The Success of Mastermind Groups Revealed

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Napoleon Hill tells us:

“No two minds ever come together without, thereby, creating a third, invisible, intangible force which may be likened to a third mind.” One of the hottest trends in business these days is the "Mastermind Group” – chances are, someone has told you about their mastermind or invited you to join one.

While Mastermind Groups widely differ in their make-up and costs, here’s what I feel to be key components of a successful Mastermind:

  • A facilitator/moderator who can incorporate “learning modules” into the group meetings.
  • A small group of members from different industries with a similar mindset where their business is concerned (enthusiastic, motivated, trustworthy, full of integrity, etc.).
  • Time to collectively focus on each member’s business and brainstorm solutions to their challenges or offer new opportunities for them to consider.
  • The creation of a “safe space” where members can openly share their successes AND challenges.

Now that you know what it takes to have a successful Mastermind Group, let’s discuss WHY it’s so successful:

  • By having a facilitator who can incorporate “learning modules” into the program, members learn how to grow their businesses by leaping over mistakes and pitfalls they may have made otherwise.
  • Members have the opportunity to share their successes in a supportive environment with people who WANT to hear about them.
  • Just one new idea which originates in the Mastermind can easily provide value many times the cost of the program – I know from firsthand experience how true this is.
  • The opportunity to state you belong to “an exclusive group” (remember those cliques from high school?)

A well-run Mastermind Group has the potential to propel your business further faster than you could ever get on your own.

Mastermind Groups are not just for coaches or marketers – they are immensely valuable no matter your industry. In fact, the best Masterminds I’ve been a part of have members from online and offline businesses and in all types of industries. It’s that “smorgasbord” which adds to the dynamic of the “third mind”.

Your Coaching Challenge

Your coaching challenge for this week is to consider joining a Mastermind or other group in which you have the opportunity to learn from someone whose business is further along than yours while being able to share successes and challenges with the other members. You never know where your next great idea will come from!

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