The Power of the Mastermind
Dear Success Seeker,
I couldn't believe what I was hearing. Yet as I looked at the faces around the room I saw that the group was dead serious...
I had come to my monthly mastermind meeting with one simple question to put to the group. Given that our ProCoach website is now ten years old, what technology, content and structure did the mastermind members recommend we include in our new website design?
I wasn't hearing what I expected at all. Instead of making useful suggestions, one after the other my associates bluntly told me to forget about it; that redesigning our website was a waste of time and money.
I hated their advice but it would be very difficult for me to disregard it. For one thing, our group contains five extremely experienced small business marketers. I would be foolish not to listen to what they were saying. Not only that, but how could I show up at the next meeting and tell them that I had ignored their suggestions and done my own thing? So thanks to the wisdom and experience of my colleagues I shelved the website project and saved myself five or ten thousand dollars.
This is why I recommend that you belong to or create your own mastermind! Having a group of people you trust who understand your vision, are committed to your success and are willing to be brutally honest with their feedback will truly change your life.
The rich and powerful have used masterminds since the dawn of time to develop and implement strategies for becoming richer and more powerful. The concept of masterminds for upwardly mobile individuals (which likely includes you if you are reading this newsletter) was popularized by Napoleon Hill in his inspiring book Think and Grow Rich which was published in 1937.
Masterminds come in all shapes and sizes. They typically involve a group of four to ten peers who meet regularly. Groups can be focused on business issues, personal topics or a specific interest like real estate investing. These groups typically call forth the best qualities and performance in every member. However the real power of masterminds is that they generate a collective synergy that goes far beyond the capabilities of the individual members. It is as if a group intuition develops that gains access to a higher intelligence. Napoleon Hill calls it the 'third mind' and it is something you simply cannot access on your own.
There are many advantages to being part of an effective mastermind. In addition to candid feedback and the magic of the third mind, other benefits include:
- Developing new solutions
- Gaining new perspectives
- Renewing your inspiration and energy
- Increasing your persistence
- Getting clearer about your goals, plans and decisions
- Developing strong, mutually beneficial relationships
- Sharing resources among members
- Building strong emotional support
- Getting support to follow through with commitments
- Challenging you to play a bigger game
- Increasing your courage and confidence
In summary, being part of a mastermind is simply amazing. Members almost always develop strong, lasting friendships with like-minded people. And in most groups, members end up doing business with each other as well.
The first step to being in a mastermind is to make a decision that you want to reap the rewards and benefits. Having made that decision, ask around to see if there is a group you can join. Don't join just any group; find one that is right for you. If you can't find one that fits it is time to start your own group - ideally starting with a few people you already know.
One word of caution. In order to reap the benefits your group needs to be set up the right way. A certain amount of structure is required to create and maintain a strong group. If you don't invest the time and effort necessary at the beginning the group will likely be ineffective, frustrating and short-lived.
How do you structure an effective mastermind group? Start by asking around to find out what works (and doesn't work) for other mastermind groups. No doubt Google can provide you with some excellent information. Another excellent resource is a book called "The Magic of the Mastermind" that I co-authored with members of a mastermind group I was in a few years ago. It is a complete 60-page guide on how to form and run your own mastermind group including templates, scripts and tips on what to do when the your group struggles or the energy gets flat. I no longer sell it but you can still purchase it on-line if you are interested.
Here is the bottom line. Being part of a mastermind is one of the very best ways you can accelerate your results and achieve a higher level of success. It is invaluable, fun and doesn't cost much. So what are you waiting for?
Andrew Barber-Starkey, Master Certified Coach
Founder and President, ProCoach Success System
Would you like to receive private Business Coaching from Andrew?
Email Pam@ProCoachSystem.com or call 604-983-8041 for details
To view back issues of The ProCoach Connection, click here
Andrew Barber-Starkey is a Master Certified Coach residing in Vancouver, Canada. His coaching program, the ProCoach Success System, is designed for entrepreneurs, small-business owners, self-employed and commissioned sales people who want to double their income while simultaneously doubling their time off within 3 years.
Please forward this e-newsletter to your friends and colleagues. Your referrals enable us to grow and serve more people.