What Is a Mastermind Group? Everything You Should know (2023) |
Mastermind groups are fantastic places to learn and grow with like-minded individuals, regardless of whether you find an existing one or create your own. In this post, we'll show you what a mastermind group is, share some of advantages of joining a mastermind group, and various types of masterminds. We'll also give you some amazing examples of masterminds from our own powerful Hosts!
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What exactly is a mastermind?
Mastermind group definition
A mastermind is a group of people with similar interests who meet up frequently in small groups to support, encourage, and learn from one another's experiences, experiences, and ideas and hold each other responsible to defined objectives. While participants don't necessarily need to belong to the same industry, mastermind groups tend to perform best when the members have similar titles or roles and a common purpose or goal.
The term "mastermind" came from the author of personal development, Napoleon Hill. Hill lived in the 1900s, and studied the most successful personalities of his day-industrialists like Andrew Carnegie, Henry Ford as well as Charles Shwab. The 1937 publication, Think and Grow Rich Hill introduced the concept of the mastermind.
"The master mind can be described as the 'coordination of knowledge and effort, in a spirit of unity, between two or more people, for the attainment of an objective.'" Napoleon Hill"Think and Grow Rich."
There's been plenty of masterminds appear within the past decade. While every mastermind group is different, here are a few things most of them have in common:
- A community of individuals who share a common area of knowledge, who contribute their experience and expertise to share.
- A facilitator or leader who manages group sessions.
- A rulebook or the guidelines to guide community conduct.
- The HTML0 cost for membership which is high enough so members consider it serious.
- An openness to share knowledge and keep one another responsible.
In spite of the title, no one in a mastermind group is meant to have all the answers. This is a group where the door is open to learn from both successes and failures. In a mastermind group, all members benefit from the collective wisdom of the whole--and from the outside perspective each member can bring to the table.
The idea of mastermind groups might seem familiar if you've participated in peer support or accountability programs before--think of that, however, with solutions, ideas and concerns being exchanged between peers instead of between people in different stages of their experience.
A mastermind group could be held in person or virtually, and there are a myriad of wonderful mastermind group platforms.
What's a Mastermind event?
The most common type of mastermind gathering is the gathering of an in-person mastermind group or virtual. An effective mastermind needs live meetings (virtual or in-person) however it isn't in asynchronous fashion.
Benefits of mastermind groups
In mastermind groups, you're interacting with others and offer and get suggestions. The mastermind group also is naturally suited to setting objectives:
Cut down on the learning curve There is a long time required to master to become successful at things. If you're into a group of individuals who've done what you're trying and learn from them. It will speed up the process to achieve success.
Beliefs that limit you The lizard mind is your biggest hurdle in your path to achievement. It attempts to guard you, and you discover that you cannot accomplish X. A room full of people that challenge your restrictive beliefs can help you conquer these beliefs.
Reputation: It's one thing to announce that you're planning to make a change. It's another to know that those you trust will be asking you whether you took the steps you committed to. That's accountability!
Take a step back: It's easy to get lost within the chaos of the day-to-day. As an example, entrepreneurs tend to be working on their company instead of working on their business. Masterminds can assist you to expand your view and look at the bigger picture.
Expand your network: We'll make this happen without the cliché phrases ("Your network is your Net worth!") BUT if you're in a mastermind group, growing your network is a huge advantage.
A mastermind group at work
Dan Miller launched 48 Days to Do the Work You Love podcast, and also a book. But from the success of those, he founded 48 Days Eagles-a private, membership community that became an online community of business owners.
"I've always looked for ways to connect people," Dan says. "I don't want them looking at me to find answers and instead, they should be encouraging each other for the sake of achieving their goals ."
Based on this idea that Dan has, it's no surprise that a mastermind became a vital part of Dan's business model. Dan launched his The 48 Days Eaglepreneurs Mastermind Group: a private, invite-only mastermind group for at least 30 members.
If you're hesitant to charge something to your mastermind group here's a great bit of advice from Dan about why it ought to be a cost:
"We are aware of a evident connection in our society between value and cost. If it doesn't cost anything, it's probably not much.
