What Is a Mastermind Group? Everything You Should be aware of (2023) |
Mastermind groups can be incredible places to learn and grow alongside like-minded people, regardless of whether you join one or start your own. In this post we'll tell you the definition of a mastermind as well as discuss the advantages of a mastermind group, and the different kinds of masterminds. In addition, we'll give incredible examples of masterminds courtesy of our Mighty Hosts!
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What's a mastermind?
Mastermind group definition
A mastermind group is an association of people with similar interests that meet regularly in small groups to support, encourage, and learn from one another's experiences as well as experiences and thoughts and hold each other accountable to clearly defined goals. While participants don't necessarily need to belong to the same industry, mastermind groups tend to succeed when participants share similar roles or titles with a similar objective or purpose.
The word "mastermind" originated from the personal development author, Napoleon Hill. Hill was a student during the first decade of 1900 and studied successful individuals who were his age-industrialists, such as Andrew Carnegie, Henry Ford and Charles Shwab. The 1937 publication, Think and Grow Rich He introduced the concept of a mastermind:
"The mastermind could be defined as the coordination of effort and knowledge that is conducted in the spirit of unity, between two or more individuals in pursuit of a definite purpose.'" Napoleon Hill"Think and Grow Rich."
We've seen a ton of masterminds appear in the last few decades. And while every mastermind group is different, here are some things that the majority of them have in common:
- A collection of people with a shared domain of knowledge, who contribute their experience and expertise to the table.
- The leader or facilitator who manages group sessions.
- A collection of rules as well as the guidelines that govern behavior in the community.
- An HTML0 Membership fee that's sufficient to make members are willing to pay it with seriousness.
- The willingness to share knowledge and keep each other responsible.
Despite the name that it is a mastermind group, nobody in the mastermind group is meant to have all the solutions. The group is a space that is available to learn from both success and failings. When you join a mastermind group, everyone stands to benefit from the collective wisdom of the whole--and from an outside perspective that each participant brings to the table.
The idea of mastermind groups could be familiar If you've been part of peer support or accountability programs before--think of that, however, with solutions, ideas and concerns being exchanged between members instead of among people in different stages of their experience.
A mastermind group can be held either on the internet or in person and there are a myriad of great mastermind group platforms.
What's a Mastermind?
The most common type of mastermind gathering is the gathering of one of the mastermind groups, either in person or virtual. An effective mastermind needs a live meeting (virtual or in-person) however it isn't as well done asynchronously.
Benefits of mastermind groups
In mastermind group, you're in contact with your peers and both offer and get advice. It's also a forum that allows for the natural setting of goals.
Cut down on the learning curve There is a long time required to master to be successful in doing something. But when you can get within a community of others who have done the thing that you're trying to accomplish, you can learn from them. It will speed up the process to achieve success.
Conquer limiting beliefs Your lizard brain is your biggest hurdle to achievement. It is trying to shield you, and you are constantly saying that you am not able to achieve X. Being in a group of friends who challenge your preconceived beliefs can help you conquer those beliefs.
Accountability The thing is to announce that you're planning to take action to changes. But it's a different matter to be aware that people you respect will be asking whether you've followed through with the actions you pledged to. That's accountability!
Take a step back: It's easy to get caught within the chaos of your day-to-day. For example, business owners tend to be working on their company instead of working doing their job. Masterminds can assist you to zoom out and see the big picture.
Expand your network: We'll be doing this with no cheesy sayings ("Your network is what you're Net worth!") BUT if you're in a mastermind group, growing your network can be a major advantage.
A mastermind group working
Dan Miller launched 48 Days to Do the Work You Love, his podcast, as well as the book. After the success of those, he founded 48 Days Eagles, a private member-only community which grew into a connected group of entrepreneurs.
"I've always looked for ways to get people connected," Dan says. "I do not want people looking at me for help, but instead encouraging each other for the sake of achieving their goals ."
With this vision that Dan has, it's no surprise that masterminds became essential to Dan's business plan. Dan created his 48 Days Eaglepreneurs Mastermind Group: an exclusive, invitation-only mastermind group for as many as 30 participants.
