How to Build a Mastermind Group and Skyrocket Your Rate of Success

What is a Mastermind?

The term “Master Mind” comes from Napoleon Hill’s famous book Think and Grow Rich in which he defines the term as a

… coordination of knowledge and effort, in a spirit of harmony, between two or more people, for the attainment of a definite purpose.”

He says that this “… form of alliance has been the basis of every great fortune [or success].”

It’s a support group of like-minded people who collectively brainstorm ideas, strategies, techniques and concepts to help you move forward in any area of life.

You can build a mastermind group focused around ministry, networking, making money, better relationships, better physical fitness, or anything else that may be of interest to you.

Why Should I Make One?

It’s not easy to reach a huge goal by yourself, but with the help of other people who have the same objective in mind, almost 80% of the time and effort you will spend on non-important things will be eliminated.

When you’re working alone, it’s easy to become sidetracked, overwhelmed, or give up altogether after a few failed attempts at pushing through the pain periods.

Picture trying to figure out how to climb a mountain alone. With all the obstacles you will face and nobody around, you could easily get hurt, trapped, or die. With one or more people, you’re going to be able support each other, show the other person easier routes they didn’t realize, and work together every step of the way.

Similar to this kind of support, when two or more minds come together in pursuit of a common goal or objective, you will see exponential results. And the more bright minds you bring together focused on one definite purpose, the more results you will see.

It’s almost as if 2 minds coming together equals 4 minds. And 4 minds coming together creates 16 minds.

There is immeasurable power that comes from a mastermind group, and it has the potential to propel you halfway toward your goal object before you even begin to recognize it.

So How Do I Create One?

Before you form a mastermind, you need to be very clear on what you want your mastermind group to focus around.

Maybe it’s getting your body into shape and you want to create a workout group.
Maybe you want to work on the relationships and dating part of your life.
Maybe you want to build your own business or make a certain amount of money.
Maybe you want to get really good at a sport or a hobby.

Or it could even be a mastermind focused on quality on all areas of life, touching about all these things and more.

Whatever your most important purpose is, find people who are just as passionate about it as you are, and discuss with them about creating a mastermind to help each other get there more quickly and effectively.

Which brings us to the next question …

What kind of people should I create a mastermind with?

It’s very important who you choose to be in a mastermind with you, the wrong people will waste your time and may not contribute anything.

Here are some highly recommended traits you should look for in a person before thinking about creating a mastermind with them.

  • Positive attitude
  • Honesty
  • Integrity
  • Self-discipline
  • Accountability
  • Persistence
  • Intelligence
  • Proactive
  • Social
  • Results-oriented
  • Action-oriented
  • Growth-oriented
  • Track record of results
  • Great listening and communication skills
  • Knows how to give good constructive feedback
  • Self-confident and has a desire to push others to excel

They don’t have to have every single one of these, but the more the better.

It’s very important that each person is positive, and offers value to the rest of the group. A person in your mastermind shouldn’t just sit there, soak up all the tips and value that other people give, and leave without giving anything in return.

Each member should be self-directed and take their own initiative. They come to each meeting with new realizations and insights to share, and they should give honest and constructive feedback to the other members.

A mastermind meeting is not a time for mere socializing. It’s not a time to complain about life or feel sorry for yourself. Everyone in the group must be self motivated, positive, proactive and have a desire to support others in reaching their goals.

What are Some Practical Steps Towards Creating One?

Ask a friend “Hey, I am starting a group of people to discuss, share, and support each other on the topic of (insert whatever it is you want to focus on here), would you have any interest in it?”

If they ask you about the benefits of joining this group, here are some of them:

  • To keep each other accountable so we don’t get sidetracked
  • To share insights and new knowledge that can help everyone in the group move towards their goals faster and more effectively
  • To solve problems with combined brain power
  • To drive and motivate each other with friendly competition
  • To have fun working towards a common objective and enjoying the process

Criteria for operation

While every mastermind may be different, here are some things that will ensure you get the most out of your mastermind group.

Meet at least once a week, and if you can’t meet in person, make sure you do the next best thing. For example, video chat, or have a phone conference. If you’re usually on your computer and can’t meet in person, an online phone program like Skype can be downloaded and used as a way to call each other without charge.

It’s imperative that you meet weekly. You can meet up with each other more during the week if you have time, and some goals will even require that you do if it’s something that you must practice or work on together.

Keep each other accountable. At the end of each week, tell each other what you’ve accomplished, and discuss any setbacks or failures. Discuss how you can do better the next time, and give each other constructive feedback. Share your goals and objectives for the next week so you can continue to keep each other accountable.

Share as much value as you can. During the week, write down all your realization and insights, as well as new important knowledge you gained that you could share and discuss with the group.

Build a strong group that will last. You can create a mastermind with 2 or more people, but if you really want to set yourself up for serious success I recommend aiming for at least 10 people. There is no limit, you can create a group of more if you’d like, but don’t get too ahead of yourself.

The reason why 10 is good because people will inevitable move location, or fall out of the group for other reasons, and you don’t want the group to fall apart. You want to create the group for great success, and stay together for years.

Here is a short guideline for how a meeting should be held:

Although a mastermind group can be held online or on the phone, the best way to connect and support is to meet face to face.

Consistency is the lifeblood of a mastermind group. So choose a date and time of the week for meeting that everyone can make. Also, pick a place where everyone can easily meet.

Every single person should come to a meeting prepared to contribute to others. The more everyone gets value and relies on each other, the stronger the group will be.

Meetings should start and end promptly. Meetings should last no less than one hour and should not exceed 90 minutes. Every member should be punctual and let other people know if they can’t make it to a meeting. Absence should only be tolerated if they have an unavoidable appointment. If a member is finding it really hard to make time, they should be prepared to step down and start their own group at a time that is better for them.

Should be in a quiet area without any interruptions. Avoid noisy cafes, restaurants, and turn off your cell phones and other electronic devices. You want to be able to focus solely on the meeting. Library conference rooms are really good. The point is to be have a short and highly productive meeting and then end it (this is really important if you want it to last).

Everyone should have each other’s contacts. Supporting each other throughout the week by e-mail and phone is highly encouraged.

I highly recommend you pick up a copy of Think and Grow Rich by Napoleon Hill, or just read chapter 10 on masterminding. Research of over 500 majorly successful people throughout history has shown that they used the aid of a mastermind group in some way or form.

There is no other better way to gain the type of power that comes from a mastermind group. Start getting a group together immediately if you want to move a hundred times faster towards your greatest goals.

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