The term “mastermind” is misused and abused. Kinda like the word “awesome.” And kinda like the word “kinda” for that matter.
Experts and coaches use the term when selling new ways to coach, train or support clients or prospects who may want access to their specific knowledge or experience. I’ve actually done it myself, and creating groups around one area of expertise can be a good thing for everyone involved.
But. . . and that’s a big ol’ but, mastermind groups in their purest form are not about generating income for the expert or “facilitator.” Mastermind groups are about harnessing the collective ideas, resources, wisdom and support of a group of like-minded individuals, to which you are held accountable, in order to achieve success faster, and definitively.
Some people call it a “brain trust,” but I prefer to use the term “soul trust” because if done right, a mastermind group will help you identify and fulfill your vision, the “soul” work for which you were put on this planet to accomplish. For an entrepreneur like you, with big ideas and lofty goals, joining or creating a “soul trust” mastermind group can be life changing.
My Mastermind Group Is No Joke
My mastermind group definitely acts like a “soul trust;” we have a deep and profound connection to one another, and I can honestly say that I wouldn’t be where I am today without them. They are more than friends. They are more than brothers and sisters. They are part of me. I’m not trying to get all woo-woo on you, but if your mastermind is not at that level, perhaps your in a support group or networking group, but you surely are not in a true mastermind.
Note 1: This begins the blatant self-promotion part of this blog post. . . I consider myself a go-getter and I’m not too afraid to jump in and take risks, but if it weren’t for my mastermind group, I would likely still be talking about writing a book—instead of having finished my first book, The Toilet Paper Entrepreneur which, because of the group, has survived the test of time and just keeps selling and selling and selling; and, because of that group I completed my second book, The Pumpkin Plan, which came out this past July 5th and is a really good read and there are some nice reviews from people who read the advanced version and my favorite authors, including Michael Gerber, Guy Kawasaki, Rieva Lesonsky, Bob Burg and Seth Godin all endorsed it and even my mom has a little note on the back of the book. Note 2: This completes the blatant self-promotion part of this blog post.
Participating in masterminds guided me through the sale of two companies—through the creation of one company from the idea and the launch through the growth and to the eventual sale to a Fortune 500 company. Some of my best marketing ideas for my books came from or were enhanced by my mastermind group. And, my mastermind, has helped me navigate my marriage, my family, my health, my fathers fight with cancer (he won!), making lots of money, losing lots of money (I seem to be naturally talented at the losing part and didn’t need help achieving it. Just needed help in bouncing back.) and every other scenario that comes with being a human being.
Most importantly, I now have a much greater appreciation for and love of humanity. With the help of my “soul trust” mastermind groups, I’ve come to realize that we are all made of the same stuff, from you to me and from the homeless guy to Donald Trump. One and the same–just that the homeless guy has better hair then Trump.
I see now that our circumstances are not representative of who we really are on a soul level and that all people have goodness in them. These realizations may not be on your list of top five results you hope to get from joining a mastermind group, but let me assure you, gaining a deeper understanding of the world and a new level of compassion helps you in all areas of life, including growing your business.
Other results have been equally life changing. The connections I’ve made through my mastermind group have been instrumental in my success. Likewise, the huge insights my fellow group members have offered to me enabled me to solve problems at lightning speed, to get out of my box and find new, creative ways of handling challenges and opportunities. It’s the power of the collective mind.
Mastermind Group Objectives
I could give you general tips about creating your own mastermind “soul trust,” but you can find the basic structure anywhere on the Internet. Just Google it. (I did and found this cool, vintage board game, Mastermind from the seventies. Do you remember this game?)
Instead, I’m going to tell you EXACTLY how my life altering, awesome “soul trust” of a mastermind group works. Why mess around?
The objective of my group, and any mastermind group worth your time, is as follows:
Release. Let the steam out. Share truths, so that stress is alleviated.
Vantage points. Pose your challenge, problem or opportunity, and garner perspectives from seven other minds with varying backgrounds and experience.
Accountability. Objectives that are clearly stated get done more often than objectives that are never said at all.
Trust. The more you trust people (beginning in your group), the more you trust yourself, and humanity.
Confidentiality. My mastermind is a safe space; anything we share in the group is held in the strictest confidence. And yes, this points back to trust.
Variety. A perfect mastermind has a mix of backgrounds. It is often the people who are least like you, who can help you the most.
