TCFBO #061: The Power of the Mastermind

Read Time: 3 minutes

The concept of the mastermind was originally popularised by Napoleon Hill in his classic book "Think and Grow Rich".

If you haven’t come across the term before, it refers to a peer-to-peer mentoring circle designed to help each other to grow and overcome challenges by pooling the group’s collective knowledge, skills, and experiences.

It’s like being part of a team whose sole purpose is to help each other succeed.

Over the last 20 years, we’ve found that being part of mastermind can be incredibly powerful.

And so we’ll often join or form our own mastermind when we want to collectively focus on an area we’re working on at that time.

Some mastermind’s had ten members or more.

The smallest we’ve been in had just two members.

And not all of them were focused on business.

Some were focused on health and nutrition.

Some were focused on investing.

Some were focused on growing our own food.

But whatever it’s focused on, a mastermind can be transformational.

Here’s why:

A mastermind…

…gives you a variety of perspectives which can help you see solutions and opportunities you might otherwise have missed.

…provides accountability as the regular meetings ensure that you're not just setting goals but you’re actively working towards them, helping you stay motivated and on track.

…broadens your network by gaining access to each other’s networks, increasing your available resources and opportunities.

…offers emotional support and encouragement from peers who understand what you’re going through, which is invaluable during challenging times.

…helps you avoid costly mistakes and make smarter decisions by learning from the success and failures of others.

...and most importantly, is a great opportunity to experience the joy of serving other people on a similar mission and celebrating each other’s successes.

If all that appeals to you, then here are our six top tips to setting up your own successful mastermind…

1. Choose Members Carefully

When you’re identifying potential members, look for individuals who share your ambition and commitment but also bring a wide range of skills and experiences.

Consider business owners from non-competing industries as they will have a very different perspective to you.

Don’t just look for clones of yourself.

2. Set Clear Aims and Rules

Establish what the group aims to achieve and set ground rules regarding confidentiality, how often you’re going to meet, and how the mastermind will run.

Remember, this is a collaborative exercise so make sure everyone is in agreement.

3. Arrange an Initial “No Obligation” Meeting

This meeting is to discuss goals and structure, and allows members to introduce themselves to each other.

It also gives everyone a chance to decide whether they want to commit to the group before formally going ahead.

4. Be Consistent

Consistency and commitment are key.

So make sure each member of the group schedules and attends the meetings, whether the meetings are virtual or in person.

5. Facilitate Constructive Discussions

We’d recommend you have a structured approach to discussions to keep them productive and focused.

Just make sure each member has enough time to share their insights and challenges.

6. Review and Adjuast

Things change, so every so often take some time to evaluate the effectiveness of the group,

Be open to adjusting how often you meet, the membership, or the format to best meet the group’s aims at any given time.

If you do choose to set up or join a mastermind, not only will you be investing in your business but you’ll also be investing in yourself.

You’ll be cultivating a supportive community clearly focused on what’s important to each of its members.

And, in our experience, that collective focus is very powerful indeed.

Let us know how you get on and we’ll see you next week.

Paul & Philly

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