What is a Mastermind?

What is a mastermind?

When you start to learn about the habits of highly successful people, you hear them talk about belonging to a mastermind (or multiple masterminds). The concept of a mastermind has been around a long time. We know that many successful people were in one like Benjamin Franklin, Dale Carnegie, and many well known successful people today, such as Oprah, Lewis Howes, Bill Gates, and Warren Buffet to name a few.

Napoleon Hill coined the word Mastermind in his classic book, Think and Grow Rich, by saying it is, “the coordination of knowledge and effort between two or more people who work towards a definite purpose in a spirit of harmony…no two minds ever come together without thereby creating a third, invisible intangible force, which may be likened to a third mind”, also known as, the Mastermind.

Also, they are very different from group coaching where there is a "sage from the stage." In a mastermind group, not just anyone can get in, there is a curation involved that ensures everyone is close to the same level. You’ll typically see that to get into a group, at least a good one, you’ll need to apply and qualify. A mastermind is like a peer coaching structure so you are getting coached not just from the host/facilitator, but from each qualified person in the group as well.

Why is a mastermind so important?

Successful people surround themselves with successful people. Period.

Let’s take a look at some of the most critical components of a mastermind that provide the peak conditions for its members' success. Masterminds provide:

• A like-minded community that you can trust. When you’re surrounded by others who speak your language and are passionate about similar things, you feel understood, which helps you keep your emotional state high. Everyone functions better when they don’t struggle with isolation.
• Objective perspectives on your situation. When you are going about your business, it’s common to take things for granted or not know why you keep hitting the same roadblock. That’s where the power of a trusted group comes in. They can help you see your blind spots so you don’t keep making the same limiting decisions.
• Brainstorming power. This is the “third mind.” When a group with diverse experiences and expertise works together to help brainstorm each other’s dilemmas, new brilliant ideas start to form.  These ideas are difficult to come up with on your own and can take a long time to develop. In a mastermind, these ideas happen much faster.
• Accountability. Not all groups incorporate accountability, but for those that do, the effectiveness of it is quite amazing. Most women in my group say they get more done in the first 3 months than the whole year prior to the group. Some give credit to having to answer to the group. Others say that they feel inspired by others in the group who succeed. The idea that “a rising tide lifts all boats” is true here.

How do you pick a good mastermind that is effective at creating the environment for you to succeed? Not all mastermind groups are created equal. The skills of the leader are critical to the success of the group which leads to the success of the individual. I have a resource that helps you pick the best mastermind for you:  click here.

It’s also important to note that a mastermind group isn’t usually paired with learning or a course. Masterminds focus on action and action with reflection is the fastest teacher.

If you’re a business owner and not in a mastermind group, you may be leaving money you could be earning on the table. You may want to consider submitting an application to a mastermind group soon to speed up the progress towards a better bottom line in your business. Get on the waitlist here for my next mastermind.