How to Structure a “Soul Trust” Mastermind Group
1. Establish a clear leader. This should be the most organized person. This should be the person that will enforce the rules and hold each member accountable. This should be the person who wants it most. I call this person the “no bullshit” guy and it is likely you.
2. Meet face-to-face. One of my groups meets face-to-face once a month; the other meets weekly by telephone, and then face-to-face twice a year. Yep, I am in two masterminds. No, I never miss a meeting for either.
3. Keep it regular. Meet at the same date, same time. Make it a habit, like brushing your teeth or changing the oil on your car or working out. Don’t change it and don’t miss it.
4. Have an agenda. Adhere to a specific format that best fosters connection and creativity. One of my groups a format that goes like this: First, we all take turns checking in, sharing how we are feeling emotionally, physically and in our relationships. Then, each of us recites an affirmation: “I’m here, and I’m ready. My sole focus is this meeting. I’m disconnecting from everything else.” This take approximately 45 minutes for the 8 members to all go.
Next, we do a personal and business “best/worst” update (“This is the best thing going on with my family; this is the worst thing going on with my family,” and so on). Then, we go into presentation, in which one or two people (pre-selected in the best/worst update from the prior month) spend ten minutes explaining the details of the challenge or opportunity in front of them. After the presentation, the group devotes another ten minutes to clarifying questions, and then everyone in the group shares their experience in that subject or category for a about 40 minutes. Each full presentation takes about 1 hour.
After the “experience share,” sometimes we brainstorm. When we brainstorm, one person presents a different challenge or opportunity for ten minutes, and then the group discusses potential solutions in a free-flow manner. The key here is to mute the person who presented the challenge or opportunity so that they can take notes and are not tempted to crosstalk while everyone else offers potential solutions. We do it by simply having the presenting person to sit and face the corner (just like 3rd grade) and take notes, while not saying a word.
Before we wrap the mastermind session, we offer honest observations about the other members in the group and what triggered us to feel that way, even if it is ugly. We then tell what it is inside ourselves that makes us feel that way. It is the best form of self-exploration you will ever experience. We call it the mirror. For example, one person may say they are considering firing a long term employee. Then each person talks about their own feelings and what this means about themselves. It is revealing, sometimes ugly, and always helpful to everyone.
Next, we update everyone on our progress with the goals from our last session, and create new goals for the next meeting. We wrap up the meeting with amplification: Each person shares something positive and affirming about everyone in the group. For example, I might say, “Laura, I just want you to know that I love you, love what you’re doing, and your idea has clear potential to be huge. And Dan, I know you’re struggling with the family, but every time I meet with you I’m struck by your warmth.” The goal here is to provide genuine compliments, never a correction: to amplify who they really are and reflect it back to them.
Finally, the leader confirms the next meeting date, and everyone verbally acknowledges that they will be there on time and ready to go.
5. Have a vision for the group. My “soul trust” mastermind group has a vision of creating a billion points of impact on the world. My contribution to that vision is to affect one billion minds through my books, programs and speeches. Our shared vision is about shifting society, not just making money, or achieving status or recognition.
6. If the mastermind group fails, realign it—change the memberships and re-set the vision.
Now It’s Your Turn
This week, I challenge you to create and run an entrepreneur mastermind group. It can start with as few as two people (watch the video above for more deets). The group won’t be perfect instantly, but you must get started. There is no excuse not to be in one. Write a note in the comments below that you are doing it and then report again below one week from now on if/how you got it started. I want to hear all about it. How often will you meet? What is your shared vision? What are your personal and business goals? Tell me everything. . .
Read The Book The Tells Your How
My own mastermind used the book True North Groups by Bill George to establish our group vision and meeting rhythm.
Awesome post !
Brought me memories of Napolean Hill .
I think ,however , that resetting the vision is not that easy ,but sometimes the patient needs the medicine
Hey Prashhant – Thanks for checking it out. I agree, resetting a vision is hard. But now, that leads me to a question…. what have you done (or tried) to set a new vision for yourself?
This is awesome advice. Brain trust, mastermind groups, peer advisory boards, whatever you call them, they’re extremely powerful. We’re helping entrepreneurs form these groups. The infrastructure behind setting up (finding peers, scheduling, matching, etc.) can be discouraging so we’re taking care of all that. If anyone’s interested, just fill out the link below. And Mike, if you know some folks who’d be interested please feel free to pass along.
http://docs.google.com/spreadsheet/viewform?formkey=dFZnemFxMXdtQ2o0a1VuRlJ2LWdMcGc6MQ#gid=0
Thanks for the feedback VocalTap. Let me ask you this, what method do you use to make sure you assemble a group… since I assume if you do this service for people you can “cast a wide net” and help participants in connecting with people they couldn’t have on their own.
