The mastermind principle is a well established business strategy that has been around for many years.
Napoleon Hill discussed the mastermind principle in his book “The Law of Success” written way back in 1925. The mastermind principle was the second of 16 principles which Napoleon Hill believes must be followed in order to become successful.
The exact definition he uses is “It consists of two or more people who work in perfect harmony for the attainment of a definite purpose”.
The concept in business is simple. When building a business you will come across numerous situations that you have not experienced before. What do you do?
With the internet now readily accessible you can of course research the subject yourself. However the mastermind principle relies on bringing together like minded individuals who may have come across your problems themselves and who will be able to assist you in arriving at a decision, often saving you hundreds of hours of research and experimentation.
Napoleon Hill talked often about mastermind alliances with people who have the knowledge to unlock the doors for you. Napoleon suggests someone from your family and someone to whom you sell your products or services.
This is great advice.
Today Mastermind Groups have become very popular. As well as the principle of shared knowledge, they add accountability through regular declaration of your goals and monitoring the progress you are making towards those goals
The importance of accountability is backed up by research.
In business most people are aware that writing your goals down increases your chances of success. Making those goals public again increases the chances of success. However weekly accountability with a friend or small group of success-minded people maximises the chances of success.
Here are three key elements to a great Mastermind Group:
- You must have the right group of people who want to better their lives. It also helps to have people from the same business area but this is not essential.
- Set a standard day and time to meet – weekly or at least every two weeks is better than monthly. Meetings can be done in person or by video such as zoom or skype.
- Have a clear structure and a clear agenda to avoid just chatting and lacking focus.
I am part of a Mastermind Group for likeminded accountants and we are all striving to grow our businesses.
Ideally Mastermind Groups should consist of three to five individuals but they can be bigger.
In our meetings we follow the structure outlined below:
- We start with five minutes for us all to state and celebrate our key success in the previous week. This is a one liner, no detail is required, but it is great to celebrate success right from the outset. Your slot can also be used to state any problems you have encountered. Again no detail is given as this is not the time to delve into problems.
- For the next 10 minutes we detail the three big projects we are currently working on and the progress we have made to date. If the group is small enough you can each discuss the progress you have made in the last week and review what actions you intended to take and what ones you have taken.
- For the next 30 minutes we then dig deep by discussing one or more person’s roadblocks. One person takes the hot seat to outline a problem and then all other mastermind members make suggestions on how to overcome these problems. If a member doesn’t have a problem they can detail their plans and get feedback. If numbers are small then to be really effective you need to ensure that each person rotates every week in the hot seat and is required to plan ahead for the meeting.
- The next 10 minutes are then about detailing up to three actions for the coming week with one action being identified as an absolute must do. The actions must however be to meet the individual’s big goals. For example if the big goal is to build an A team of staff then maybe the must do this week could be to start advertising for a specific position. The actions are about working on the business not in the business. If time is pressing then outline just the one really big action you need to take to move your business forwards in the next week.
- Finally we wrap up the session by each stating what our biggest learning was from the meeting. We also make sure the meetings always ends on time. One hour is long enough. It is not a social call. For small groups this is also the time to reaffirm who will be in the hot seat next week.
Mastermind Groups are a proven method of success. It relies on two key principles – one the sharing of knowledge and the second holding the members accountable.
If you are interested in finding out about a Mastermind Group or would like to join one then why not contact us and we will see if can help you implement this key business strategy for your business.
The content in this blog is correct as at 07/07/2020. See terms and conditions.