A mastermind group is a group of people who meet to support one another and learn from each other. And they create better ideas and insight far superior than one person could develop on their on. Great groups include remarkable leaders who are successful and motivated. When group members meet, they work together to solve problems, offer advice and encourage one another to seek their own successes.
How to Start a Group
If you’re interested in beginning this type of group, start the process by making a list of people who you would like in the group. Consider what you’re looking for in the group. Your list can include people who work in different career fields than you or individuals from your same industry.
A group of people from different career specialties offer you insight about other industries while those who work in the same industry as you offer inside knowledge. If you decide to start a group with people in your same industry, avoid inviting direct competitors to your group. It’s important for group members to feel comfortable speaking their mind.
Regardless of the type of people that you choose for your group, invite individuals who offer the most diversity. This will make your group more valuable and help everyone grow.
Select group members carefully. Be sure to vet everyone. That way, you can avoid “firing” a group member who isn’t good for the group. It’s okay to consider people you don’t know very well for the group but get to know them first.
Establish rules for the group. Make sure that group members know what to expect. State what the goals and values of the group are to let potential members make an informed decision about participating.
Possible rules may include:
• No fees for referrals
• Honoring group commitments
Confidentiality will ensure that group members feel comfortable sharing information. It’s important to avoid charging referral fees if one member sends business to another member. By not charging fees, members will keep group relationships personal instead of transactional. If you commit something to a group member, be sure to keep it.
What a Group Will Do for You
When you become a member of this type of group, you can expect more:
• Professional feedback
These types of groups typically end meetings with a plan of action and goals to complete before you meet again. Your group will expect you to reach these goals. When you’re being held accountable, you’ll be more likely to follow through.
Feedback can be tough to receive, but keep in mind that when people in your group give you feedback, it’s coming from successful individuals who you respect. This type of feedback provides enhanced learning, and it will help you grow.
Your group is sure to include people who have unique talents, connections and experiences. When you interact and share the challenges that you’re facing, another group member will probably have advice for you on how to deal with it.
Why Mastermind Groups Work
These groups work because they help members reach their goals. If you need help starting your group, contact me at the Productivity Intelligence Institute.