Seems like nearly everyone is talking about Business Mastermind groups these days. If you are not familiar with the term, this simply means a group of people who get together regularly, either in person or on the phone, to support other members with the power of the group’s collective wisdom.
If you see people who seem to be zooming past you in their businesses and you can’t figure out why, chances are they are in a business mastermind.
You cannot be completely objective about your own business. No one can…it’s simply impossible. But when you work in a properly structured and trusted group business mastermind, that lack of objectivity is no longer an obstacle. Others in your group are able to be objective about your business and they can point out your blind spots, uncover potential problems and offer new ideas that you would never have come up with by yourself in a million years. And you, in turn, can offer this same gift to them.
I’ve been in several business masterminds over the years. The first one I tried was with a group of colleagues who agreed to meet twice a month over the phone to support each other. I was enthusiastic and committed but the group only lasted about four months. The reason why was this…
we had no structure and no leader, no head coach. Plus, the group was free to join, so I had no real incentive to make it work.
Later, I belonged to a paid mastermind group, one that had a head coach. Again, I was enthusiastic and committed, sure now that I was paying to belong and we had a leader, good things would come to me from being a member. Again, I was disappointed and I couldn’t understand why the group did not work…
after all, there were two elements of a successful group in place, a head coach and a monetary incentive to succeed. But I later learned the third and most crucial element of the mix was missing…
a proven and easy to implement structure…
a structure that would give each member a laser-focused opportunity to be heard and to get feedback on challenges and opportunities with ideas and advice that could be acted upon right away, so progress could be made that day!
Since then, I’ve had a chance to experience exactly that and my personal results have been remarkable.
So when you get an invitation to join a business mastermind or if you are thinking of starting one of your own, be sure to have these three elements in place:
1) an experienced head coach or leader
2) monetary incentive to succeed
3) a proven and easy to implement structure
With these three elements in place, your business mastermind has the best chance of success.
Ellen
P.S. We are up to Something Big…not surprisingly we will include the Business MasterMind concept but will offer you much, much more. Stay tuned for details soon!
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photo: Neurons in the Brain – Lorelie Ranvieg – http://creativecommons.org/licenses/by-sa/2.0/
{ 16 comments… read them below or add one }
Hi Ellen,
The three elements you identified are definitely essential to succeeding with a mastermind.
I’ve been part of masterminds as a member and facilitator over the last 2.5 years; my own group has played a major role in growth.
I love how a mastermind helps keep things in perspective. Their encouragement is awesome, and unlike friends and family, they don’t smile and nod, or try to sabotage what you are doing with negativity.
They actually understand what you’re trying to accimplish.
I’d add that a mastermind needs to meet consistently, and consist of 4-6 people whose skillsets and ambitions are complimentary & compatible.
Thanks for helping to spread the word about a key method of growing a business.
Bob Jenkins
http://DiscoverMasterminds.com
Couple of questions for you then…
* When you talk about the leader, is the leader not able to also participate in sharing successes and challenges?
* Why do you feel that a financial investment is necessary?
* What sort of structure do you recommend?
Great questions Katy!
There are many ways to set up a MasterMind group, including one in which the leader shares successes and challenges. In my opinion, if you are investing in a paid Mastermind or you structure your own Mastermind offering on a paid model, then the leader’s job is to make sure the members get value from the meetings.
I have seen some paid Mastermind groups in which the organizer sets up the group or groups according to their specific template. I recommend setting these up in a way that allows each person to “take a turn” with each member getting the change to contribute to feedback for that member. It’s only in this way can the collective wisdom of the group be tapped.
I have participated in paid and unpaid groups. Free groups can sometimes work, but I know that in my own experience, the paid groups were much more likely to succeed, as 1) the members felt (and were) invested in its success and 2) the perceived value of the group is higher and 3) members take their commitment to the groups much more seriously and it shows in more regular attendance and quality participation.
Thanks for your comment!
Ellen
) an experienced head coach or leader
2) monetary incentive to succeed
3) a proven and easy to implement structure
Great post: There must be someone with some experience to lead or mentor
People tend to put more effort into it if their some money is involved
it is easier to get someones attention if the program is user friendly
Ellen and Katy,
Good Discussion.
Concerning Element: 2. Monetary Incentive To Succeed.
In this day and age it has become impossible to get something for nothing (…probably always has been), yet, I find there are still those who want to involve themselves in activities with others who are willing to pay and realize the difference between an expense and an investment.
