business. Also in his group were Thomas Edison & Harvey Firestone, who have all certainly left a massive legacy to The World. While most of us don’t have Ford’s resources, there is no reason why we can’t put together a mastermind group for ourselves. Savvy business people are doing this every day and if you don’t already have one, I hope after this, you will consider putting one together.
What is a Mastermind Group?
A Mastermind group is a group of “action takers.” For me a group between 4 – 6 is the ideal size, who agree to commit time, resources & expertise to one another. Each is committed to the welfare of the members of the group and growth of one another’s business.
My group has a set structure where each member takes turns talking about the good & bad aspects of his or her business for approx 20 minutes, and then we are open for feedback and advice. We are totally committed to & brutally honest to one another, confidentiality is key so that we can speak freely about where we are with our business. In my group we also have a hot seat for anyone of us that has a burning issue they want resolved, in addition one of us get’s to have their business micro analysed every month. The particular member talks about whatever aspect of their business they want help with for up to 45 minutes, then we have an open, laser focused feedback session to offer advice & our take on ways to resolve the issues highlighted. Another very important reason why Mastermind Groups work so well is we ALL take accountability & agree set tasks we will undertake before the next meeting. Napoleon Hill wrote “No two minds ever come together without thereby creating a third, invisible intangible force, which may be likened to a third mind.” It’s like having our own Board of Directors, that offer a totally fresh & original point of view.
How do I get into one?
Don’t wait to be invited start your own group. I do suggest that they are invite only, as you want individuals that take a no excuses approach and are totally commited to being at EVERY meeting.
How do I structure a group?
My meeting takes place once a month & we meet for the whole morning followed by a lunch which all must attend, as the amount of value added advice/ideas that come out of that alone proves invaluable. You do need to keep to time or the meeting will drift off the subject, so a set agenda is important.
A Mastermind group can take your business to a whole new level, you also have the satisfaction of helping others do the same. I cannot emphasize enough the pure magic that can be achieved in a well run, commited group of like minded individuals. Being very heavily involved in Mindset with my clients, I was extremely selective about who I invited to mine, I would urge you to do the same.
Lastly this so called “ignorant man” Henry Ford, according to Forbes magazine 2008 in todays terms had a net worth in the region of $188.1B. Food for thought wouldn’t you say?
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We have been reading some great blog posts over the weekend – it’s all part of our personal development time. This is an extract from a blog we read over at Forbes (actually you should check them out – they have some really interesting content)
The great thing is you don’t have to be Einstein or Madonna to succeed ….. here’s why
Albert Einstein’s was estimated at 160, Madonna’s is 140, and John F. Kennedy’s was only 119, but as it turns out, your IQ score pales in comparison with your EQ, MQ, and BQ scores when it comes to predicting your success and professional achievement.
IQ tests are used as an indicator of logical reasoning ability and technical intelligence. A high IQ is often a prerequisite for rising to the top ranks of business today. It is necessary, but it is not adequate to predict executive competence and corporate success.
By itself, a high IQ does not guarantee that you will stand out and rise above everyone else.
Research carried out by the Carnegie Institute of Technology shows that 85 percent of your financial success is due to skills in “human engineering,” your personality and ability to communicate, negotiate, and lead. Shockingly, only 15 percent is due to technical knowledge. Additionally, Nobel Prize winning Israeli-American psychologist, Daniel Kahneman, found that people would rather do business with a person they like and trust rather than someone they don’t, even if the likeable person is offering a lower quality product or service at a higher price.
With this in mind, instead of exclusively focusing on your conventional intelligence quotient, you should make an investment in strengthening your EQ (Emotional Intelligence), MQ (Moral Intelligence), and BQ (Body Intelligence). These concepts may be elusive and difficult to measure, but their significance is far greater than IQ.
Emotional Intelligence
EQ is the most well known of the three, and in brief it is about: being aware of your own feelings and those of others, regulating these feelings in yourself and others, using emotions that are appropriate to the situation, self-motivation, and building relationships.
Top Tip for Improvement: First, become aware of your inner dialogue. It helps to keep a journal of what thoughts fill your mind during the day. Stress can be a huge killer of emotional intelligence, so you also need to develop healthy coping techniques that can effectively and quickly reduce stress in a volatile situation.
Moral Intelligence
MQ directly follows EQ as it deals with your integrity, responsibility, sympathy, and forgiveness. The way you treat yourself is the way other people will treat you. Keeping commitments, maintaining your integrity, and being honest are crucial to moral intelligence.
Top Tip for Improvement: Make fewer excuses and take responsibility for your actions. Avoid little white lies. Show sympathy and communicate respect to others. Practice acceptance and show tolerance of other people’s shortcomings. Forgiveness is not just about how we relate to others; it’s also how you relate to and feel about yourself.
Body Intelligence
Lastly, there is your BQ, or body intelligence, which reflects what you know about your body, how you feel about it, and take care of it. Your body is constantly telling you things; are you listening to the signals or ignoring them? Are you eating energy-giving or energy-draining foods on a daily basis? Are you getting enough rest? Do you exercise and take care of your body? It may seem like these matters are unrelated to business performance, but your body intelligence absolutely affects your work because it largely determines your feelings, thoughts, self-confidence, state of mind, and energy level.
Top Tip For Improvement: At least once a day, listen to the messages your body is sending you about your health. Actively monitor these signals instead of going on autopilot. Good nutrition, regular exercise, and adequate rest are all key aspects of having a high BQ. Monitoring your weight, practicing moderation with alcohol, and making sure you have down time can dramatically benefit the functioning of your brain and the way you perform at work.
What You Really Need To Succeed
It doesn’t matter if you did not receive the best academic training from a top university. A person with less education who has fully developed their EQ, MQ, and BQ can be far more successful than a person with an impressive education who falls short in these other categories.
Yes, it is certainly good to be an intelligent, rational thinker and have a high IQ; this is an important asset. But you must realize that it is not enough. Your IQ will help you personally, but EQ, MQ, and BQ will benefit everyone around you as well. If you can master the complexities of these unique and often under-rated forms of intelligence, research tells us you will achieve greater success and be regarded as more professionally competent and capable.
This all makes perfect sense although we have never thought to look at it quite like this.
We are always surprised that one of the first questions we get asked when someone approaches us to work with them in starting their online business is whether we think they are “intelligent enough” to to do it. We always say that intelligence has nothing to do with it since it is more about really wanting to do it and being prepared to learn and apply the skills necessary.
Clearly intelligence is not the main criteria …. and we are not the only ones who think that.
If you want to do it enough and are prepared to learn, put into action what you learn and focus on your business to make it succeed then we can help.
We have a fantastic system at our fingertips to help you “earn as you learn” – all you need is to have the right mindset to get started.
To find out if you’ve got what it takes to own and run an online business – just Apply here.
The rest is up to you!
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