What is a Mastermind Group? Everything You Should be aware of (2023) |
Mastermind groups are fantastic spaces to develop and grow alongside like-minded people, no matter if you discover an existing one or create your own. In this article, we'll show you what a mastermind group is and discuss some of the advantages of a mastermind, as well as the different kinds of masterminds. We'll also give you some amazing examples of masterminds from our own Mighty Hosts!
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What exactly is a mastermind group?
Mastermind group definition
A mastermind group is an association of similar-minded individuals who regularly meet in small groups, to encourage each other, support, and benefit from one another's experiences as well as experiences and thoughts and hold one another accountable to clearly defined goals. While participants don't necessarily need to belong to the same area, mastermind groups tend to perform best when the members have similar titles or roles as well as a shared goal or intention.
The phrase "mastermind" originated from the writer of personal development Napoleon Hill. Hill lived in the early 1900s and studied successful individuals of his day-industrialists like Andrew Carnegie, Henry Ford as well as Charles Shwab. In his 1937 work, Think and Grow Rich, he introduced the idea of a mastermind:
"The mastermind can be described as the co-ordination of efforts and knowledge that is conducted in the spirit of peace, among two or more individuals, for the attainment of the achievement of a specific goal.'" Napoleon Hill - Think and Grow Rich
We've seen a ton of masterminds appear within the past decade. While every mastermind group is unique, here are some things that the majority of them share in common:
- A group of people who share a common area of knowledge, who contribute their knowledge and experience to contribute.
- A facilitator or leader who manages group sessions.
- A set of rules that provide guidelines that govern the conduct of a community.
- A membership fee which is sufficient to make members consider it serious.
- A willingness to gain knowledge from one another and keep one another responsible.
In spite of the title that it is a mastermind group, nobody in the mastermind group should be expected to be the only one with all the answers. The group is a space where the door is open for everyone to gain from their the successes and the mistakes. A mastermind group is a place where everyone stands to benefit by the collective wisdom of the whole--and from the outside perspective each member brings to the table.
The idea of mastermind groups might seem familiar when you've had the opportunity to participate in accountability or peer support programs before--think of that, however, with solutions, ideas, and issues exchanged among members instead of among people who have different levels of expertise.
Mastermind groups can be hosted on the internet or in person there are many great mastermind gathering platforms.
What exactly is a mastermind?
A mastermind is typically an event where a group of people meet in an in-person mastermind group or virtual. A good mastermind requires a live meeting (virtual or in-person) however it isn't as well done asynchronously.
Benefits of mastermind groups
In mastermind groups, you're interacting with your peers and both give and receive guidance. The mastermind group also lends itself naturally to setting goals.
Shrink the learning curve: It takes time to learn how to succeed in doing something. However, if you're in a room of people who have done the thing you're trying to do You can take lessons from their experiences. This reduces the time it takes to achieve success.
Overcome limiting beliefs The lizard mind is your biggest hurdle in your path to the success you want to achieve. It is trying to shield yourself, but you'll are constantly saying that you am not able to accomplish X. Being in a group of friends who will challenge your limiting assumptions can help you overcome them.
Accountability One thing is to announce that you're planning to implement a change. However, it's quite another thing to know that people you respect are going to ask you whether you took those steps that you promised to. That's accountability!
Take a step back: It's easy to become caught up in the weeds of the day-to-day. Business owners, for instance, tend to be working on their businesses instead of working focused on their work. Masterminds can assist you to expand your view and look at the bigger picture.
Grow your network: We'll be doing this with no cheesy statements ("Your network is your net worth!") BUT if you're in a mastermind group, growing your networks is an enormous benefit.
A mastermind group working
Dan Miller launched 48 Days to Do the Work You Love, his podcast, and also a book. After the success of these, he launched 48 Days Eagles, a private member-only community which grew into a network of business owners.
"I've always looked for ways to connect people," Dan says. "I would rather they not look to me for answers and instead, they should be helping each other out in the pursuit of their goals ."
With this vision there's no reason to be surprised that a mastermind became a vital part of Dan's business model. He launched"The mastermind group called the 48 Days Eaglepreneurs Mastermind Group: A private mastermind group for up to 30 people.
