The Power Of A Mastermind Group

If you’ve been involved in leadership for any period of time, you may have been exposed to the concept of a Mastermind Group. This is not a new thought, but it was largely popularized in Napoleon Hill’s book, “Think and Grow Rich.” In that book, Hill shared how his mentor Andrew Carnegie assembled a group of his peers with diverse skills to form a Board of Advisors that catapulted him to launch one of the most successful business conglomerates in history.

Most large corporations have a Board of Directors to ensure the company stays on mission, achieves their financial targets, and fulfills their responsibility to stockholders. This is also true of nonprofit corporations that are mandated by law in most instances to maintain a viable Board of Directors. Some small businesses also operate this way.

But usually, only those small businesses who accept private funding (from banks, angel investors, venture capitalists) have outsiders on their Board of Directors. A professional Board of Directors may not always create a happy, supportive, safe environment for business owners to turn to for problem solving, brainstorming, or even feedback.

On the other hand, we all need a sounding board, experts on our side, and a safe haven in which to ask for and receive help and advice. Every small business owner, CEO, or organizational leader (in my opinion) must have a Board of Advisors. The easiest and fastest way to get one is to join or create a Mastermind Group where each member gets and gives equal doses of advice from the group.

Here are four reasons why you should consider joining a Mastermind Group.

1. A Mastermind Group is a level playing field for all members. In this environment, the agenda belongs to the group and each person's participation is key. Peers give each other feedback, help each other brainstorm new possibilities, and set up accountability structures that keep each other focused and on track. They create a community of supportive colleagues who will brainstorm together to move each member of the group to new heights.

2. Each member gains tremendous insight, which can improve their business and personal life. In a Mastermind Group, there is no individual star. Each member contributes from that person’s experience, and everyone is bettered thereby. The group is truly more powerful than the sum of its parts. And the benefits transcend your professional life. There are also powerful life lessons that are attained.

3. Mastermind Groups are a hedge against negative competitiveness. Oftentimes peers within an organization are afraid to share their insights for fear of either reprisal or of losing credit. The Mastermind Group is the opposite of that. It is a safe place to test ideas, and to share wins as well as losses. It is a golden opportunity to interact and collaborate with likeminded people in a non-competitive environment.

4. Be part of a distinct community – a tribe. It is an instant and valuable professional support network. You get to team up with people who are better than you at some area of business or experience – people you can learn from. These relationships often last a lifetime and there are invaluable connections that are made–far beyond what you may have considered before joining.

If you would like to explore the power of a Mastermind Group and how it could potentially elevate your career or team to the next level, please click the button below and let’s set up a time to talk about it.

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