The Power of A Mastermind Group
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?
By Chris Brown Mindset Coach – Connect with Chris on Linkedin
This week we begin two private mastermind meetups online – we think Napoleon Hill would approve!