David Hooper hosts the popular blog, Big Bold Impact, and is the author of multiple books including Six-Figure Musician and The Rich Switch. I recently spoke with David on my podcast, New Business Networking Radio, about the power of networking. We hit on a subject you should consider for yourself and your business - mastermind groups. The concept of a mastermind group was first introduced in Napolean Hill’s classic book, Think and Grow Rich. The concept is a simple one and yet not enough people do this.
Dr. Hill wrote "The Master Mind means as a mind that is developed through the harmonious cooperation of two or more people who ally themselves for the purpose of accomplishing any given task."
To create a professional mastermind group you should bring together several people (usually between two to seven members) to meet once a month to discuss your business affairs. It is best to bring each member from a different background but with plenty of knowledge, experience and success.
Each member is required to set weekly and monthly goals. Members are held accountable by each other for achieving these goals. As David Hooper explains in my interview, “they (members) come together for a definitive purpose.”
By sharing your business goals with a small, intimate group of peers, you open yourself up to constructive critique and support. Each member is held accountable. The group becomes a valuable place where members share the challenges of their business, while assisting others by providing sound advice and opinion.
I have recently joined a private mastermind group on Facebook and have found the meetings to be beneficial. The group shares information on Facebook and meets by a private Google Hangout. Geography shouldn’t hold you back. Skype Video is another option for connecting this way. However, I believe meeting in person would be most beneficial to you if possible.
How to Create a Mastermind Group
If you plan to create your own group, I recommend setting some rules up front. One such rule should insist members attend meetings regularly. Too many absences will result poorly for the other members, who may leave the group if they are unsatisfied. Another rule should stress the sanctity of privacy for each member and what they discuss. If information is leaked, it will ruin the group. Privacy is paramount in mastermind groups.
I recommend recording notes from your meeting, so members can return and review them to stay on task. Begin each meeting by asking what each member has been working on. Let them do the talking, but limit the amount of time so that everyone gets a turn.
In David Hooper's book, The Rich Switch, he wrote:
"A successful mastermind group will keep your focus on your goals as well as develop ideas on the conditions you can put in place to make sure those goals happen without question The feedback and support you'll receive from a mastermind group is invaluable."
How about you? Do you belong to a mastermind group? Has membership worked for you and your business? Please leave a comment. I would love to hear more about your experiences.
Photo by Nithya Ramanujam This post originally appeared in the Tennessean newspaper.