What's a Mastermind group? The Essential Information You Must Know (2023) |
Mastermind groups can be incredible opportunities to grow and learn in a community of like-minded peers, whether you find the one you like or begin your own. In this post, we'll show you the basics of what a mastermind is and discuss some of advantages of joining a mastermind, as well as various types of masterminds. We'll also give you some awesome examples of masterminds from our Mighty Hosts!
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What exactly is a mastermind group?
Mastermind group definition
A mastermind group is a gathering of like-minded people that meet regularly in small groups, to encourage each other, support, and benefit from one another's experiences, experiences, and ideas and hold each other accountable to well-defined goals. While participants don't necessarily need to be in the same field group, they can be extremely effective when members have similar titles or roles with a similar goal or intention.
The phrase "mastermind" came from the personal development author, Napoleon Hill. Hill lived in the 1900s, and studied the successful people of his day-industrialists like Andrew Carnegie, Henry Ford and Charles Shwab. In his 1937 book, Think and Grow Rich, he introduced the idea of the mastermind.
"The mastermind may be defined as a co-ordination of efforts and knowledge that is conducted in the spirit of unity, between two or more individuals in pursuit of a definite purpose.'" Napoleon Hill"Think and Grow Rich"
We've seen a ton of masterminds emerge over the past few years. And while every mastermind group differs, there are some things that the majority of them have in common:
- A collection of people sharing a domain of knowledge who bring their knowledge and experience to contribute.
- An instructor or leader who manages group sessions.
- A set of rules or rules that govern behavior in the community.
- The HTML0 cost for membership which is sufficient to make members are willing to pay it with seriousness.
- An openness to gain knowledge from one another and to hold one another responsible.
Contrary to the title that it is a mastermind group, nobody in the mastermind group should be expected to be the only one with all the solutions. The group is a space which is a place for everyone to gain from their the successes and the failings. When you join a mastermind group, all members benefit by the collective wisdom and the outside perspective each member brings to the table.
Mastermind groups may be familiar to you when you've had the opportunity to participate in peer-support or accountability programs before--think of that, but with ideas, solutions and concerns being exchanged between peers instead of between people who have different levels of expertise.
A mastermind group could be hosted online or in person, and there are a myriad of great mastermind platform for groups.
What is a mastermind event?
The most common type of mastermind gathering is the meeting of a mastermind group-either in person or online. The best masterminds require live meetings (virtual or in-person) but it won't be in asynchronous fashion.
Benefits of mastermind groups
In mastermind group, you're in contact with your peers and both give and receive guidance. It's also a forum that lends itself naturally to setting goals:
Shrink the learning curve: There is a long time required to master how to succeed at something. But when you can get within a community of others who have been through the same thing that you're trying to accomplish and learn from them. It will speed up the process for success.
Beliefs that limit you: Sometimes your lizard brain can be the most significant obstacle to success. It is trying to shield you, and you are constantly saying that you can't achieve X. A room full of people who challenge your preconceived assumptions can help you overcome these beliefs.
Accountability: It's one thing to declare that you're going take action to changes. It's another to know that the people you admire will be asking you whether you took those steps that you promised to. That's accountability!
Be aware: It's very easy to get caught in the weeds of everyday life. Business owners, for instance, tend to be working on their business instead of on their business. A mastermind can help you focus and get the larger overall picture.
Grow your network: We'll make this happen without the cliché statements ("Your network is your Net worth!") BUT if you're in a mastermind group, expanding your network can be a major benefit.
A mastermind group at work
Dan Miller launched 48 Days to Work You Love podcast, as well as the book. After the success of those, he founded 48 Days Eagles-a private, membership community that became a connected network of entrepreneurs.
"I've always sought ways to get people connected," Dan says. "I would rather they not look at me for help and instead, they should be lifting each other up on the way to achieving their goals ."
Based on this idea there's no reason to be surprised that masterminds became a vital part of Dan's model of business. Dan launched the mastermind group called the 48 Days Eaglepreneurs Mastermind Group: an exclusive, invitation-only mastermind group that can accommodate as many as 30 participants.