Sorry for the promotional link, didn’t mean to violate your terms. Right now we are matching people manually based on things like industries, stage, availability, and other factors that make sense. We are connecting people that they otherwise couldn’t have, but the objective isn’t really for social networking since the groups are small, although obviously networking will happen. The purpose of the groups are more results-oriented and for accountability.
Interesting. Do you “prohibit” or “frown upon” networking. I ask, because I a member of EO, and my forum (mastermind) has a strict policy of not doing business with each other. That has actually served us extremely well.
Mike, let me add a few other quick benefits to help motivate fellow entrepreneurs to seek or create these groups:
Speed – Imagine the speed that comes from tapping into the collective brain trust of experience and results here. For instance, if you had 12 people in the group testing 1 new thing in their business each month, that’s 12 x 12 = 144 new breakthroughs. It would take you 144 months on your own to be able to get the same information.
Competitiveness – There’s a certain friendly “competitive spirit” among the MasterMind group because nobody wants to show up to a meeting without something to “brag on” or with successes to share. It’s this competitiveness that drives results even further that the group benefits from.
Increased Productivity – A MasterMind group empowers you to become more than you are now. At the meetings you are surrounded by other successful entrepreneurs who spark new ideas and fresh energy!
Group feeling – When a MasterMind group has been properly selected, each person is cooperating and cheerleading for your best results, efforts and “best-self” to step forward. Quite frankly, it’s pretty lonely being a top performing entrepreneur, so having a group of successful peers who understand you is incredibly important.
New resources and contacts – It’s not unusual to walk away from meetings with a notebook full of new contacts and resources. A MasterMind group lets you tap into shared contacts and unique expertise from other like-minded members.
I’ve been part of informal and formal Mastermind groups, and typically it works much better when there is some formality to it because that usually increases commitment. If you’re interested in starting your own group you must make sure there are serious commitments and consequences for missing meetings.
Yanik, thanks for sharing your experiences. How long have you been in your group? Did you start it or find it?
Hi Marcie! (just wanted to say hi).
Yanik! This is GREAT feedback. Thanks for sharing this. I know you formed a unique version of a mastermind called Maverick. It mixes adventure trips with mastermind support/philosophy. How does the adventure side further enhance the mastermind… I don’t know if I really “get it”.
Great post, Mike. I belonged to a group that met monthly for NINE years. That’s the power of a group like this. They’re not just your mastermind partners; they become part of your life. Got something great to share? Tell your spouse, call your family, then tell your mastermind partners (at least that’s what I always did!).
One huge thing is commitment: commitment to showing up at every meeting, commitment to the process of the group, commitment to be accountable for taking action, commitment for personal growth (because your mastermind WILL ask you to grow as a human as well as a biz owner).
I think every business owner should get out there are join a group, or start one of their own. They’re the success multiplier.
Thank you Karyn. I am curious, after your group met for those nine years, how did it end? Why did it end? Do you stay in contact? Will you form another? I am really curious about the succession after a group completes.
Mike, I’m a fan of mastermind groups too. The big factor for success or failure that you might want to call out, in my opinion, is making sure the group is comprised of business people with similar operational achievement / outlook / experience.
When you have a big stratification between those that haven’t really passed several milestones in their entrepreneurial career with those that are veteran serial entrepreneurs, it becomes more of a mentoring session (one-to-many) and the more experienced vets get burned out.
The results of a mastermind group tend to be much better when the members of the group are at similar stages in their entrepreneurial journey. If all the group members are proactive and hungry for success any group can turbocharge each other’s business ventures, regardless of experience level.
Hey Kenny – Thanks for this. Question for you, have you ever had an member that was not working out / was not a fit? How do you get rid of the person. Can it be done with out confrontation? How does the group discuss it without going behind the person’s back?
I think if you are authentic in all of your comments and contributions, there shouldn’t be a need for confrontation. The lack of fit usually isn’t a personal one, but rather an objective one that can be noticed by all — difference in experience level, industry, general management philosophy, etc. That is why the upfront “interview” and invitation process is so important.
