Are you looking for that boost, that aha moment, that thing that is going to push you over the top, help you achieve your goals at lightning speed, and give you the confidence to go out there and take on the world? Yes? Well you need to form a mastermind like yesterday.
This post could be huge, in fact I could write a whole book on this topic (hmm, interesting idea) but I will spare you the agony and give you the cliff notes.
What is a mastermind?
A mastermind is quite simply a group of individuals working together synergistically to help each other meet their ultimate goals in business and in life. Masterminds have been around for thousands of years but it wasn’t until the early 1900’s that an author named Napoleon Hill studied the traits of the most successful people in the United States (Andrew Carnegie, JP Morgan, Henry Ford, etc.) and found a correlation in that all of these successful people had a trusted group of advisors to help move them toward their ultimate goal. He wrote a book on it called “Think and Grow Rich” which as of 2012 has sold 70 million copies.
Sounds intriguing right? Got it? Good!
After reading “Think and Grow Rich” a few years ago myself and a few acquaintances formed a mastermind group and the results from meeting on a regular basis have been nothing short of spectacular. Each one of the 4 of us have made huge strides in our lives.
Two of us quit our jobs and went out on our own allowing for much more time freedom, quality of life, and even more income. One of us is living a dream living in the Philippines for 6 months and is making more money than he ever has. Another is going to be a future business coach, he just doesn’t know it yet. Lastly one of our group members actually published a book that is currently one of the top selling health books on Amazon. You can check out the book here.
We have been meeting consistently now for 3 years. Even when some of us were out of the country in places like Sweden, Italy, and the Philippines we met and didn’t skip a beat. Here are the knuckle heads below.
So what is it that makes a successful mastermind?
The components of a successful mastermind
1. Find 3-4 individuals that are positive, collaborative, and have similar aspirations as you (monetary, personal, etc.)
Don’t choose family members and don’t choose really close friends. You want to get out of your comfort zone. In addition, they don’t need to be in the same place as you. We use Google Hangouts all the time. As long as we can all agree on a time it works great! Lastly, make sure these individuals will bring a good dynamic to the group. Make sure they all bring different strengths.
2. Chose the amount of times you would like to meet per month. My group meets every 2-3 weeks and we meet for 2 hours each time. Sessions times very but we typically do a week day after work. Weekends work as well.
3. Have the first meeting to establish a format based around each others goals. Do this by having each person bring their top 3-5 goals for the coming year to the meeting. (This could also include lifetime goals) Its really important that all your members believe in having goals! In addition, its a good idea to chose someone from the group to be the coordinator. They will be in charge of compiling the goals of everybody onto one sheet and keeping notes, list of homework assignments, and action steps for the group.
4. Once you have established a coordinator and goals its time for each person to discuss each of their goals and then prioritize the importance of them. Set an allotted time for this discussion so that everyone gets equal time. Then the fun begins. Come up with 3-5 pressing things that must be done to accomplish these goals in order of priority. These will be the 3-5 things you will do in-between the current meeting and the next mastermind.
5. After this is done one person is going to choose an additional homework assignment. This homework assignment should be something educational that will benefit the whole group. This is important so don’t skip this step. A good example would be to watch a Ted talks video or read a chapter in a book. You want to look for things people in the group are struggling with. Examples: Time management, confidence, communication skills, sales, marketing, dating, health, etc.
6. Then the meetings begin. Each week you chose a desired time and place. This can be online as well. You can start the mastermind by catching up. Its good to talk and make connections with each other. Laughing and smiling are great things to break the initial ice. After catching up its best to start by going over the homework and having each person briefly discuss the impact the homework had on them. Remember, some will be more impacted than others and some may not get much from the assignments but remember you want to be a little selfless as you are trying to bring up the combined knowledge and power of the group.
After the homework its time to go on to the tasks each person was to do in-between meetings. Don’t let this be loose. You want to set expectations from the beginning that everyone will be held responsible. Don’t let your group get away with being lazy or avoiding tasks. Stay strong.
In going over each others tasks there will inevitably be challenges. This is where the mastermind steps in and makes suggestions on how to best complete your tasks. This is where a diverse set of experiences helps most.
Each week everyone should walk away with a set of tasks to do (3-5) and each meeting they should be held accountable for those tasks. Its perfectly normal that sometimes you have less tasks and other have more. There will always be waves of things to do based on goals and timing.
If you find you have accomplished a goal, great! Move on and create another one. Don’t stop now. You are going to be absolutely amazed at how quickly you accomplish what used to seem like a daunting task and how quickly you exceed your goals!
So in just over 1000 words I have given you a pretty good road map on the strengths of having a mastermind and how to put one of your own together. A mastermind takes discipline. Its not something to be taken lightly. If used correctly it will be the strongest driving force in your life. If we had masterminds I guarantee there would be a lot more smiling faces on this planet. Good Luck!