What's a Mastermind group? The Essential Information You Must Know (2023) |
Masterminds can be amazing spaces to develop and grow with like-minded individuals, regardless of whether you find an existing one or create your own. In this piece we'll tell you what a mastermind group is and discuss some of the advantages of mastermind groups, and the different kinds of masterminds. In addition, we'll give awesome examples of masterminds from our amazing Hosts!
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What exactly is a mastermind?
Mastermind group definition
A mastermind group is an association of similar-minded individuals who meet up frequently in small groups to help the other, inspire, and gain from each other's stories as well as experiences and thoughts and hold one another responsible to defined objectives. Though participants don't have to be in the same industry, mastermind groups tend to perform best when the members have similar titles or roles and a common objective or purpose.
The word "mastermind" was coined by the writer of personal development Napoleon Hill. Hill was a student in the 1900s, and studied the successful people of his day-industrialists like Andrew Carnegie, Henry Ford, and Charles Shwab. In his 1937 book, Think and Grow Rich, he introduced the idea 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 to achieve a definite purpose.'" Napoleon Hill - Think and Grow Rich
There's been plenty of masterminds emerge within the past decade. While every mastermind group is different, here are a few common traits that all of them share in common:
- A collection of people with a shared domain of expertise who share their expertise and experiences to contribute.
- The leader or facilitator who manages group sessions.
- A set of rules that provide rules for the conduct of a community.
- A membership fee that is sufficient to make members take it seriously.
- A willingness to learn from each other and to hold one another responsible.
Despite the name the members of a mastermind group will have all the solutions. It's a place which is a place to take lessons from success and failings. In a mastermind group, everyone stands to benefit from the collective wisdom of the whole--and from the perspective of an outsider that every member can bring to the table.
The idea of mastermind groups might seem familiar If you've been part of peer-support or accountability programs before--think of that, but using ideas, strategies and concerns being exchanged between friends instead of between individuals with differing levels of experience.
Mastermind groups can be held in person or virtually, and there are a myriad of great mastermind platform for groups.
What's a Mastermind event?
The most common type of mastermind gathering is an event where a group of people meet in one of the mastermind groups, either in person or via virtual. The best masterminds require a live meeting (virtual or in-person) but it won't be as well done asynchronously.
The benefits of mastermind groups
In mastermind group, you're in contact with others and give and receive suggestions. The mastermind group also is naturally suited to setting objectives:
Shrink the learning curve: There is a long time required to master how to succeed at doing something. However, if you're within a community of others who've done what you're trying and learn from their experiences. This shrinks the time for success.
Conquer limiting beliefs: Sometimes your lizard brain is the biggest obstacle in your path to the success you want to achieve. It tries to protect your self, only to find yourself saying, I am not able to accomplish X. Being in a group of friends who will challenge your limiting views can assist you in overcoming these beliefs.
Accountability The thing is to declare that you're going take action to shift. It's another to know that people you respect will be asking whether you've followed through with those steps that you promised to. That's accountability!
Be aware: It's very easy to get lost by the intricacies of everyday life. Business owners, for instance, 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 larger perspective.
Increase your networks: We'll do this without the cheesy statements ("Your network is your Net worth!") BUT if you're looking at mastermind groups, increasing your networks is an enormous benefit.
A mastermind group at work
Dan Miller launched 48 Days to Do the Work You Love, his podcast, and also the book. However, after the popularity of these, he launched 48 Days Eagles-a private, member-only community which grew into a group that includes entrepreneurs.
"I've always looked for ways to connect people," Dan says. "I don't want them looking to me for answers, but instead lifting each other up on the way to achieving their goals ."
In light of this there's no reason to be surprised that masterminds were essential to Dan's model of business. Dan created the mastermind group called the 48 Days Eaglepreneurs Mastermind Group: a private, invite-only mastermind group that can accommodate as many as 30 participants.
If you're hesitant to charge something for your mastermind, here's an amazing bit of advice from Dan about why it ought to be a cost:
"We are aware of a obvious connection in our culture between value and cost. If you don't have to pay anything and isn't much.
