You may or may not be aware of the Mastermind Principle for Success.
This idea came from the classic best seller book “Think and Grow Rich” by Napoleon Hill. In the early 1900s Napoleon Hill interviewed over 500 of the most successful business leaders in the USA. One of the common factors he noticed that contributed to their success and good fortune was the use of the Mastermind Principle.
To quote Napoleon Hill the definition of a Mastermind is “ Two or more people work in perfect harmony for the attainment of a definite purpose”.
Hill explains that Business Icons such as Henry Ford, Edison, Andrew Carnegie, Harvey Firestone and many more relied heavily of working with their mastermind teams to generate new ideas, new innovations and even new industries.
As a coach I share often a profound quote with my business clients…
That can be a bit of a shock to the system if you notice that most of your business connections are happy with mediocre or just want to complain, blame, or justify for their lack of success or whatever other limitation you tolerate.
The reason Why you need to consider this approach is that you will have a safe space to share your plans, your challenges, opportunities, brainstorm million dollar ideas, seek referrals, ask for honest feedback and leave the meeting with an action plan. The other great thing about having a group is that you become accountable for what you say and you will follow through no matter what. This is the key hallmark for ongoing success – clear thought-out actions and speed of implementation.
If you are ready to make some serious changes then seriously consider setting up your Mastermind. This is something at Energized Ceos we take seriously and offer facilitation for setting up and helping build the mastermind group that is right for you.
1. Decide on the players you want in the group. Ideally have a mix of people from different industries. You can start with 2 of you and build up to say 6 players. You can go to as many as 10 people, however 6 is the sweet spot for a Mastermind.
It is always a good idea to have at least one person on the group who is ahead of you in some area. Let’s say you are turning over $1m a year and you want to increase it to $5m. Having a player who has revenues of $10m a year will help you short-cut your pathway to more revenues in at least half the time. If you are hanging around with other business owners who are operating at similar revenues or less than you, then expect your business climb to achieve larger revenues to take a lot longer!
2. Ensure someone is the Context Driver for the group – that is they ensure people show up and they set the scene for the call. Ultimately they seek a commitment from each of the players to act on what they agree to do.
Administering a mastermind effectively can be tricky if you’re also trying to get accountability from others AND yourself out of the experience. That’s why twice a year Energized CEOs opens up places to driven leaders who are serious about getting great results FAST in their business. Limited places for our next 6-month Mastermind are open at a steep discount by visiting here. Get in touch with us if we can provide you with more details.
3. Meetings can be held over the phone, Zoom, skype or in person. Zoom.Us is preferred by many as you can have multiple videos cameras on, share your screens with others to collaborate, record the event, and much more. You decide if it will be weekly, bi monthly, every three weeks, or once a month. The normal call duration is for one hour.
4. Everyone agrees to be prompt and show up on every call. I have been part of Masterminds where people lose interest after 2 calls. This is a waste of everyone’s time and energy. There is no “trying it to see how it goes” attitude. Either you commit 100% or don’t get involved at all!
5. Each person can have a turn for an agreed time to share about their business situation or you can use the calls to focus on the challenges for one player at a time. A simple format is sharing a major challenge and an opportunity so that then the other members can offer support, ideas, new approaches etc.