If you've been hanging around the entrepreneurial community for any amount of time, you've probably heard the word "mastermind" dropped from time to time.
You may have even been encouraged to read the book, Think and Grow Rich by Napoleon Hill. Hill has long been considered the father of the Mastermind, though the idea predates him by centuries.
At it's core, a Mastermind is a group of (really smart) people who come together to navigate through challenges using the collective intelligence of the group. It's about vicarious learning, big picture thinking, and unparalleled support for you and your business.
That same learning, growth, and evolution in your business is possible on your own. It would just take years (if not decades) longer to achieve.
Shortcut the lessons and implement the pieces that are going to help your business grow.
The basic structure:
- 3 or more people.
- Meets on a consistent basis (daily, weekly, monthly, quarterly).
- Takes place in person or virtually.
- Meetings run for a specific amount of time (ex: 45, 60, 90 minutes)
- Each person has the opportunity to share what they are working on and where they need support.
- At the end of each meeting, everyone identifies 3-5 action items to focus on before the next session.
- It works best to have one or two people in a leadership role for each session in order to keep time and make sure all members of the group are heard.
The secret sauce:
Consistency and commitment.
Masterminds can be organized for free or they can be an investment like the Propelle Mastermind.
Both can work splendidly, but when money is not exchanged the expectations and commitment need to be clearly outlined. Without clear structure and leadership, masterminds will fizzle, fast.
When there's skin-in-the-game, it's more likely for people to show up and do the work.
We'd love to know...
Have you ever been a part of a Mastermind group?
What benefits have you seen for your business and/or life?