The up front interview is KEY, for sure. One thing our group always asks is 1. What do you expect to get from this group? 2. What do you intend to give to this group?
They reveal some interesting responses.
If you have more qualifying questions, Kenny, I would LOVE to hear your thoughts.
Discussing “ground rules” for engagement is also important whenever you assemble or introduce new members or guests to a mastermind session. Part of that should be:
(a) Keeping short accounts with each other: Don’t wait too long before you address conflict/issues. Don’t talk behind other people’s backs; go straight to each other. Just like you shouldn’t go to sleep angry at your spouse, you should not leave a mastermind meeting in a similar state of mind.
(b) The purpose is to be life-serving in relationship. Remember, you aren’t there to win or tear people down. When providing critique or unsolicited advice, begin with a sense of humbleness and generosity. You are supposed to be an advocate for your peers here. Act that way.
(c) Everyone will hear things they don’t like about their own biz or approach. You must be prepared to hear it. Instead of being defensive, it is better to thank the commenter and absorb it before responding. There isn’t a need to keep an even score. You don’t have to respond to every note that you feel might be wrong, in error or even a slight bit off the mark.
Hope these help. Would love to hear reactions or suggestions for more ground rules.
—
Kenny Jahng
Twitter.com/@KennyJahng
Thanks so much for all these details, Kenny!
Great post Mike – this is exactly what i am bringing together for solopreneurs and service based business owners who are feeling isolated, stuck and looking for ideas, support, celebration and accountability ………
I agree with the comments about pre-interview being key – knowing that people are looking at this from a collective not independent “I want” and take rather than collaborative stance……..
I have had to relieve some people from one of my current groups because they were not a good fit and others left because they did not really see the power of a real committed mastermind and were actually looking for mentoring..
Being part of a great mastermind is absolutely a KEY factor in moving forward, and achieving your goals and I hope to see many more true mastermind groups formed and participated in ny many more currently struggling business owners too.
It seems at the moment when I speak to people that those who are achieving great success understand and are part of great mastermind groups – those that are struggling are not… (in many cases not all of course)
Carol (The How2Girl)
Just building on that, a friend of mine (from my mastermind) called and said, if you want to achieve the next level, you must be with people at the next level. It is something I already “knew”, but then I looked at some of my actions on how I was selecting my guidance and realized I didn’t necessarily do it.
Mis use is a correct term. When you say … perhaps your in a support group or networking group, but you surely are not in a true mastermind… I see groups of over thirty people that are more networking than anything else. Certainlty not a master mind. Great post Mike.
Yes, very much over used. To me “mastermind” is just as abused as “life coach”. A true mastermind is a unique thing. One that sticks together for a lifetime is a rarity, and yields unimaginable growth.
By the way, are you in a mastermind? Just curios.
Hey Mike, really helpful post. I recently started a group, but I was calling it more of a referral/networking group. I like the structure of your Mastermind group. One question, it was hard for me to ascertain how much time you meet. Would you mind sharing that?
Thanks much.
Hi Arden – To answer your question and to add a few extra points, I will list:
1. My “EO” group (the one that meets face to face), meets one time per month, face to face, starting at 2pm and runs until 8pm. We run the actual meeting from 2pm to 6pm and the go for a dinner from 6pm until 8pm-ish.
2. My “40YF” group (it stands for Forty Year Forum – since our goal is to keep out mastermind together for 40 years), meets on the phone, weekly for 1 hour and then face to face 2x per year.
3. No one in my group is a competitor with me or each other. I think this is key. Each of us have businesses that are distinctly different, and we can’t cull “competitive” knowledge from each other.
I would suggest from your group that you “cherry pick” the most driven people to form your mastermind.
– Mike
you’re: you + are
Gracias! I am the king of typos. Which I have come to realize, is that I am a king of lazy. Just typing and not editing my own work.
I corrected the typo.
Thanks for these tips. I so need to be in someone’s mastermind group. I had a few accountability partners who have fallen by the wayside and I’m still standing. Where do I find the committed people who want to progress in their ventures? How did you find your group members?
Hey Marcie – It was hard to form one. I basically set my personal objective. Then I started “interviewing” people without them knowing. I ultimately found one person and then just the two of us started. We built slowly from there.
The other is a group called EO (Entrepreneurs Organization). It already exists and has thousands of members. When I joined, they put my mastermind together. The only caveat is that you need to do at least $1M in revenue to qualify.