There must be at least some sort of commitment in order to build a vibrant community. The people who pay, take note of. If people pay, they implement what you say then they act and transform their lives."
What are the factors that make the mastermind groups work?
Experience: Mastermind groups may operate at expert or intermediate levels; they're not usually appropriate for beginners (a group coaching model works best for beginners). Participants in the group should be able to exchange experiences and knowledge they've acquired.
The vulnerability of a mastermind group must be secure, and it only works if people are vulnerable and honest. Brene Brown's work on vulnerability and shame shows how being vulnerable is what creates connection. This is also true for the mastermind group you belong to. Sharing your hopes, fears, and even dreams are all a the part of it. This is why mastermind group members often become close friends.
Structure: Good mastermind groups do not just have a free-for-all. A successful mastermind requires structure and intention behind it-and keeping a set schedule is essential.
Active listening Participants in the group must actively listen and respond to the person who shares or asks questions or provide feedback.
Consistency. Mastermind group meetings need to have regular meetings over a predetermined period of duration. They can find an appropriate rhythm (both for members and the host), and can lead to change.
Security: Members should be confident enough to be vulnerable and know that the information they divulge won't leave the group.
Helpfulness: Mastermind members need to be open to supporting each other by providing feedback and sharing resources and connections.
Mastermind Example Audio Design Live
Nathan Lively had a passion for sound engineering that was outstanding. He launched an audio podcast in the year 2015-Sound Design Live. He then spun it into a network made up of audio engineers. He gave his most dedicated members an individual invitation to join a mastermind group, and he interviewed them on a 1:1 basis to determine if there was a good fit. The result was an amazing mastermind group. Read the full details here!
What a mastermind group isn't
Most often, a mastermind team is defined in terms of what it's not. These are the elements that a mastermind group shouldn't be.
- Monopoly by one member It is important to strike the right level of balance. Some group members may monopolize or control the group. If necessary, speak to these people, and if they're unable to make a change think about removing the group members. The success of your group members will be worth it.
- The group coach can be fantastic! But a mastermind isn't an effective group coaching. When it comes to group coaching, the coach is the expert and also teaches the group. In a mastermind, the group has the answers while the host's job is to help facilitate.
- Telling people how to behave: Members can absolutely share thoughts and experience. But each member needs the authority to set their own goals and commit to them.
- Therapy: The user may be able to get real within a mastermind group; but it's not an alternative to professional mental health services if a group member needs it.
- A group of networking: Networking is a natural part of a mastermind, but it shouldn't be the sole purpose. If you're a leader in the group, make sure you screen potential members to make sure they're willing at more than just networking for individual growth.
- An area for complaints or judging: Members are able to freely discuss their issues, but there shouldn't be any room for complaining. In the same way, the members must be urged not to criticize each other.
- Hierarchical: Sometimes, mastermind groups can tend to develop the appearance of hierarchy when certain members dominate or when someone is thought to be the most than others. For example, just because a group of entrepreneurs is led by one of the most successful members doesn't mean everyone needs to defer to that person. No matter what social status or success, the group needs to be an inclusive group of equals.
Mastermind Example of Wealth Without Wall Street
Financial advisors Russ Morgan and Joey Mure wanted to help people look at wealth creation differently, outside of stock trading and watching the Dow. They created a community of coaches named Wealth Without Wall Street to change the way we see wealth-building.
And they run the mastermind of some of their most devoted members. Here's what they say about the subject:
"This concept that treats groups as premium value has really resonated. This paid content offers an opportunity for our users to get more access to experts within the room and also to have a more intimate conversation with other people who have actual experience of these topics."
How do you start an mastermind group
There is a complete outline of how to begin a mastermind group, so if you want a more in-depth walkthrough DEFINITELY visit the HTML0 guide!
But here's a quick breakdown of the steps we recommend:
- Develop your initial Big Purpose. A Large Purpose is the raison d'etre of a group, or the purpose that draws you together. There is a no-cost mastermind group name generator that can generate a Big Purpose that is perfect for your needs (and a name if you don't have one!) Check it out!