My opinion is that Mastermind/Networking in large part has to do with qualifying. Being confident that your involvement and investment has a good chance of a good ROI. Have found that the decision to charge for membership is not a pretentious one,but, a simple way of keeping the membership focused and motivated on the value of belonging and contributing. The groups that I have been involved with that made a decision to change to charging for membership always lost members. But, strangely enough they were the very members that never did “Get It” or contributed to the group’s overall success.
Thanks for your thoughts and questions,
Joe Haas
Thanks so much for the answers. I had a feeling the very reasons you gave would be the reasons I first thought.
I’m new to Masterminding and have one set up with some of my solopreneur friends, and well, to be honest, we’re kind of winging it. I’ve settled into the “leader” role (and I’m okay with it – I also make sure I participate last so if we run out of time I’m okay with it). I’ve considered asking for a cash donation/commitment for the energy and accountability when we first started up, but didn’t think at the time that our group would go for it.
We’ve already encountered a couple glitches with commitment. I’m sure those that are more interested or invested will stick around and those less committed will fall to the wayside. So far, so good though, so I’m not complaining.
I’m always open to more suggestions about the whole experience (especially since so much of the “mastermind” process tends to be vague and hush hush), so thank you for this post.
Thanks Katy and Joe for your thoughtful comments. Yes, Joe I agree that the monetary incentive is very, very powerful. And Katy, I’m not sure that a small fee or donation is going to change things in your group. But it’s perhaps a “heads up” that when you do start a MasterMind for your own clients, charging them a fee will not only help to keep them focused and help with their commitment, but will actually increase the value your clients get from the group.
HI Ellen and all,
I agree that there has to be some concrete way to ensure commitment. Another
element needed for success is a clear statement and agreement on group norms. I was in one mastermind group where I wanted to focus on achieving greater success (I started my positive leadership work 30 yrs. ago and know that the focus on the positive works best financially and spiritually, based in Universal Law).
However, the others wanted to use the group to complain about problems but not change. They were not happy with me because I wanted to focus on our strengths, as they were more traditional consultants focusing on what was wrong. I left. By the Universal Law of Mind, whatever you focus on expands. It may be necessary to diagnose challenges, but not to dramatize them or treat them as the main event. I have found this to be a major split in most every group I have been in. A mastermind group is not therapy!
Yes Dr. Linne I totally agree…while I don’t think there is anything wrong with getting feedback from the group on problems and challenges one is facing, a group that focuses primarily on the negative is never going to help any of the members. I would never stay in that kind of group for very long!
I personally think that TIME is or can be equal to money in many ways. So time spent in or planning a mastermind is valuable. Hopefully the true value comes from the results oriented networking. For me it is all about accountability.
Having a mastermind is super, without can be a Lone Ranger approach which is what I am doing most of the time.
Yes Rosie…the Lone Ranger approach, while appealing to some, is ultimately self-defeating. And a truly effective Mastermind doesn’t give you just generic networking opportunities…but properly structured, gives you a team that is supporting you in all you do.
Ellen – I totally agree with you. I’ve watched those others zoom past and at some point they mention their master mind group. You’ve got a good thing going. Eager to hear the big news! Cheryl
Thanks Cheryl…it does seem that the Common Success Factor for mega-successful business people is a MasterMind. We’ve got a couple more calls in our ongoing Masters of Marketing Qi teleseminar series and then I can start getting the word about about our next big thing!
Hi Bob and thanks for your comment. I especially like your addition of “I’d add that a mastermind needs to meet consistently, and consist of 4-6 people whose skillsets and ambitions are complimentary & compatible.”
For some reason, your comment got caught in my blog’s spam filter and I overlooked it until now.
Great post! I’ve been actively involved in masterminds for about 4 years. The first mastermind I was in was poorly designed and “forced upon” members of a group coaching program. We were assigned to a group based on us being clients of the same person, there was no choice. If you ever want to understand what awkward silence is all about, ask me about that group!
If a mastermind is to succeed, there has to be synergy between the members. Since then, I’ve learned what a great mastermind is and how essential it is to have a spirit of comraderie. I agree with you: paid masterminds always are more effective. Something about making that commitment lifts the quality of the group members.
Nancy
Thanks Nancy! I totally agree with you that the paid commitment gets you better quality mastermind members who are serious about building their businesses.
I had a similar experience after I had made a purchase of a relatively high end marketing product. We were assigned to a mastermind group according to our niche market, but there was no designated leader and no structured meeting plan. Needless to say, a big Flail Whale!