If you're hesitant to ask for a fee for your mastermind group, here's an amazing piece of wisdom from Dan who explains why the group should cost something:
"We know that there is a very clear connection in our culture between value and cost. If it doesn't cost anything, it's probably not much.
There must be at least some sort of commitment in order to build a vibrant community. People who pay, pay attention. If people pay, they follow what you tell them They take action to transform their lives."
What makes a mastermind group work?
Experience: Masterminds can be effective at both expert and intermediate level, but they're generally not right for total beginners (a group coaching model works more well for novices). Members of the group must have the ability to share their experiences and knowledge they've acquired.
Mastermind groups are vulnerable. must be secure, and only when people are open and open. Brene Brown's work with vulnerability and shame illustrates that vulnerability is the thing that makes connections. This is also true for the mastermind group you belong to. Sharing your hopes, fears, and dreams is all part of it-this is also the reason why members of mastermind groups tend to become close buddies.
Structure: Good mastermind groups aren't just free-for-alls. An effective mastermind needs structure and intention behind it-and having a plan is a must.
Active listening: Members of the group need to be attentive and responsive to the person who shares, and should ask questions and provide feedback.
Consistency. Mastermind group meetings need to have regular meetings over a predetermined amount of time. This helps them find the routine (both for the participants and also the facilitator) as well as results in transformation.
Privacy: Members must be able to be a bit vulnerable, and also know that what they share isn't going to be released from the group.
Helpfulness: Mastermind members should be open to helping one another, offering feedback, and sharing resources and connections.
Mastermind Example - Sound Design Live
Nathan Lively had a passion for excellent sound engineering. He launched a podcast in 2015-Sound Design Live. He then spun it into a network made up of audio engineers. The most loyal members an individual invitation to join a mastermind and interviewed each of them 1:1 to make sure that they were a great fit. The result was an amazing mastermind group. Read the full details here!
What a mastermind group isn't
Most often, a mastermind team can be characterized by what it's not. Here are some of the aspects that a good mastermind group should not be.
- A single member is monopolizing is not enough. You must find the appropriate level of balance. Sometimes group members can monopolize or take over. If need be, talk to them and if they aren't able to change, consider removing them. Your group's success members will be worth it.
- Coaching groups: group coaching is incredible! However, it's not an effective group coaching. When it comes to group coaching, the coach knows the answers and teaches the group together. In a mastermind session, the group has the answers and hosts' job is to help facilitate.
- The idea of telling people what to do: Members can absolutely share thoughts and experience. However, each member must have the organization to decide on their own objectives and be committed to them.
- Therapy: It is possible that you are able to be real with a mastermind group; but it's not an alternative to medical treatment if members of the group require it.
- A networking group: Networking occurs naturally in masterminds but that shouldn't be all that's needed. If you're a leader in an organization, you should screen prospective members to make sure they're willing at more than just networking for personal growth.
- The place to vent or judging: Members are able to completely openly discuss issues, but there shouldn't be a place for grumbling. The same is true for judgment. members should be encouraged not to be judgmental of each other.
- Hierarchical Groups of masterminds are prone to developing the appearance of hierarchy when certain members control the group or when a person is considered to be more successful. For example, just the fact that a group of entrepreneurs is led by one of the most successful members does not mean that everyone has to respect that individual. Regardless of social status or accomplishments, it has to be an inclusive group of equals.
Mastermind Example: Money Without Wall Street
Financial advisors Russ Morgan and Joey Mure wanted to help people look at wealth creation differently, outside of stock trading and watching the Dow. They created a community of coaches named Wealth Without Wall Street to transform the way we think about wealth creation.
Then they have a mastermind for the most loyal members. This is what they have to say about it:
"This method that treats groups as premium value has really resonated. This paid content offers the chance for our members to get more access to experts within the room and also to have a more intimate conversation with other people who have actual experience of these topics."
How do you start a mastermind group
We have a full outline of how to begin an online mastermind group. If you're looking for a more in-depth walkthrough DEFINITELY check it out!
But here's a quick breakdown of the steps we recommend:
- Develop your initial Big Purpose. The Large Purpose is the reason for existence of any group, the vision that brings people together. We have a free mastermind group name generator which will create a Big Purpose for you (and a name if there isn't one!) Try it!
