“When two or more people coordinate in a spirit of harmony and work toward a definite objective or purpose, they place themselves in position through the alliance to absorb power directly from the great storehouse of Infinite Intelligence.”
– Napoleon Hill
Whether you own a business, or just want to get better at your corporate job, the advantages of being part of a mastermind group cannot be overlooked.
According to Jack Canfield, author of “The Success Principles”, “The basic philosophy of a mastermind group is that more can be achieved in less time when people work together. A mastermind group is made up of people who come together on a regular basis–weekly, biweekly, or monthly–to share ideas, thoughts, information, feedback and resources. By getting the perspective, knowledge, experience and resource of the others in the group not only can you move beyond your own limited view of the world but you can also advance your own goals and projects more quickly.”
1. What is it?
The principle is pretty close to the concept of working with a team. However, usually the members of a mastermind group work for different companies, or have their own. Each person brings a unique set of experiences, skills and knowledge to the table to help the other members of the mastermind solve problems.
2. Who should do it?
Anyone can form their own mastermind group simply by gathering a group of individuals whose skills, experience and knowledge compliment your own. Maybe you belong to a professional organization. Think what it would be like to gather a handful of the members to meet on a regular basis to share ideas. Presumably the other would be in other industries that don’t compete with you, so sharing ideas would not be an issue.
For instance, if you are in the marketing department of a large company and belong to the American Marketing Association, chances are you’ve met many other people in your profession who work for a vast array of companies and industries. Wouldn’t it be nice to brainstorm with them about challenges you may be facing? At the same time, others in the mastermind group would find your input valuable to them.
3. What famous people were a part of a mastermind group?
Some pretty successful people were part of a mastermind group, including Henry Ford, Andrew Carnegie, Thomas Edison and Harvey Firestone.
A good size for a mastermind group is six to eight people. This will be large enough to provide adequate feedback with a variety of opinions, yet small enough so that everyone has a chance to give and get information without the meetings being too long.
Some mastermind groups meet in person, some my phone, Skype or other electronic methods, or a combination of both. Make it as convenient as possible for maximum participation.
The group can decide on a meeting format that suits it best, but should include time for each participate to talk about what’s new in his job or business and any action items he or she may have taken as a result of the last meeting. Then each person may want to present a new challenge or issue that they would like some feedback about, or each meeting can focus on one person to allow for a good amount of time to work through the issue, have discussion, and create action items.
4. What makes a successful mastermind group?
A huge part of being in a mastermind group is providing accountability to each other. If you promise someone in the group, or the whole group, that you will take steps to resolve a situation, they will ask you about it the next time you meet and expect that you have followed through. Doing so will make you a better employee or business owner, create more value for your company, and move you toward your goals.
Here is an infographic that shows you how employee development works to build strong companies in the new economy.
At EDSI, we have been resolving employee development, leadership, generational, professional presence, and personal effectiveness issues for over 30 years. Contact us to learn how we can help increase productivity and profits in your organization.