There must be an agreement in order to build an active community. People who pay, take note of. If they pay, when they will follow your advice They take action to alter their lives."
What is it that makes a mastermind group work?
Experience: Mastermind groups can be effective at both expert and intermediate levels; they're not usually appropriate for beginner (a group coaching approach works better for newbies). Members of the group must be able to share experience and learned knowledge.
The vulnerability of a mastermind group is required to be safe and only if people are vulnerable and open. Brene Brown's work with vulnerability and shame illustrates that vulnerability is the thing that builds connection. This is also true for the mastermind group you belong to. Expressing fears, hopes, and even dreams are all a part of it-this is also why mastermind group members tend to become close buddies.
Structure: Effective mastermind groups aren't just free-for-alls. Effective masterminds require structure and intention behind it-and having a plan is essential.
Active listening Members of the group need to be attentive and responsive to the individual who is sharing or asks questions and give feedback.
Consistency: Mastermind groups must be consistent over a certain duration of time. They can find the time-line (both for members and the facilitator), and can lead to change.
Security: Members are expected to be secure enough to share their vulnerabilities and be aware that the information they divulge won't leave the group.
Helpfulness: Mastermind members need to be open to supporting each other by providing feedback as well as sharing connections and resources.
Mastermind Example Design Live - Sound Design Live
Nathan Lively had a passion for great sound engineering. He started his podcast in the year 2015, called Sound Design Live-and spun this into a community of sound engineers. He gave his most dedicated members a personal invite to a mastermind, and interviewed each of them on a 1:1 basis to determine if the members were compatible. It was a fantastic mastermind community. Find out the whole details here!
What a mastermind group is not
Most often, a mastermind team is defined in terms of what it's not. Here are some of the things that a great mastermind group shouldn't be.
- A single member is monopolizing: You need to find the equilibrium. Sometimes group members can monopolize or control the group. If need be, talk to them and if they aren't able to change, consider removing them. The overall success of your group members will be worth it.
- Group coaching: Group coaching can be incredible! But a mastermind isn't the same as group coaching. The group coach is the expert and teaches the group together. In a mastermind, the participants have the answers while the host's job is to help facilitate.
- Giving people advice on how to behave: Members can absolutely share thoughts and experience. But each member needs the organization to decide on their own objectives and be committed to their goals.
- Therapy The user may be able to get real within the mastermind groups, but it's not an alternative to professional mental health if members of the group require it.
- A networking group: Networking occurs naturally in masterminds, but it shouldn't be the whole point. If you're the leader of a group, screen potential participants to determine if they're seeking at more than just networking for individual growth.
- An area for complaints or to judge: Members may freely discuss their problems, but there should not be any room for complaining. Similar to that, the members must be urged not to judge each other.
- Hierarchical: Sometimes, mastermind groups may develop a hierarchy when certain people dominate or when someone is perceived as more successful. As an example, simply that a group of business owners is led by one of the most successful members does not mean all members must defer to that person. Whatever the social standing or accomplishments, it has to be an inclusive group that is equal.
Mastermind Example: The Wealth Without Wall Street
Financial advisers Russ Morgan and Joey Mure wanted to help people consider wealth creation in a different way, moving away from stock trading and watching the Dow. They launched a coaching community called Wealth Without Wall Street to change the way we see the process of building wealth.
Then they have the mastermind of the most loyal members. This is what they have to say about it:
"This method of treating groups as a premium value has really resonated. Paid content provides an opportunity for our members to gain access to experts within the room, as well as be able to have more personal conversations with people who have a real experience with these things."
How do you start the mastermind group
There is a complete guide on how to start an online mastermind group. should you need a more in-depth walkthrough DEFINITELY check it out!
But here's a quick outline of what we'd recommend following:
- Develop your initial Big Purpose. A Large Purpose is the underlying reason for any group, your visionary goal that brings you together. Mastermind is a free group name generator that can create a Big Purpose that is perfect for your needs (and an appropriate name, if you do not have one!) Check it out!
