Mastermind groups have been recognized across the world and across time as a powerful resource in both business and in life. Some of the most successful people throughout history and today were part of a Mastermind group – everyone from Henry Ford and Andrew Carnegie to Charles Schwab and Elon Musk. These groups can be invaluable resource for ideas, inspiration, and support, as well as keeping you grounded in our new post-pandemic world.

Members of a Mastermind group will challenge you to achieve your goals and reach your potential. They are your accountability partners, holding you accountable to your goals and helping you overcome any obstacles that may block you. The emphasis in a Mastermind group is always on action and moving forward. Your Mastermind will celebrate your successes with you and ensure you get back on track after setbacks.

The term “Mastermind” was first coined by the infamous Napoleon Hill. He first introduced the concept in 1925 in his book, The Law of Success. Twelve years later, he elaborated on the idea in his timeless classic, Think and Grow Rich. He believed so strongly in the power of a Mastermind group, he felt it was an actual methodology for multiplying brain power.

Each member brings their own brand of “superpower” to the group and is invested in the success of every individual in the group.

Hill defined a Mastermind group as “the coordination of knowledge and effort, in the spirit of harmony, between two or more people for the attainment of a definite purpose.” He believed that when a group like this comes together and works, a third greater, cumulative mind is engaged. This is what he referred to as the “Mastermind.” The ideas and energy emerging from a Mastermind group would never be possible without this group dynamic. 

How Is It Different?

“They [Mastermind groups] are a ‘meeting of the minds’ in every sense – a place where you can speak the truth and expect it in return.”    –  Tony Robbins

 So how is a Mastermind different than group coaching, training, or networking? While a Mastermind group tends to be smaller and more cohesive than these other groups, the primary difference lies in the culture and intent behind the group. In these other group settings, participants attend for the benefits to them personally and are primarily focused on themselves throughout the event.

In a true Mastermind, everyone comes together with an attitude of “giving.”  Each member brings their own brand of “superpower” to the group and is invested in the success of every individual in the group. This may sound “New Age” to some, but it worked for Napoleon Hill in 1925 and it still works today. The more you give, the more valuable the group is to you and everyone else in the group.

I coach advisors all day every day and most are missing the comradery, exchange of ideas and sharing experiences with other advisors far more than they thought they would. The right Mastermind group during these times is priceless and can help you build and thrive when others are struggling just to survive. The Mastermind gives you a competitive edge at a time when many other advisors are suffering from an acute case of pandemic fatigue.

And guess what? Mastermind groups have transitioned seamlessly to an online platform. The world was forced to take a crash course in Zoom and WebX in 2020. This has led video conferencing into the mainstream across all demographics. Thanks to Zoom, most Mastermind groups haven’t missed a beat.

 How Does It Work?

Mastermind groups function best when a facilitator runs the meetings. Their primary job is to keep the meeting moving and ensure everyone has an equal opportunity to speak and be heard. It’s important that the facilitator build a culture of giving and respect in the group so everyone can feel safe expressing themselves.

During each meeting, everyone has an opportunity to get the group’s assistance with a specific challenge or goal. In Mastermind-speak, this is called being on the “hot seat.” This is when you really leverage the power of the Mastermind. The group asks questions and brainstorms to offer clarity, actionable solutions, direction, and confidence to each group member. The person on the hot seat always walks away with more unique ideas and solutions than they could have ever generated on their own. However, the Mastermind is not there to tell you what to do. It’s ultimately up to each individual to determine what plan of action will work best for them and how they wish to proceed.

The emphasis in the Mastermind group is always on positive action and moving forward toward your goals. Most Mastermind groups become a sanctuary for advisors where you are able to talk freely and openly about your challenges and goals with confidence in the unconditional support and encouragement of your group.

What’s Expected of Me?

Although every group is going to function a little differently, there will be certain expectations of you as a Mastermind member. Cultivating the following skills will help you to get the most out of your Mastermind experience.

When putting together a Mastermind group, these are also the traits a Mastermind facilitator looks for in all potential members. A good facilitator will ask you to complete an application and may conduct a brief interview with you. Part of their job is to match personalities in their groups so that everyone can excel in the Mastermind environment.

  • Commitment to the group and the success of every member of the group. 
  • Attendance of all Mastermind meetings -When you miss a meeting, you and your ideas are missed by everyone in the group. 
  • A positive attitude and selfless willingness to help every member of the group reach their potential – The more you give, the more valuable the group becomes to everyone. 
  • An attitude of respect for everyone in the group. 
  • Be a good listener and be willing to always work on improving your listening skills. They will serve you well in every aspect of your life.
  • Maintain the confidentiality of the group at all times. 
  • A willingness to talk openly and honestly. 
What Are the Benefits?

 When you become a member of a Mastermind group, you can leverage the contacts, strengths, and experience of the other members of the group. Here’s what you can expect in a good Mastermind group.

  • Support: The unconditional support you receive in a Mastermind group supports your personal growth and helps you to reach your personal and professional goals faster and easier because you’re leveraging the wisdom and experiences of the other members in the group as well as the new ideas and energy generated by the Mastermind.
  • New Ideas: As a Mastermind member, you’ll hear different perspectives on steps you can take toward your goals as well as new ideas on how to overcome obstacles. Will you agree with everything you hear? Probably not but you still benefit from a better understanding of alternatives for moving toward your goals or working through challenges.
  • Resources: Everyone in the group will have different contacts, skillsets, experiences, and mindsets that you are able to leverage. This can cut down on learning curves, help you avoid costly mistakes and give you access to new contacts and ideas. Also, the longer your group is together, the closer you will become to the other members of the group. It’s not unusual to develop lifelong friendships with your fellow Masterminders.
  • Accountability: Each member of the group is expected to hold every other member accountable to following through on the action steps they have committed to. When you stumble, they help you up and get you moving again. Just knowing you have a meeting coming up with the group is usually a strong catalyst for following through and moving forward.

There is power, fresh ideas and positive energy in a Mastermind group. These are the very things we could all use a little more of. You must be committed to your Mastermind group for it to be beneficial. If you’re willing to commit, it makes good business sense to join a Mastermind group just as soon as possible. It can inject you with new energy, strong support and a different perspective to help you lay the groundwork for a strong start in the New Year. Our world has changed, and your competitive edge may just lie in your future Mastermind group.