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Understanding Mastermind Groups and Their Benefits

Seventy-five years ago, Napoleon Hill, self-help guru and author of the book, “Think and Grow Rich”, popularized the concept of Mastermind groups; or assemblages of individuals who regularly convene to discuss important issues and perspectives relating to business, or any concept which holds potential to improve one’s position in life. The groups are specifically constructed to help participants find their way through challenging situations through the use of the combined knowledge of fellow members.

Mastermind groups may meet daily, weekly, or even monthly depending upon the specific necessities of its participants; and meetings may occur in person or in an online virtual capacity. Individuals who are fortunate enough to be invited into such a gathering will likely notice both the personal and professional benefits of the peer-based mentoring system.

Successful business people at office

Although Mastermind groups have existed for quite some time, the notion itself may be quite new to many. However, co-founder of “The Art of Charm” and self-development program leader, Jordan Harbinger, sheds some light on the subject; “In addition to answering specific questions about challenges in your business or proposed marketing or sales campaigns, a mastermind can offer you [the following]:  a) Accountability… b) Camaraderie… c) New Ideas”. By identifying these three main value-optimizing factors, participants are able to successfully tap into a trusted support group which can help expand their own personal motivation, while also discovering more innovative solutions to problems.

According to Stephanie Burns, CEO and founder of the entrepreneurial resource, Chic CEO, “Joining a mastermind expands your network exponentially and rapidly. If you are in business, you know how important your network is. By joining a mastermind, you instantly add to your network and typically gain the networks of those in the group with you”. She continues, “Collaboration is the name of the game. You may find someone in the group [who] is a perfect fit to work on a project with you [or], you may be the perfect person to help another member as well. The group works together collaboratively to achieve more together”.

For those wondering how one should approach joining a Mastermind group, Burns advises readers that it “…typically involves you being invited by the members or going through an application process”. However, before attempting the process, Jackie Nagel, president of the small business performance firm, Synnovatia, recommends those considering joining a Mastermind group ask themselves certain key questions, such as: “What are you looking to achieve through the mastermind group?”, “Who is facilitating [or moderating] the group?”, “What is the proposed structure of the group meetings (i.e., free-for-all or coordinated)?”, and “What is the primary focus of [the] mastermind group?”. She adds that aspiring members also confirm any offered arrangements for reaching out to members beyond scheduled meetings, the primary targeted demographic of the group, and what sort of resources (if any) are made available to participants.

Business people joining hands

Professionals considering joining a Mastermind group should most certainly get started on their research toward finding one that suits their needs. Online resources, such as The Success Alliance can also provide some valuable assistance.

As Burns concludes, “Masterminds are incredible and can do wonders for your business as well as for you, personally. Growing in a group is not only more effective, it’s quite a bit more fun!”

Related:  Peer to Peer: An Executive’s Most Valuable Resource

 

Fred Coon, CEO

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