We probably have all been part of a mastermind group at some point, and some have been great and some are not so great. It has been my experience that many of my mastermind groups have been highly powerful. It is wonderful to get other business owners and leaders together in a room and discuss our ideas and plans and figure out where we are going and how we are going to make things happen. How do you make a mastermind group work? How do you make it the best possible? Here are some rules that we laid down for the mastermind group that we are just starting.
#1. Commitment. Everyone needs to be committed to the group. Everyone needs to want to participate. Commitment includes laying ground rules on how often to meet, what happens at the meetings, and how everybody is going to interact informally outside the meeting.
#2. Honesty. In my experience, mastermind groups vary widely in the amount of openness and honesty that they employ. Some are very open and provide a lot of details. In others, people may not be as honest as they could be, trying to portray a certain look or presence. The more successful ones have a lot of honesty so that the people can explain where they are. They can get the help they need to really move forward.
#3. Presence. Everyone needs to be present at the mastermind. They need to be paying attention and participating in adding value. We all learn from each other. There is no one way to do anything, and it has been my experience that different points of views are valuable. It is like the Board of Advisers I talk about in the book, Business Blunders. The more different and diverse views we can get, the better we are going to be.
What has been your experience with building mastermind groups? Have you had some that have been successful? What tools did you employ in yours to make it the best possible? Join us in the comments below and let us know.
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This posting is intended to be a tool to familiarize readers with some of the issues discussed herein. This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique. Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Michel Meynsbrughen.
About the Author
R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.