What is a Mastermind?

A mastermind group is the “Coordination of knowledge and effort, in a spirit of harmony, between two or more people, for the attainment of a definite purpose.” Think and Grow Rich, Napoleon Hill.

A mastermind is the coming together of different people in a relationship. We’ve all heard the saying that “two heads are better than one”. Well, imagine what happens when you bring together two heads or more to create a team to work on a problem! The concept of a mastermind is easy to understand, but it is difficult to find a successful mastermind group. Why is that? People are people, and everyone is different. You should find a group of people that have similar core values and goals to yourself.

If you’ve ever formed a study group while in school, you’ve been part of a mastermind group.

Benefits

Let’s talk about some of the benefits of a mastermind group.

Napoleon Hill states in his Think and Grow Rich, “When a group of individual brains are coordinated and function in harmony, the increased energy created through that alliance becomes available to every individual brain in the group.”

Here are some other benefits from Masterminds groups:

  1. To help accelerate your personal growth and journey towards your goals.
  2. To provide the team with emotional support.
  3. To help generate creative solutions for each other.
  4. To provide beneficial, productive and positive feedback.
  5. To leverage group experience.

How do you start a Mastermind Group?So, how do you find people to form a mastermind group? Well, you could advertise that you’re looking for a group by googling for the word “masterminds”, and you’ll find several sites that are advertising for members. Chances are you will probably have to try several different groups before you find one that works for you. This is kind of like “kissing many frogs before you find your prince!”

Or you may be lucky enough that the Universe will just bring a group of people into your life, and you all recognize the value and power you have as a team and decide to form a mastermind group.

Either way, there are some fundamental core values that the mastermind member’s should have to be successful. There is an assumption here that you know what your own personal core values and goals are. Having this information allows you to begin recognizing your compatibility with other possible members.

There are certain core values each member should have that are must-haves, if not deal-breakers for a successful mastermind, while there are some nice-to-have core values.

Examples of possible shared core values are:

  • Compatible Work Ethics
  • Strong sense of responsibility to self and other members
  • Commitment and accountability to each other
  • Egos are shelved and we’re open and receptive to new ideas from others
  • Complete trust between all members
  • Complete honesty in the group
  • A Mastermind should be a priority time commitment for each member

Some nice-to-have core values are having similarities in:

  • Personal goals
  • Belief structures
  • Thought processes
  • Approaches to life

These lists of core values could be a starting place for you, especially if you don’t already know what your core values are. The list of values you come up with should be discussed with your potential group. If you find that you have agreement (i.e. shared core values) among your potential group, then you may have found a mastermind group. You can always learn more information at The Mastermind Review

The next step is to agree upon the rules of engagement and/or working principles for the group:

  • Group size – you require a minimum of 2 people for a mastermind. It is totally up to your group to determine how large the group should be. Keep in mind that the more people in the group, the more complex it may become.
  • Meeting medium – there are several different ways that you can meet as a mastermind, such as teleconferencing, face to face, video conferencing, travel to a common destination, etc. One of the benefits of face to face is that you can make it a social event.
  • Meeting Frequency – this determines how often you choose to meet as a group. How often you meet may depend on the goals or purpose of the mastermind, as well as the availability if its members.
  • Measures of success – your mastermind will need to determine how to measure the success of the group. The success of a mastermind will be measured differently for each group. It may be measured externally (e.g. a business has been created), versus an internal measurement to the group (each person grows individually within the group), or both. As long as this measurement is agreed upon by all and the desired outcomes are achieved, the group will most likely remain together. Some measures of success are to determine how much and how far each of the mastermind members has grown. If the mastermind group doesn’t feel the group is measuring up to expectations, the members can discuss the issue and work to find a solution. This may entail coming up with new goals and or a new purpose to the mastermind.
  • Preparation for meetings – there needs to be an understanding of how much work each team member needs to perform outside of the mastermind group. At each of our mastermind meeting, review the schedule created in the previous meeting, to see how each member has progressed in their assigned tasks, and then create a schedule of tasks that need to be performed prior to the next meeting.

A mastermind group can be one of the most useful tools you ever implement. It can help you ensure you action your great idea and complete it. Therefore, take some time and invest in yourself by establishing a mastermind group. Or work with your existing mastermind group and see how you can create a more supportive environment.

Trish Henao is based out of Calgary, Alberta and has been employed in the Technology industry since 1986. With a B.Sc. in Computer Science, she has acquired experience in the energy, communications, utilities, airline and healthcare sectors. Starting her career as a computer programmer, she has since moved on to becoming a business analyst. Her experience has taught her skills in system analysis and design, data modeling, system development methodologies and project management.