How
to Start and Run a Mastermind Group
By Stephanie
Chandler
Some of
the most successful people in history have leveraged the
power of mastermind groups, a concept that was
introduced in Napoleon Hill’s best-selling book “Think
and Grow Rich.” The purpose of a mastermind group is to
exchange and refine ideas, while assisting each other in
reaching goals. From experience I can tell you that the
right group can create spectacular results.
While
you can seek out an existing group, a more powerful
option is to start and manage your own group. This will
give you the opportunity to cultivate a group with the
right level of experience and synergy. Following are
some suggestions for getting started.
Develop Meeting Structure and Frequency
Knowing
how often your group will meet and where those meetings
will take place are some primary considerations. Some
groups meet weekly by phone, some meet monthly in a
local conference room, while others meet quarterly. If
your group is geographically disbursed you will need to
facilitate conference calls or meetings at a remote
location such as a resort or hotel.
While
establishing frequency, a big consideration is how many
members you will have and how long meetings will last.
Since the purpose of the group is to brainstorm and
leverage each other’s experience and advice, each member
needs a chance to be heard. Some groups rotate this
benefit around, while others make sure each member
receives focused time at every meeting.
The
amount of time you can allot to each person depends on
how many people are involved. If you have a group with
ten people and each gets 20 minutes to present their
ideas and challenges, you will need about three and a
half hours of spotlight time, plus extra time for breaks
and transition. Keeping the group size small—six to
twelve people—allows members to each benefit from more
focused time.
Select Your Members
While
you could place an ad on Craigslist or Meetup.com to
find members for your group, I encourage you to
hand-pick participants. Your group should be a safe
place for fleshing out ideas, which involves a level of
trust among members. Also, consider the different skill
levels you want to bring to your group. Some people are
highly creative and generate a lot of ideas, while
others are detail-oriented and can serve in the role of
devil’s advocate. Both types of people should be
included in your group to keep the creativity flowing,
and to refine ideas and uncover potential road blocks.
You
might also want your group to consist of people with
specific skills. For example, someone with a financial
background can help focus on the numbers, while someone
with internet skills can bring online marketing ideas to
the table. Consider carefully what roles you want filled
and how these roles can compliment each other.
Experience is also an important consideration. The point
of a mastermind group is to collectively help each other
grow your respective businesses. With that in mind, the
members should consist of people who have been around
for awhile. If you fill the room with new business
owners, more experienced members may feel like they are
carrying the load and won’t stick around for long.
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