- Select your Ideal Members. In the examples above many groups chose the members they wanted to include. Carefully selecting the people (or types of individuals) that you'd like to include in the group, perhaps even conducting interviews with them helps establish a solid base.
- Solidify the Big Purpose Be sure that your members agree on the Big Purpose! It is possible to do this at the very first meeting (and change it as needed). ).
- Select the platform you want to use: If you're organizing a online group or if you're looking to ensure that your group is organized and discussions are ongoing between sessions, pick the mastermind platform you want to host on.
- Set the rules: Set and accept the rules of engagement for your group. Then, you can define community guidelines.
- Create a cost: We'd suggest having an annual membership fee. Read Dan Miller's quote above again. It's counterintuitive, but the cost of membership can aid your organization to be more effective.
- Choose a frequency: Agree about how often you'll get together (and where if you're not having a meeting via video).
- Decide a meeting structure Select the format of your meeting will be like (and keep it in mind). It's common for mastermind sessions to include a chance for participants to bring their own question, round-table discussion, or Q&As.
- Launch!
Types of mastermind groups
There are several types of mastermind groups and usually they're arranged between people who have similar to lateral levels of accountability within a company structure or that share a particular identity. Chief executives of similar companies may gather to discuss the overall strategy, while middle management may meet to discuss particular hands-on challenges (for example, helping employees shift from an office environment and work from home). Entrepreneurs might form a team with other masterminds who run similar companies.
Masterminds can be ongoing events, or may be created in the form of a mastermind class, session, event, or even a course that is designed to think around a certain problem or challenge.
There are a few popular types of mastermind groups. yup, there's some overlap between them:
Entrepreneurial mastermind groups: Napoleon Hill invented the term "mastermind" after looking at the most successful entrepreneurs of the day So it shouldn't come as surprising that many business owners have masterminds (and they attribute it to their accomplishments).
Leadership mastermind groups: Leadership can be a lonely calling which is why so many people join mastermind groups to get access to other leaders to assist them in their growth.
Career advancement masterminds Masterminds are now becoming a vital aspect of any career (not only for entrepreneurs). Masterminds can help members be intentional about careers and progress by sharing knowledge.
Personal development masterminds: Growth isn't easy, but mastermind groups can be a great way to boost your personal growth.
Masterminds of technical skills: Nathan Lively's account above demonstrates how important a mastermind is in sharing knowledge about technology and mastering high-value abilities.
personal finance and/or investment masterminds: Like Wealth Without Wall Street, thriving masterminds are built around sharing personal finance knowledge and growing money.
Masterminds for parenting: They're not that commonplace, but being a parent isn't easy. The mastermind format can help parents grow and learn together.
Where to find a mastermind group
If you're more interested joining a mastermind group than beginning one, where do you locate it? Here are some suggestions on the best places to look for mastermind groups:
- Websites like Meetup.com as well as Facebook's list of events are great locations to discover which mastermind meetings are held in your neighborhood.
- Search LinkedIn to find the term "mastermind." You can filter by either location OR by using modifiers to identify a specific group (e.g. "parenting mastermind). Note that this will help you find facilitators by their LinkedIn profiles. You will be able to contact them.
- If you're a follower of creators and thought-leaders, look at their websites for mastermind groups. Many creators are the ones running masterminds.
- Contact your friends from your sector for advice or other suggestions.
- Check your local support group for businesses or bulletin boards for community groups.
And, if nothing else works do not be afraid to start your own! Below are the steps.
Are you looking to start an organization?
We hope this guide to mastermind group activities can help you gain an understanding of the difference between what they're and don't. If you're looking to launch your own mastermind group quickly and efficiently, get started with Mighty!
It is a platform for members that is unifying that allows you to bring together content, community, courses along with live events. It allows you to create private mastermind spaces, easily charge to access the space, and even set time for meetings using the feature for events (and gather RSVPs). It's the only software you'll require to begin an online mastermind--and using our mastermind generator you are ready to begin inviting members just in just 10 minutes.
Try it yourself! You can try it for free for 14 days.