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Seven Strategies for Creating a Successful Mastermind Group

Mastermind groups are nothing new. In fact,currently have 5 members, and may decide to
Napoleon Hill writes about them in hisinclude a sixth at some point. A smaller
classic, "Think and Grow Rich", in which henumber of members will ensure that all get to
defines "Master Mind" as the "coordination ofbe heard in the group and that all get to
knowledge and effort, in a spirit of harmony,participate.
between two or more people for the attainment
of a definite purpose." He further adds, "No4. Establish guidelines for how the group
two minds ever come together without therebyoperates. You'll need to determine the date,
creating a third, invisible intangible force,time, length, and location for the meeting.
which may be likened to a third mind." HeYou may have someone to volunteer to host the
believed that a group of like-minded,meeting each month, rotate hosts, or meet in
achievement-oriented people coulda restaurant or coffee shop. Your group will
dramatically  leverage  each other's success.also want to discuss some "rules of the
road", like issues of confidentiality,
I recently joined forces with a businessrespect, how or if you share info about
colleague and we have begun our owncolleagues or other businesses, etc. Keep the
mastermind group for solo entrepreneurs whorules short, simple, and clear to maximize
want to build their businesses online. We'rethe  effectiveness  of  your  group.
a diverse group -- we have a business coach
(me), a website designer, a college5. Set a general agenda for the group
entertainment provider (wax hands, 3-D photomeetings. You may want to pick a topic or
collages, build-a-bear, party inflatables), afocus for each meeting, from discussing tax
wrought-iron fence installer, and a voiceoverstrategies to valuable resources you use to
website  narration  specialist.evaluating each other's marketing materials.
We're trying out two things--sharing a recent
As we're starting to determine who we are andsuccess or breakthrough (either business or
what we do and how we operate, here are thepersonal) and sharing a resource that the
steps we're using to figure out our directionothers might find valuable. I'm going to
in  the  establishment  of  this  group:suggest adding a time where each of us gets a
limited amount of time to share a problem or
1. Ensure all participants have similarissue with which we need help. Our proposed
interests. In our case, we've only invitedmeeting  agenda  is  noted  below:
others who are self-employed and either
currently have their business online or want-- Welcome -- Share a recent success or
to create a viable online business. I likebreakthrough (personal or professional) --
the diversity of industries in our group, andWhat do you need help with? -- Tonight's
think the fact that we don't know a greattopic: -- Share a resource -- Next meeting
deal about each other's industries willtopic  --  Adjourn
enable us to bring great new perspectives to
the table, as we'll force each other to6. Establish group leadership guidelines.
"think outside the box", since we won't beThere should be some consensus as to whether
constrained by preconceived notions of whator not the group will have a facilitator or
will or won't work in each industry. You mayleader, and what role that person will play.
want to have all members from the sameI think groups have a better survival rate if
industry but who serve different segments ofthere is a facilitator in charge to move the
the same industry, like insurance agents, ormeeting along. Your group needs to decide if
bring people together who have some otherthat role will be permanent for a defined
common  interests,  like  a  hobby.length of time, or will rotate among group
members  from  meeting  to  meeting.
2. Screen your applicants. My colleague and
I simply brainstormed about people that we7. If at first it doesn't work, try
knew who all happen to share similar values:something different! Your first stab at
-- the desire and passion to createestablishing how your group operates may not
extraordinary businesses -- love to helpwork. If some aspect of the group isn't
others create success and are supportive --working, be flexible enough to try something
have integrity and are trustworthy -- responddifferent until you find the right
well to feedback -- seek win-win agreementscombination of factors that works well for
and solutions -- commitment to attending theyour  group.
meetings -- want to get to know each other on
a personal, as well as professional, level IfI love the energy present at our mastermind
you open membership to the general public togroup meetings, and can't wait to see the
increase your numbers, you will want toresults at the end of the year from the
determine some key core characteristics thatsynergistic power of the group. If you feel
you're seeking in new members and ask thelike that you're isolated and that no one
appropriate questions to ascertain if theunderstands the problems of your business,
applicants  possess  these  characteristics.create your own mastermind group using the
guidelines above. It may be the best step
3. Limit your number of participants. Iyou take for your business this year!
think the ideal group size is 4-6. We



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