If you're reluctant to charge something for your mastermind, this is a wonderful piece of wisdom from Dan who explains why the group should charge a fee:
"We have a real obvious connection in our culture between the cost of goods and value that we perceive. If something isn't expensive, it's probably not much.
It is essential to have an agreement for you to be able to create the possibility of having a lively community. The people who pay, take note of. When people pay, they will follow your advice then they act and transform their lives."
What are the factors that make an effective mastermind group?
Experience: Mastermind groups may be effective at both expert and intermediate levels; they're not usually appropriate for beginners (a method of group coaching is more well for novices). Members of the group must be able to exchange experiences and learned knowledge.
Mastermind groups are vulnerable. is required to be safe and only when people are open and honest. Brene Brown's research on vulnerability and shame shows how vulnerability makes connections. And it's true in your mastermind. Sharing your hopes, fears, and hopes is all an integral part. That's why mastermind group members frequently become friends.
Structure: Good mastermind groups aren't just free-for-alls. Effective masterminds require the right structure, and an intention to be behind it. following a schedule is crucial.
Active listening: members of the group should be attentive and responsive to the individual who is sharing as well as ask questions and give feedback.
The group must be consistent: masterminds should meet consistently over a set period of duration. It helps them establish a rhythm (both for the participants and also the hosts) which can lead to change.
Security: Members are expected to be secure enough to share their vulnerabilities and be aware that information shared won't leave the group.
Assistance: Mastermind members need to be open to helping one another, providing feedback as well as sharing connections and resources.
Mastermind Example - Sound Design Live
Nathan Lively had a passion for excellent sound engineering. He started an audio podcast in the year 2015-Sound Design Live-and spun this into a community of audio engineers. He offered his most committed members a personal invite to join a mastermind group, and he interviewed them on a 1:1 basis to determine if there was a good fit. This resulted in an incredible mastermind network. Find out the whole story here!
What a mastermind group is not
Most often, a mastermind team is defined by the things it isn't. Below are a few things that a great mastermind group doesn't need to be.
- One member monopolizing: You need to find the appropriate equilibrium. Sometimes group members can monopolize or control the group. If necessary, speak with them, and if they aren't able to change, think about removing them. The overall success of your group participants is well worth the effort.
- Group coaching: Group coaching can be incredible! However, it's not group coaching. The group coach is the expert and teaches the group together. In a mastermind session, the group has the answers while the role of the host is to facilitate.
- The idea of telling people what to do: Members can absolutely share thoughts and experience. Each member has the agency to choose their own objectives and be committed to their goals.
- Therapy The user can get real in a mastermind group; but it's not an alternative to professional mental health if a group member needs it.
- A networking group: Networking is a natural part of a mastermind however it's not the whole point. If you're a leader in a group, screen potential members to make sure they're willing to move beyond the realm of networking towards personal growth.
- An area for complaints or to judge: Members may freely discuss their issues, but there shouldn't be a place for grumbling. In the same way, members should be encouraged not to criticize each other.
- Hierarchical Mastermind groups are prone to developing hierarchy when certain people dominate or when someone is perceived as more than others. For example, just because a group of entrepreneurs includes one person who is extremely successful does not mean that everyone has to be a slave to the person. No matter what social status or achievements, it needs to be an inclusive group that is equal.
Mastermind Example - The Wealth Without Wall Street
Financial advisers Russ Morgan and Joey Mure set out to inspire people to look at wealth creation differently, beyond investing in stocks and observing the Dow. They created a community of coaches named Wealth Without Wall Street to transform the way we think about the process of building wealth.
And they run the mastermind of members who are their most committed members. This is what they have to say about this:
"This method of treating groups as a valuable resource has been a huge hit. The paid content is an opportunity for our members have accessibility to the specialists in the room and also to be able to have more personal conversations with other people who have real experience with these things."
How to start an mastermind group
We have a full outline of how to begin the mastermind group. So should you need the most in-depth information, check it out!
Here's a short overview of the steps we suggest:
- Develop your initial Big Purpose. The Large Purpose is the underlying reason for any group, the vision that brings people together. Mastermind is a free group name generator that will generate a Big Purpose to you (and an appropriate name, if you do not have one!) Try it!
