Mastermind Group – What Is It And How To Use It

In his groundbreaking book, Think and Grow Rich, Napoleon Hill described the mastermind group as a:

“coordination of knowledge and effort, in a spirit of harmony, between two or more people, for the attainment of a definite purpose.”

Essentially, a mastermind group is a group of two or more people who spend time helping each other think through various issues.  A successful mastermind group can bring new ideas, fresh perspective and exciting opportunities and connections to the other members.  It is a place to help and to be helped.

Many successful people currently and throughout history have used mastermind groups to keep themselves on track.  For example, Hill says of Andrew Carnegie,

 “Mr. Carnegie’s Master Mind group consisted of a staff of approximately fifty men, with whom he surrounded himself, for the DEFINITE PURPOSE of manufacturing and marketing steel. He attributed his entire fortune to the POWER he accumulated through this ‘Master Mind.’”

Further, it was after Henry Ford became friends with Thomas Edison that most of his success became noticeable.

No matter how creative or driven we are, we are still largely limited by our own experience and ideas.  But when our creativity and ideas are pooled with the insight and wisdom of others, new possibilities open up.  We are able to see things from different angles and with different interpretations.

Below Are Several Key Features Of Any Good Mastermind Group

• A leader.  It is best to have someone who can facilitate the group and keep everyone in line with the agenda.  Without direction, time could be wasted in unproductive pursuits.

• Commitment.  A mastermind group cannot function unless all the members are fully devoted to showing up and participating.  Each member is expected to contribute as well as receive help.

• Cost.  It is important for members to feel invested in the group.  Often the best way to accomplish this is to charge a fee for participation.  The collected fees could be used to compensate the leader for his extra time involved with the group and even for paying speakers to visit the group for teaching sessions.

• Accountability. Accountability is a great motivator. A successful mastermind group should have a system set up for members to hold each other accountable to follow through on agreed-upon insights and ideas raised during the sessions.

• Communication.  Members may need to communicate with each other outside of the designated meeting times.  It is a good idea to have tools available to make this easier.  Google Docs, Dropbox, and Skype are just a few tools that you might consider using.

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 What a Mastermind Group is NOT

• It’s not a class. While your group can vote to bring in guest speakers and teachers occasionally, the main focus of a mastermind group is the brainstorming and accountability support among the group members.

• It’s not group coaching. Mastermind groups are about the MEMBERS sharing with each other, not about the facilitator coaching individuals in a group setting. You get everyone’s feedback, advice and support.

• It’s not a networking group. While you may share leads and resources with each other, it is not the main focus of the meetings. However, through your connections with other members, you will find plenty of joint venture opportunities, lead sharing, and professional networking.

Other Master Mind Principles

• The Master Mind principle is a practical method through which you may appropriate and use the full benefits of the experiences and specialized knowledge of others completely as if they were your own.

• An active alliance of two or more minds in a spirit of perfect harmony for the attainment of a common objective stimulates each mind to a higher degree of courage than is ordinary, and paves the way for that state of mind known as faith.

• A Master Mind Alliance, properly conducted, stimulates each mind in the alliance to move with Enthusiasm, Personal Initiative and imagination and accelerates the capacity of the minds in the alliance to receive and transmit thought through the sixth sense.

• The Master Mind Alliance has the effect of connecting the subconscious sections of the minds of the allies, and gives each member full access also to the spiritual powers of all the other members.

• All individual successes, based upon above-average achievement, are attained through the Master Mind principle.

If you cannot find a suitable mastermind group in your area of expertise, create one yourself.  All you need to begin is one other person to join with and a willingness to make it great!