Napoleon Hill, author of Think & Grow Rich and many other Business/Financial books, defined the mastermind group as “a unique concept that leverages the collective power of the group creating a third mind..”.Hill described masterminding as the “coordination of knowledge and effort,in a spirit of harmony between two or more people, for the attainment of a definite purpose.”
Throughout history, there have been mastermind groups-Arthur & his Knights of the Round Table or Jesus & his disciples or even a coffee klatch sharing shopping tips, ideas for raising the kids or what to make for dinner!
There are both in-person or online or a combination of the two. I oversee a completely virtual mastermind and coaching group transitioning to a club with more materials,articles & resources. This group is often midlife women looking for wellness and strong relationships that support them being entrepreneurs and cut back the overwhelm and disconnectedness many entrepreneurs experience.
Having been in several over the years, they were always valuable. Now, I’m in one that caters to entrepreneurs, start up or more established. We meet three times/year, have monthly calls with an experts in their field and access to a closed Facebook group. We number about 200 and are organized as the Global Mastermind Group at Peak Potentials, of which I often speak.
The number of participants can vary -due to the nature of my group-we’re about thirty and the players can change. Most masterminds start at 4 and increase up to 6-8. Online groups tend to be larger as the pas the members attend telephone group calls as well as individual coaching, in my case.
Masterminds provide ideas and each member has their own personal “Board of Directors” upon which they can bounce ideas or share a particular obstacle and get feedback. Groups often have guidelines for structure. You get more out of your mastermind by having a substantial goal or roadblock that the group can discuss and share ideas or resources…
1. Celebrate any wins-successes
2. A kind of status check in with each member
3.Each member gets a turn on the “hot seat and everyone else is there to brainstorm and support
4.Everyone states an action they will accompllsh so the group can hold them accountable
Masterminds can be great. It is a place to go to grow both professionally and personally.