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The term “mastermind group” comes from the classic business book, Think and Grow Rich by Napoleon Hill. For those who haven’t read it, Think and Grow Rich is an incredibly researched blueprint for creating success and riches, and this is especially true for small business owners and self-employed individuals.
Mastermind Groups – The Backstory
The idea for the classic book was born in 1908 when Hill interviewed Andrew Carnegie, who was the Bill Gates of his time and the richest man in the world. Thereafter, Carnegie gave Napoleon Hill an assignment: To interview the most successful people he could find and get their formula for success. Hill completed his research 20 years later and eventually boiled it down into Think and Grow Rich. Having sold more than 100 million copies since its publication in 1937, it’s one of the most successful nonfiction books.
One of the main concepts to come out of the book is the idea of a “Master Mind” group, as Hill put it. Carnegie attributed much of his success to such a group. Here’s how Hill learned of this concept:
During a newspaper interview with [Andrew Carnegie], I asked him to what he attributed his success. He replied:
“Well, if you want to know how I got my money, I will refer you to these men here on my staff; they got it for me. We have here in this business a master mind. It is not my mind, and it is not the mind of any other man on my staff, but the sum total of all these minds that I have gathered around me that constitute a master mind in the steel business.
I have been many years gathering these men around me and building this mind. Each man contributes an important part to the building of this mind. I do not always agree with all the men on my staff, on all matters, nor do they always agree with me. Perhaps some of us do not like each other from a personal viewpoint, but I know that I need these men and they know that they need me in the maintenance of this master mind that is necessary in carrying on this steel business.
Hill concluded that, “No two minds ever come together without thereby creating a third, invisible intangible force, which may be likened to a third mind.” Thus, a mastermind group could, he argued, dramatically increase each other’s success.
Modern Mastermind Groups
Today, mastermind groups can be found in every industry and field of endeavor. And it’s easy to see why so many professionals are eager to start their own mastermind groups. Mastermind groups help boost the personal and professional growth of their members; they challenge individual members to be their best, brainstorm, set goals, and more. Group members create a powerful group mind, too, offering guidance, support, ideas, expertise, and feedback to each other as they talk and build relationships.
And of course, there’s something to be said for the energy and synergy that business owners get when they join or start a mastermind group. There’s nothing quite like working with like-minded people to achieve personal goals and lasting success.
Keys to a Successful Mastermind Group
People who have found success with mastermind groups say there are several keys to creating and working with a mastermind group.
Be discerning about group membership
Often, when someone starts their own group, they might find themselves tempted to invite a lot of like-minded individuals in their industry to join. And it’s true that peers can help a business owner with both personal development and business growth, but that’s not how masterminds work. The best mastermind groups have a mix of people from different industries and life experiences; diversity of thought is one of the biggest strengths of these groups.
Group members need to be people who are willing to put in the time and who will work to overcome obstacles (both their own and those of the group members). The members should be passionate about success and be able to give (and take) constructive criticism on a variety of discussion topics. Many professionals also find it helpful to keep the group membership to people in a similar career stage. For example, a 23-year-old entrepreneur might not be able to contribute meaningfully with a group of CEOs in their mid-fifties. Meanwhile, a CEO would probably intimidate a group of brand-new business owners (that CEO might be a welcome “guest speaker,” but probably not the best group member).
Establish rules for the group
Every group needs to set some ground rules to help keep the peace and to facilitate smooth meetings. Here are just a few sample rules that some groups find helpful.
- How often will the group meet? Every few months? Every other week? At the date everyone agreed on during the last meeting?
- Where will the group meet? Virtually? At a local coffee shop? At the library? A rented conference room?
- How many absences are acceptable for group members? Some mastermind groups find that it’s helpful to set expectations surrounding attendance so everyone is “bought into” participating.
- Will the group accept new members in the future? If so, how will members be added? Will a group cap be set? Lots of mastermind groups have fewer than ten members, but some limit the group to about six people. While multiple perspective is helpful, having too big a group can defeat the purpose.
- How will meetings be structured? How will the agenda get set for each meeting?
- Who’s the group leader? Will the group have a rotating leader, or will one person be designated as the person to always take the hot seat?
- What communication channels should members use? Is everyone okay with a group text thread? How about video conferencing? Email? Most people get plenty of notifications already, so setting rules about communicating (especially outside of scheduled meetings) can help keep a group-life balance.
Answering these questions can help a group set ground rules that keep things running smoothly.
Set a meeting agenda
Every single type of meeting benefits from having a set agenda, whether that’s a work meeting or a mastermind meeting. A good agenda helps attendees to focus and carry on conversations that actually provide value to everyone in the group. Agendas can also help the group accomplish what they intend without exceeding the allotted time for the meeting.
The ideal agenda will look very different from group to group and maybe even from meeting to meeting. For example, here’s a generic skeleton for one group’s meeting agenda:
- Opening/welcome
- Individual sharing and updates
- Update on goals
- Group problem solving
- Discussion of the set topic/theme for the meeting
- Overview of the next meeting
Many groups explore a lot of different topics at their meetings. Many discuss resources they’ve found helpful, business strategies they’re employing, a legal topic that they’ve had to overcome recently, marketing ideas, and more. Some groups might even decide to incorporate community service events into their agenda on occasion; giving back, especially with like-minded individuals, can be inspiring and fulfilling. And who knows? That service might even spark new insights and renewed motivation for the group members.
The Group Mind
While the camaraderie is nice, for many mastermind group participants, it’s that unseen extra person – the group mind – that makes the time and commitment worth it. Often, the communal effort towards helping individual members achieve their goals is what really sets the mastermind group apart.
Disclaimer: The content on this page is for information purposes only and does not constitute legal, tax, or accounting advice. For specific questions about any of these topics, seek the counsel of a licensed professional.
