BUSINESS
7 Tips To Harness The Power Of Your Own Mastermind Group Nothing worth doing can be done alone. Find a group to help you on the journey. By Bill Cates
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f there is one book responsible for creating more millionaires than any other, my guess it would have to be Think and Grow Rich by Napoleon Hill. One of the many concepts Hill covers is the power of the mastermind. Hill wrote, “When two people get together to brainstorm solutions to problems, it creates a third mind.” This third mind can create ideas that wouldn’t happen for an individual on their own. Many people call this a “study group.” Regardless of what you call it, do you have one? And it is bringing you the results you set out to achieve?
other industries, we all get fresh ideas that don’t just reinforce the “industry speak.” 2. How many should you have in your group? I have found five or six to be ideal. (I know others like slightly smaller or slightly larger groups.) We almost never meet unless everyone can attend (because we value everyone’s unique perspective)
since we want to have plenty of energy and creativity and still be able to “go deep” with each person’s situation. 3. Do you have to meet in person? There is no question that in-person meetings are the best. As you might imagine, you can see visual clues that might cause you to go deeper with parts of your discussion. I suppose that Napoleon Hill would argue that an “energy” is also created that won’t be happening if you aren’t meeting in person. Prior to the pandemic, one of my groups conducted quarterly in-person meetings (traveling from different parts of the country) with monthly check-in phone meeting in between. Of course, the more members you have in your group, the harder it will be to coordinate meetings — especially with in-person meetings.
Harness Its Power
I’ve been using the power of the mastermind for more than 20 years. I currently belong to three mastermind groups. Each one has a different dynamic based on the members and overall purpose of the group. If I weren’t getting value from these groups and the relationships, I would have stopped long ago. 1. Who should be in your group? Your group can be made up of people just like you, in your same line of work, or it can be made up of folks from other industries. One of my groups contains two people who have businesses similar to mine and two others in businesses that are indirectly related. By having people from 50
Napoleon Hill defined a mastermind group as “the coordination of knowledge and effort of two or more people, who work toward a definite purpose, in the spirit of harmony.”
InsuranceNewsNet Magazine » October 2021
4. What do you talk about? Most of our meetings consist of the following items: • Sharing recent wins and challenges and what we learned from them. • Sharing our revenue actual numbers and compare them to our goals. • Brainstorming solutions to problems. • Setting goals for the year (or quarter, etc.). • Setting specific actions to be accomplished bet ween meetings. 5. What else do you discuss? From time to time, we have brought in “guest experts” or created a special theme for the meeting that dominates a good portion of the meeting.