Mike, thanks for sharing your experience. I will be mindful should I decide to select or join a group.
Mike, this is very timely as I am currently reading The Law of Success by Napoleon Hill. I feel like everything is coming full circle for me. Now, I just need to find my mastermind group.
I think “form” one may be even better then “finding” one. But that being said I found my first one, and formed my second one. I participate in both actively, and both have been huge in my life.
Please do share your thoughts from the book.
Hey Mike,
Cleaning up some email and came across your post. I appreciate what you have to share and also your endorsement of my book about the Master Mind, Victory One Moment at a Time – Unlocking the Power of the Master Mind. Having run Master Mind’s for over 6 years the most important factor is that critical like-mindedness piece. If you have members at too many levels it just simply won’t work. One of the reasons we incorporated the Master Mind Principles into our Victory Circles is that everyone is much clearer on what it is that will bring them success from having a Definite Chief Aim to Self Confidence to Leadership Skills.
Having a third party Facilitator takes the complexity out of the situation especially when a member is not working out. You just don’t need to be paying them 10’s of thousands of dollars for the process in my opinion. Having a third party like-minded facilitator is key so that members can stay focused on running their business and not running a Master Mind.
Thanks for all you do!
Thanks for the note, Cheri. Also, let me give you a shout out. You run an amazing organization and truly serve entrepreneurs with a great mastermind format. I encourage everyone to check it out!!!
Hi Mike,
Twice in a week someone has offered to be an “accountability partner”. One as a one on one, the other in a “mentoring group”. Then I get your email. I have wanted to form a group since I read “Think and Grow Rich” and have yet to do so. Thanks for the email. A colleague and I have set the wheels in motion for a meeting in September. I will keep you posted. Best wishes on your goal. Consider me one more point of impact.
Please do keep me posted!!!
Dear Mike 🙂 every time I read your article, book, blog I feel a lot of energy and encouragement that almost makes me feel like flying. Which literally and figuratively means liberation of ones soul, as you kindly pointed out. I understand that the Mastermind Group should be created when business is running. But what about the beginners like myself – can someone who just about to start their business have a Mastermind Group as well? If yes, how do we do that in terms of finding those ‘qualified’ people? If the area is completely new to a beginner entrepreneur, where should they look for those people and how do they bring them in? What motive do we give them (if its not money), why would strangers gather in a group and be our advisers?
Thank you so much for saying that Annette. That lights me up!!!!
In regards to a Mastermind Group, anyone can have one. You don’t need to pay a penny to be in one (not that it is a bad idea, I pay to be in mine and the funds are helped to secure the venue, and food, and additional educational activities outside the mastermind itself). The key, is that someone needs to lead it. You need to devote the time to making it happen, to finding committed people and to keep the groups momentum going.
You can find members on the web (form a meetup group), or in complementary organizations… like a chamber of commerce for example.
People do it, who get it… who get that a group of minds is better than 1. And they get that they are biased and have emotions that misguide them.
Mike, thank you for sharing this with me! It’s given me a lot of food for thought. As I plan for 2013, I am setting the intention to form a Mastermind with some kindred spirits. While I’ve been a part of other mastermind groups, none have had the level of commitment and personal investment you’ve described here. So, now my wheels are turning…”Who do I want on my desert island with me?” 🙂
Ahhhhh. Yes. That is the question. Keep me posted on you group a mastermind can be life changing!
Great post, Mike. I know this is a crucial component to my success and I’ve been wanting to either join or start a group exactly like this. When someone asked earlier how you got yours started, I saw that you had said you started “interviewing” people without them knowing until you found one. What did you mean by that?
Thanks in advance for your help – and by the way, I freaking LOVE your Pumpkin Plan book! Started reading it just a few days ago and it’s genius. 😉
I love, love, love that you LOVE the Pumpkin Plan. I am so happy it is serving you. Now KICK SOME BUSINESS ASS.
Also, if you would be up for giving the Pumpkin Plan an honest review on Amazon I would really appreciate it (it helps me spread the word). If you can’t or don’t want to, no worries, I totally understand.
Will do, Mike! And you never answered the question 😉 What exactly did you mean by “interviewing people without them knowing?” I really want to put a strategy together for forming a group like yours.
I am going for it… I have always wanted to do a mastermind group and never started one. But now is the time… Thanks for the push…