- Choose your ideal members. As you can see in the above examples many groups chose the members they wanted to include. Carefully selecting the people (or types of individuals) you would like to have in your group, or perhaps asking them questions, can help establish a solid base.
- Consolidate your main Purpose You must ensure that all members are on the same page regarding your The Big Purpose! It is possible to do this at the first meeting (and make changes if necessary ).
- Select a platform: If you're organizing a online group or want to keep organized and conversations ongoing between sessions, pick an online mastermind system to hold your meetings your group on.
- Set the rules: Set and accept the guidelines for engagement of your group, and then define community guidelines.
- Make a decision on a price for the cost of membership. Read Dan Miller's quote above again. This may sound counterintuitive but a membership fee will make your group more effective.
- Pick a time: agree on how often you'll meet (and what location, if having a meeting via video).
- Choose a structure for your meetings Select the format of your meeting will take on (and keep it in mind). Masterminds tend to offer the opportunity for members to bring in a question, round-table sharing session, and Q&As.
- Launch!
Types of mastermind groups
There are many types of mastermind group, which are typically grouped by those who are in the same in terms of lateral responsibility within the company's structure, or are aligned to a particular brand of identity. Chief executives of similar companies may get together to discuss a common strategy, while middle managers might gather to discuss specific problems that are hands-on (for example helping employees transition from an office environment and work from home). Entrepreneurs might join a mastermind of those with similar businesses.
Mastermind groups can be ongoing events, or could be structured into a mastermind-based course or session, or even a course that is designed to think around a certain problem or challenge.
Here are some popular types of mastermind groups. you know, there's crossover between these categories:
Groups of entrepreneurs who are masterminds: Napoleon Hill invented the term "mastermind" after studying the greatest entrepreneurs of his day, so maybe it's not surprising that many business owners are in mastermind groups (and they attribute it to their successes).
Masterminds for leadership: Leadership is a lonely job which is why many leaders sign up to mastermind group meetings in order to receive access to other leaders to assist them in their growth.
Career development masterminds Masterminds are being a crucial part of any career journey (not exclusively for entrepreneurs). Masterminds are a great way to help your members become conscious of their careers and advance by sharing their knowledge.
Personal development masterminds: Growth is difficult, but mastermind groups can be a great way to boost your personal growth.
Tech-related masterminds: Nathan Lively's account above demonstrates how important a mastermind is for sharing technical knowledge and gaining mastery of high-value skills.
personal finance and/or investment masterminds Similar to Wealth Without Wall Street, thriving masterminds can be built around sharing financial knowledge and growing wealth.
Parents' masterminds aren't that commonplace, but being a parent is tough. Parents can benefit from masterminds that help them grow and learn as a team.
Where can you find a mastermind group
If you're interested in being a part of a group instead of beginning one, where do you locate it? Here are a few suggestions for the best places to look for a mastermind group
- Sites like Meetup.com and Facebook's calendar of events are fantastic locations to discover which mastermind meetings are held within your area.
- Search LinkedIn for the word "mastermind." It is possible to sort by region OR with a modifier to identify a specific group (e.g. "parenting mastermind). Note that this will help you locate facilitators via their LinkedIn profiles- you can then message them.
- If you're a follower of creators and thought leaders, be sure to check their sites for mastermind groups. Many creators are the ones running them.
- Talk to your peers in your industry for recommendations or ideas.
- Look up the local businesses support groups or community bulletin boards.
And if all else fails Don't be scared to create with your own! We've given the steps above.
Want to launch a mastermind?
We hope this guide to mastermind groups in general has helped to get a grasp on the difference between what they're and don't. Also, if you're planning to create your own mastermind group quickly and easily, come build using Mighty!
A unified platform for members which allows you to connect communities, content, courses, commerce, and live events. Mastermind groups can be created in private rooms, and easily charge for access and establish meetings times using the feature for events (and take RSVPs). The only program you'll need to start an online mastermind--and using our mastermind generator you can be ready to start welcoming your first participants within 10 minutes.
Test it out for yourself! The trial is free for 14 days.