- Pick your ideal group of members. In the cases above the majority of groups have hand-picked the members they wanted to include. Carefully selecting the people (or kind of individuals) that you'd like to include in the group, perhaps even asking them questions, can help create a successful foundation.
- Solidify your Big Purpose You must ensure that all participants agree on your big Purpose! This can be done in the first meeting (and modify it if needed). ).
- Select an option: If you're organizing a online group or want to ensure that your group is organized and discussions are running between sessions, select the mastermind platform you want to host your group on.
- Make the rules clear: Establish and accept the guidelines for engagement of your group, and then lay out community guidelines.
- Create a cost for a membership fee. Read Dan Miller's quote above again. It's counterintuitive, but paying a fee for membership will help your group be more effective.
- Pick a time: agree on how often you'll meet (and what location, if making contact via webcam).
- Set a meeting format Select the format of your meeting will be like (and adhere to it). The typical mastermind session to include a chance for members to bring in a problem, a round-table discussion, or Q&As.
- Launch!
Mastermind groups of various types
There are several types of mastermind group, and they're usually organized between individuals who share similar in terms of lateral responsibility within the company's structure, or that share an identity. CEOs of similar businesses might meet up to discuss overarching strategy, while middle management may meet to discuss particular hands-on challenges (for example shifting employees away from a traditional office setting in order to work remotely). Entrepreneurs may be part of a group that includes those who run similar companies.
Mastermind groups could be ongoing events, or may be created in the form of a mastermind class, session, event, or a class that is devoted to thinking around a certain difficulty or problem.
These are the most common types of mastermind groups-and you know, there's commonality between these groups:
Groups of entrepreneurs who are masterminds: Napoleon Hill created the concept of "mastermind" through researching the top entrepreneurs of the day So it shouldn't come as surprising that many business owners have masterminds (and believe they are the reason for their accomplishments).
Groups of mastermind leaders: Leadership is a lonely job which is why so many people sign up to mastermind group meetings in order to receive access to other leaders to assist them in their growth.
Career development masterminds Masterminds are becoming a vital element of every career (not only for entrepreneurs). Masterminds help their members become conscious of their careers and advance through sharing information.
Personal development masterminds: Growth is difficult, but masterminds are a wonderful way to accelerate personal development.
Masterminds of technical skills: Nathan Lively's story above shows the value of a mastermind in sharing knowledge about technology and mastering high-value capabilities.
Financial planning or investment masterminds: As with Wealth without Wall Street, thriving masterminds can be built around sharing knowledge about personal finance as well as generating money.
Parenting masterminds: These aren't so common, however parenting isn't easy. Parents can benefit from masterminds that help them to grow and develop in a group.
Where to find a mastermind group
If you're more interested in being a part of a group instead of beginning one, where do you locate the group? Here are some suggestions on the best places to look for a mastermind group
- Websites like Meetup.com as well as Facebook's list of events are great locations to discover the mastermind events that take place in your local area.
- Search LinkedIn to find the term "mastermind." There is the option to filter by either the region OR by using modifiers to find a specific group (e.g. "parenting mastermind). This will assist you find facilitators by their LinkedIn profiles. You will be able to follow up with them.
- If you are a fan of creators or thought-leaders, look at their websites for mastermind groups. A lot of creators run these mastermind groups.
- Contact your friends from your industry for recommendations or suggestions.
- Look up your local support group for businesses or bulletin boards for community groups.
And, if nothing else works, don't be afraid to start on your own! The steps we've provided above.
Are you looking to start a mastermind?
This guide on mastermind group activities will help you get a grasp on the difference between what they're and don't. If you're looking to start your own mastermind quickly and efficiently, get started with Mighty!
It is a platform for members that is unifying which allows you to connect the community, course, and content as well as live events. Mastermind groups can be created in private areas, charge members for access and establish meetings times using the events feature (and gather RSVPs). It's the only software you'll require to begin your own online mastermind group. With our mastermind group generator you will be able to start welcoming your first participants 10 minutes from now.
Test it out for yourself! It's free for 14 days.