Mastermind Groups

While going through some of my reference material the other day, I came across some notes I took on mastermind groups and thought they would be a great share for this blog. Mastermind groups are as old as time and have been used by highly successful people throughout history. In more recent times, the concept of a mastermind has been popularized by Napoleon Hill in his book “Think and Grow Rich,” as well as, many others. Participating in a mastermind group remains a key success factor for those achieving success.

Seven months ago, Brad Szollose, leadership coach and author of the upcoming book “Liquid Leadership,” shared five great tips on mastermind groups in a public forum. Here is what he had to say:

1. It is very important that the people you pick have very different skill sets. If any 2 people in a group have the same skills, it becomes like two people paddling a canoe on the same side…you just go in circles.
   It is best to choose people that have different yet overlapping skills that are needed from the other. I just formed a group – one of the guys is a longtime corporate coach who specializes in turning authors into bestsellers while providing research. Since I am working on a leadership book he is a natural fit. Our overlap is humor and consulting…so we can help each other in that area, but our real need is what the other lacks.
2. No business should be conducted on the day of a mastermind meeting that could interrupt each person’s contribution. Years ago I started a mastermind team and one of the key individuals had not only scheduled a private coaching session close to our 4th meeting, he was late. We broke up shortly after that. And this leads me to my next point…
3. Each contributor must receive an equal amount of support and contribution from the team. This is kind of self explanatory. Let’s say if I coach Lisa on her business and how to market herself, I expect her to use her knowledge and expertise to give me feedback on my book, as well as, open up her rolodex of publishers. “Quid Pro Quo.”
4. Be strict with each other. If you assign homework, each person must have their homework done.  Hold each other accountable and support of each other’s goals.
5. Choose a balanced, small, professional group from eclectic backgrounds.  In order to get the most from a mastermind team, I suggest small groups so that time is plentiful. Keep it between 3 and 5 people.
   Eclectic backgrounds and balance are key to getting the most leverage from your team. Be very careful about creating an all male team or an all female team. Men have a tendency to be competitive and black and white in decisions; whereas, women are far more collaborative and supportive of the bigger picture, especially in corporate relationships. Brilliant ideas come from everywhere and the more diversified the group, the better.

What has been your experience been with a mastermind group? Are you thinking of starting or joining one?  Please comment!

Glenn Andrew