Leverage a Mastermind Group to fast track your business success

Mastermind Group

A Mastermind Group is a growing business phenomenon used for problem-solving, inspiration and motivation. The Mastermind Group itself is a group of like-minded positive thinking individuals who come together for the purpose of accomplishing any given task. The group will actively share and collaborate knowledge and information on how best to complete the defined task and this creates a synergy of energy, commitment and excitement between these like-minded people. Knowledge alone is not power, only potential power. The Mastermind Group creates a powerful synergy using organised knowledge expressed through intelligent efforts. These Mastermind groups help participants raise the bar by challenging each other to create and implement well defined attainable goals, brainstorm ideas and support each other with total honesty, respect and compassion. Mastermind Group participants act as catalysts for growth, devil’s advocates and supportive colleagues. The Mastermind Group is like having a objective board of directors.

Characteristics and benefits of a Mastermind Group

The concept of the Mastermind Group was formally introduced by Napoleon Hill in the early 1900′s. In his timeless classic Think And Grow Rich which was based upon interviews of over 500 American millionaires across nearly 20 years, including such self-made industrial giants as Henry Ford, J. P. Morgan, John D. Rockefeller, Alexander Graham Bell, and Thomas Edison. The Mastermind Group principle is based on:

1. The coordination of knowledge and effort of two or more people, who work toward a definite purpose, in the spirit of harmony.
2. The fact that no two minds ever come together without thereby creating a third, invisible intangible force, which may be likened to a third mind.

Through a Mastermind Group, individuals can gain tremendous insights, which can improve their business and personal life. The mastermind group characteristics are as follows:

• The agenda belongs to the group and each person’s participation is key.
• The Mastermind Group participants give feedback, help brainstorm new possibilities, and set up accountability structures that keep each participant focused and on track. This creates a community of supportive colleagues who brainstorm together to move the group to new heights. Each Mastermind Group participant receives the following:

1. Experience, skill and confidence.
2. Real progress in both business and personal life.
3. An instant and valuable support network of people available to help you succeed.
4. The benefit of differing perspectives, input and feedback.
5. The Mastermind Group can bring resources and connections to the table you might not have had on your own.
6. Accountability and inspiration from the Mastermind Group, thus enabling you to maintain focus in achieving your goals.
7. A sense of shared endeavor.
8. The opportunity to design things to be the way you want them to be, not as you’ve been told they “should” be.

Mastermind Group Operation

1. There are two basic types of Mastermind groups: One which is focused on the success and vision of one individual, and one that is focused on helping everyone in the group. The group type and purpose is the first thing to be defined.
2. A Mastermind Group would consist of between 5 to 8 members and usually once a month either in person, on the telephone, or communicate via online discussion groups.
3. It’s possible to locate and apply to join a Mastermind Group internationally or create a new mastermind group.
4. Individual group members are usually screened to ensure that they’ll fit into the existing group and that they are committed, highly-motivated people who are willing to give and receive help and support.
5. New Mastermind Group members are allowed into the group only with the unanimous consent of everyone in the group and providing that they have the following:

• A personal or business mission or vision statement.
• Have three and five-year goals.
• Can find the time to participate in the Mastermind Group.
• Are committed to moving forward in their business and personal life.
• Can demonstrate why they should you be chosen to participate in that particular Mastermind Group.

Mastermind Group members who fail to to participate up to the group standard are asked to leave the group.

Mastermind Group Member Profiles

1. All Mastermind Group participants should share a similar interest (such as a group for self-employed people, or a group for innovative thinkers, or a group for people in a certain sector/industry).
2. Participants should have a similar skill and/or success level.
3. Each Mastermind Group member should have the desire and inspiration to make that year extraordinary and to reach or exceed their defined goals.
4. Participants should want a supportive team of Mastermind partners.
5. Mastermind Group individuals should be ready to let their desire to be passionate about their life and work overcome their fear of change.

Since the publication of Napolean Hill’s Think and Grow Rich book in 1937, the idea of Mastermind groups has grown and evolved to become a staple tool of successful individuals. However, a Mastermind Group is only as good as the people in it so, group participants should be carefully selected. However, a Mastermind Group creates a win-win situation for all participants. New friendships develop and everyone grows because of the support and encouragement of the Mastermind Group. Anyone who has either had great personal or business success have either consciously, or unconsciously employed the ‘Master Mind’ principle.

If you are a business owner, entrepreneur or manage a small to medium size enterprise and need help and advice with starting a Mastermind Group, then contact eCubation today for a FREE consultation.