- Pick your ideal group of members. In the cases above the majority of groups have hand-picked the members they wanted to include. Selecting the right people (or kinds of individuals) that you'd like to include in the group, perhaps even interviewing them, helps to establish a solid foundation.
- Establish your Big Purpose: Make sure your participants agree on your The Big Purpose! You can do this in the first meeting (and make changes if necessary ).
- Choose a platform: If you're hosting a group on the internet OR if you want to stay organized and keep conversations ongoing between sessions, pick the mastermind platform you want to host your group on.
- Make the rules clear: Establish and accept the terms of engagement of your group, and then lay out community guidelines.
- Create a cost for an annual membership fee. Read Dan Miller's quote above again. This may sound counterintuitive but paying a fee for membership will make your group more efficient.
- Pick a time: agree about how often you'll get together (and what location, if having a meeting via video).
- Set a meeting format: Choose what your meetings should be like (and adhere to it). Masterminds tend to offer the opportunity for a member to bring a question, round-table meeting, as well as Q&A sessions.
- Launch!
Different types of mastermind groups
There are a variety of mastermind groups, and usually they're arranged between those who are in the same in terms of lateral responsibility within the company's structure, or that share the same identity. CEOs of similar businesses might get together to discuss a common strategies, whereas middle management may meet to discuss particular issues that require hands-on involvement (for instance helping employees transition away from a traditional office setting to working from home). Entrepreneurs may be part of a group that includes those with similar businesses.
Mastermind groups can run as ongoing events or may be created in the form of a mastermind class or session, or class dedicated to thinking on a specific difficulty or problem.
These are the most typical types of mastermind groups. And you know, there's overlap between them:
Mastermind groups for entrepreneurs: Napoleon Hill invented the term "mastermind" by studying the greatest entrepreneurs of the day So it shouldn't come as surprising that many business owners belong to mastermind groups (and believe they are the reason for their accomplishments).
Leadership mastermind groups: Leadership can be a lonely calling This is the reason the reason why leaders often are part of mastermind groups in order to gain access to other leaders to help them grow.
Masterminds for career advancement Masterminds are now becoming an important element of every career (not just entrepreneurs). Masterminds help their members become conscious of their careers and advance by sharing knowledge.
Personal development masterminds: Growth is hard, and mastermind groups can be a great way to boost your personal growth.
Tech-related masterminds: Nathan Lively's account above demonstrates the value of a mastermind for sharing technical knowledge and mastering high-value abilities.
Personal finance or investment masterminds Like Wealth Without Wall Street, thriving masterminds can be built around sharing knowledge about personal finance as well as generating wealth.
Parenting masterminds: These aren't as common, but parenting can be difficult. Masterminds can really help parents to grow and develop in a group.
Where can I locate a mastermind group
If you're more interested joining a mastermind group than beginning one, where do you get it? Here are a few suggestions for where to find a mastermind group
- Websites like Meetup.com as well as Facebook's list of events are excellent places to find out which mastermind meetings are held in your neighborhood.
- You can search LinkedIn to find the term "mastermind." There is the option to search by region OR using a modifier, you can find a specific group (e.g. "parenting mastermind). It is important to note that this can help you locate facilitators via their LinkedIn profiles- you can follow up with them.
- If you are a fan of creators or thought leaders, check their sites for mastermind groups. Some creators manage these mastermind groups.
- Contact your friends from your sector for advice or suggestions.
- Find your local support group for businesses or community bulletin boards.
And if all else fails, don't be afraid to begin your own! The steps we've provided above.
Are you looking to start an organization?
This overview of all things mastermind groups can help you gain a better understanding of the different aspects of them. Also, if you're planning to launch your own mastermind quickly and easily, come build using Mighty!
A unified platform for members which allows you to connect the community, course, and content along with live events. Mastermind groups can be created in private spaces, easily charge for access, and set meeting times with the event feature (and collect RSVPs). This is the sole software you'll need to start an online mastermind--and using our mastermind group generator, you can be ready to start inviting members just 10 minutes from now.
You can try it for yourself! It's free for 14 days.