If you're reluctant to charge something to your mastermind group this is a wonderful bit of advice from Dan about why it ought to be a cost:
"We know that there is a very obvious connection in our culture between the cost of goods and value that we perceive. If it doesn't cost anything and isn't worth a whole lot.
There has to be some kind of a commitment if you're going to have a vibrant community. People who pay, pay attention. If people pay, they follow what you tell them, they take action and alter how they conduct their life."
What makes the mastermind groups work?
Experience: Mastermind groups may be effective at both expert and intermediate level, but they're generally not suitable for complete beginner (a group coaching model works best for beginners). Members of the group must be able to share experience as well as their learned expertise.
The vulnerability of a mastermind group must be secure, and it only works by people who are vulnerable and open. Brene Brown's research on vulnerability and shame illustrates how vulnerability makes connections. And it's true in the mastermind group you belong to. Expressing fears, hopes, and dreams is all the part of it. This is the reason that members of your mastermind group tend to become close buddies.
Structure: Effective mastermind groups aren't just free-for-alls. A successful mastermind requires structure and intention behind it-and following a schedule is crucial.
active listening: Participants in the group need to pay attention and actively engage with those who share, and should ask questions and give feedback.
The group must be consistent: masterminds need to be consistent over a certain amount of time. They can find the rhythm (both for the participants and also the host) which can lead to change.
Security: Members are expected to be secure enough to share their vulnerabilities and be aware that information shared isn't going to be released from the group.
Support: Mastermind members need to be open to supporting each other by offering feedback, as well as sharing connections and resources.
Mastermind Example - Sound Design Live
Nathan Lively had a passion for great sound engineering. He started a podcast in 2015-Sound Design Live-and spun this into a community of sound engineers. He gave his most dedicated members a personal invite to a mastermind, and he interviewed them 1:1 to make sure the members were compatible. The result was an amazing mastermind network. Check out the entire account here!
What a mastermind group isn't
A mastermind group can be defined by the things it isn't. These are the things that a great mastermind group should not be.
- One member monopolizing It is important to strike the appropriate balance. Some group members may monopolize or take over. If you have to, speak with them, and if they aren't able to change, take the initiative to remove them. The success of your group participants is well worth the effort.
- Coaching groups: group coaching is incredible! However, it's not an effective group coaching. The group coach has the answers and teaches the group together. In a mastermind session, the group has the answers, and the host's job is to help facilitate.
- Telling people what to do members are free to share thoughts and experience. However, each member must have the agency to choose the goals they want to pursue and then commit to their goals.
- Therapy: You may be able to get real within the mastermind groups, but it's not an alternative to professional mental health services if a group member needs it.
- A network group is a place where networking occurs naturally in masterminds but that shouldn't be the whole point. If you're the leader of the group, make sure you screen potential participants to determine if they're seeking at more than just networking for individual growth.
- A place for complaining or to judge: Members may absolutely open up about challenges, but there shouldn't be any room for complaining. Similar to that, participants should not be taught to judge each other.
- Hierarchical Groups of masterminds may develop a the appearance of hierarchy when certain members have the upper hand or are considered to be more accomplished. For example, just because a group of entrepreneurs has one very successful member does not mean all members must defer to that person. Whatever the social standing or success, the group needs to be a group that is equal.
Mastermind Example: The Wealth Without Wall Street
Financial advisers Russ Morgan and Joey Mure were looking to encourage people to consider wealth creation in a different way, moving outside of stock trading and watching the Dow. They founded a coaching group known as Wealth Without Wall Street to change the way we see wealth creation.
Then they have an organization that serves as a mastermind to some of their most devoted members. Here's what they say about this:
"This concept that treats groups as high-value item has really resonated. Paid content provides an opportunity for our members to get more accessibility to the specialists in the room, as well as have a more intimate conversation with those who have real experience with these things."
How to start an mastermind group
There is a complete outline of how to begin a mastermind group, so If you're looking for the most in-depth information, visit the HTML0 guide!
