You are probably familiar with the common quote “Two heads are better than one”. But are you familiar with how that thought is expanded to form a mastermind group? The idea of “master mind alliance” was introduced by Napoleon Hill in his 1920’s book The Law of Success. He then expanded upon in his 1930’s book, Think and Grow Rich. The principle, as written by Hill, was “The coordination of knowledge and effort of two or more people, who work toward a definite purpose, in the spirit of harmony.” Well, Hill stated that when two minds come together a third invisible force is created. This is the master mind, which he wrote can become like a third mind.
Mastermind groups offer the value that comes from brainstorming, peer accountability, education, support to sharpen both business and personal skills, a team focused on each other’s success, and having an objective board of directors — all in one. A key focus is for the members to challenge each other to not only set strong goals, but to accomplish them. You may find an existing group to join or you may start one of your own.
Facilitators start and run mastermind groups and are the key to the success. An effective group requires commitment from each member, confidentiality, and the willingness to give and accept advice and ideas. Along with those characteristics members need to be supportive of each other – with total honesty, respect and compassion.
In a mastermind group each meeting has an agenda to assure you stay focused. The agenda belongs to the group but it is the facilitator’s job to keep conversations on track yet still deep and balanced so that all items on the agenda are addressed within the allotted timeframe. The key to being a good mastermind group member is participation. And it is key to the success of the group as a whole. The group needs each other, so it’s crucial that each member is committed. You not only have a group of advisors, but you also may find members with whom you can collaborate. You are also expanding your network as you gain the networks of each group member and as everyone has various skills, experiences and connections, the opportunity to expand your learning is another added benefit.
Mastermind vs Coaching
Mastermind groups are not the same as coaching. Having a business coach can involve teaching and instructing. Generally, the agendas and goals are set by you with the guidance of your coach. Mastermind groups are about the members themselves sharing with each other, not the facilitator coaching each member in a group setting. Everyone in the group shares ideas, advice and feedback. Sometimes it’s related to business, and sometimes it could be personal. The key is always to keep the conversations balanced without any one member taking over. This is one of the jobs of the facilitator. You have the benefit of multiple points of view, experiences, and people who are willing to play devil’s advocate.
A mastermind group will usually offer individual “hot seats” for each member. This gives them the opportunity to talk about challenges, plans and goals. The group brainstorms and the facilitator is there to do just that – facilitate or assist – not to give all the answers. There is usually some type of consistent accountability reporting for each of the members to keep them moving forward.
Masterminds Nurture Comaraderie
As the relationship grows, a mastermind group develops a sense of camaraderie. You’ll have a group of people who really understand your goals, plans, and challenges. It creates a place to vent, get recharged, share successes, and find solutions with people who understand your business. It means taking less of your frustrations home with you!
I have friends who started one of several mastermind groups over 25 years ago and they became like a second family for each other. They helped each other set and achieve goals, brainstormed solutions and ideas, cheered each other on, and were a strong support group for each other in times of personal challenges. And of course they had a great deal of fun together along the way.
Pearl Collective Mastermind Groups
Having always focused on developing relationships, creating a culture of empowerment, peer support, lifelong learning and growth, The Pearl Collective naturally offers several Mastermind Groups.
Alliance is designed for rising firms with $250,000 – $1 million in revenue. They should be looking for rapid growth and want to follow proven business practices that align with their personal goals and values. You will be able to connect with authentic and knowledgeable experts. It will guide your mindset and decision-making. You can collaborate with a tribe of like-minded professionals who have your back and motivate you to accomplish your dreams.
Boardroom is for established design firms earning more than $1 million in revenue who want to achieve financial and personal freedom, creating a legacy of generosity and purpose. Your trusted expert community will provide valuable business insights, wisdom, prosperity and personal fulfillment. Your new team is collaborative, motivating and visionary. You’ll expand your view of what is possible for you and your company.
Whether you find an existing mastermind group to join, or start a group of your own, you’ll appreciate what this group process can help you accomplish through brainstorming with your peers, addressing and solving problems, developing creative ideas, designing strong action plans and peer accountability.
Follow the advice of Napoleon Hill and “Deliberately seek the company of people who influence you to think and act on building the life you desire.”