Mastermind Group – The Key to Unlocking your Potential
What is a Mastermind Group?
In short, it is a group of individuals that meet on a regular basis to help each other grow their businesses. We’ll describe here how to start one and how to make it effective.
Why is a Mastermind Group So Important?
First, and the most important, is a Mastermind Group will help to keep you on track in moving your business forward. Members of the Group hold each other accountable on actions/plans as well as help brainstorm ideas. It is very easy in the day to day of your business to not set aside time to do the things that will really take your business forward. Sometimes it could be a bit of fear that shows itself as procrastination. Or it could be that you really don’t know how you want to move forward. The Mastermind group can help you think of ways that can be done. The cliché is “two heads are better than one”. How about six? In a Master Mind Group of seven, just think six other Business minds that are working toward your success! Six people who are thinking of ways you can take the next step in your business to benefit you. Would that help you? Of course.
Additionally, with all this support and accountability, no group member would want to go to the meeting without having done what they said they would do. It would be too embarrassing.
How to start a Master Mind Group?
The simplest way to start one is for two individuals, who are looking to start a full or part time business, or in a business, to meet on a regular basis to discuss their business.
But what if one doesn’t know anyone who is trying to start a business? A good way is to attend a Chamber of Commerce meeting in your area. This meeting will have owners of small businesses and ‘solopreneurs’ such as CPAs, lawyers and financial planners. Just talk to various people at the meetings and, over time, you will find there are certain people with whom you have chemistry. Just ask them if they want to meet on a regular basis. Use the Guideline I have listed below to help with putting your agenda together. A definition of a purpose of a Mastermind group is below.
Purpose of Mastermind Group
To help each other grow personally and in their businesses. To challenge and hold each member accountable.
Guidelines for an Effective Mastermind Group
Below are recommended guidelines. The most important guidelines are commitment to attend the meetings and being prepared.
1. Decide when to meet and stick with it. This can be weekly, bi-weekly, monthly, or whatever the group decides. Decide on a day and time and keep to it. Don’t juggle the day and time.
2. Determine the length of the meeting. I will use the example here of a one hour meeting for 6 people but some may find that too short, too rushed and prefer 90 minutes to 2 hours. The length of the meeting is up to the group.
3. Require a commitment from each person to attend all meetings. While there are extraneous circumstances, this meeting should always be a priority. As you start the group you can ask for a 3 month commitment. At the end of the 3 months, the member can decide if they want to continue. That way you are not asking for a 10 year commitment. Three months is long enough to determine if the group is benefiting from the member.
4. Decide if the meeting is in person, via Skype or conference call (in person works best). The reason for this is the personal contact builds camaraderie that other meeting methods just can’t duplicate.
5. Set an agenda. All good meetings need an agenda and this is no different.
6. Agree as a Group what types of information should be kept within the Group and what is allowed to be shared. For example, one of the member may have a unique idea for his business that he would not want the group to share with others. Maybe one of the rules would be, “when in doubt, ask for permission”. There is no faster way for a Mastermind group to dissolve than when a member feels betrayed by another revealing confidential information.
7. Size of group. Studies have shown that effective meetings, ones where all individuals are interacting is 6-7 people. Any larger of a group and the meeting would typically be dominated by a few people and the rest are not heard. That’s why the group size should be kept to no larger than seven.
8. In the beginning the group is likely to be only a few people. The group needs to discuss the criteria for adding new members.
Agenda:
The meeting should have a set start and stop time. I’ll use one hour as an example and 6 members of a group.
Five of members should take 5-6 minutes each to describe the actions they have completed since the last meeting. They should describe any challenges they are having and what actions they plan to take for the next period. It is key that each member come prepared to provide a concise status and next steps. This will take about 30 minutes for the 5 members to complete their updates.
This saves 30 minutes for the one remaining member. Each week one member of the group gets to be the focus of attention where in-depth discussion on the state of his/her business, challenges and new areas to explore. One might call this being on the “hot seat”.
Let’s call the person on the ‘hot seat’ Tom. If Tom is new to the group, he will first go into background about his business, his target market, product and services. However, if Tom is a regular member and had been through this a couple of times, he will go right into discussing his challenges and the Group will give him advise, etc.
For example, Tom may want to expand in a new area and needs ideas on ways to research the new area. The group will brainstorm these ideas with him and/or provide contacts to aid in that research.
Tom will come out of the discussion with a list of actions. It is at this time that Tom will announce to the group what actions he plans to take, both in the short term (by next meeting) and longer term.
Tom may have a good understanding about what he needs to do, but doesn’t have the courage to go forward. The group can encourage and hold Tom accountable.
There will be a note taker at this meeting who will document Tom’s next steps (along with the other members’ actions). This list of everyone’s actions/next steps will be sent to all the members by the end of the next day.
Additional Benefits
As the group gets to know each other business well, they will start to identify opportunities in their own circle of influence that can benefit other members within their Mastermind Group.
As the Group grows together personally and in their businesses, celebrating successes and encouraging each other to push on through challenging times, friendships will naturally develop and deepen over the years. Wouldn’t that be a good way to enjoy life?!
So start your Mastermind group today!
Actions:
1. Take inventory of your friends. Are there any that are in their own business or thinking of starting one? If so, reach out to them and go through the purpose and agenda to see if they are interested. If they, are great. Determine a time and place to have your first meeting.
2. Use the guidelines to discuss the form and ground rules for your group.
3. Let me know when you have started a group and how I can help.