However, here's a brief outline of what we recommend:
- Develop your initial Big Purpose. The big Purpose is the underlying reason of any group, your visionary goal that brings people together. We have a free mastermind group name generator that will generate a Big Purpose to you (and an appropriate name, if there isn't one!) Try it!
- Select your Ideal Members. As you can see in the above examples, most groups handpicked the members they wanted to include. Selecting the right people (or kind of individuals) that you'd like to include in the group, and maybe even asking them questions, can help create a successful base.
- Solidify the Big Purpose You must ensure that all members agree on the big Purpose! You can do this in the very first meeting (and change it as needed). ).
- Select an option: If you're running a group online OR if you want to keep organized and conversations ongoing between sessions, pick an online mastermind system to hold your meetings your group on.
- Set the rules: Set and accept the terms of engagement of your group, and then lay out community guidelines.
- Make a decision on a price for a membership fee. Read Dan Miller's quote above again. It's counterintuitive, but a membership fee will make your group more successful.
- Pick a time: agree about how often you'll get together (and what location, if meeting virtually).
- Decide a meeting structure Select the format of your meeting should take on (and adhere to it). It's common for mastermind sessions to allow members to bring in a problem, a round-table discussion, or Q&As.
- Launch!
Mastermind groups of various types
There are many types of mastermind groups and they're usually organized between those who are in the same to lateral levels of accountability within the company's structure, or are aligned to the same identity. CEOs of similar businesses might get together to discuss a common strategies, whereas middle management might gather to discuss specific hands-on challenges (for example helping employees transition from working in a workplace in order to work remotely). Entrepreneurs may be part of a group that includes those that have similar businesses.
Mastermind groups could be ongoing events, or may be created as a mastermind course, session, event, or class dedicated to thinking about a particular problem or challenge.
There are a few popular types of mastermind groups. you know, there's commonality between these groups:
Groups of entrepreneurs who are masterminds: Napoleon Hill created the concept of "mastermind" by studying the greatest entrepreneurs of his day So it shouldn't come as surprising that many business owners belong to mastermind groups (and they attribute it to their successes).
Groups of mastermind leaders: Leadership can be lonely which is why many leaders join mastermind groups to get exposure to peers to help them grow.
Masterminds for career advancement: We're seeing masterminds being a crucial element of every career (not only for entrepreneurs). Masterminds are a great way to help your members become conscious of their careers and advance by sharing their knowledge.
Masterminds for personal development: Growth is difficult, but masterminds can be amazing for personal growth.
Tech-related masterminds: Nathan Lively's tale above illustrates the value of a mastermind for sharing technical knowledge and mastering high-value capabilities.
Financial planning and/or investment masterminds: Similar to Wealth without Wall Street, thriving masterminds can be built around sharing knowledge about personal finance and generating the wealth of their members.
Parenting masterminds: These aren't that commonplace, but being a parent is tough. The mastermind format can help parents improve and grow together.
Where to get a mastermind team
If you're interested in joining a mastermind group rather than creating one, how do you locate it? Here are a few suggestions for how to locate a mastermind group:
- Websites like Meetup.com as well as Facebook's list of events are fantastic locations to discover which mastermind meetings are held within your area.
- Find LinkedIn for the word "mastermind." You can search by location OR with a modifier to locate a particular group (e.g. "parenting mastermind). It is important to note that this can help you locate facilitators via their LinkedIn profiles. You will be able to then message them.
- If you follow creators or thought-leaders, look at their websites for mastermind groups. Many creators are the ones running these mastermind groups.
- Talk to your peers in your sector for advice or other suggestions.
- Check your local business support organizations or community bulletin boards.
And if all else fails, don't be afraid to begin with your own! Below are the steps.
Do you want to create a mastermind?
This overview of all things mastermind groups will help you get a grasp on the different aspects of them. And if you want to start your own mastermind quickly and efficiently, get started using Mighty!
is a unified member platform which allows you to connect content, community, courses, commerce, and live events. You can create private mastermind spaces, easily charge for access, and set time for meetings using the event feature (and take RSVPs). The only program you'll require to begin your own online mastermind group. With our mastermind group generator you can be ready to start inviting your first members within 10 minutes.
You can try it for yourself! You can try it for free for 14 days.