In Napoleon Hill’s Think and Grow Rich, Hill describes a mastermind group as:
The coordination of knowledge and effort of two or more people, who work toward a definite purpose, in the spirit of harmony.
Today, we'll dig into the benefits of being in a mastermind group, how a mastermind meeting runs, and who you should invite.
Benefits of Mastermind Groups
Here's how you can benefit from mastermind groups:
Think-tanks: Leverage unique perspectives from fellow participants, enabling different ways of thinking or approaches than yours.
Resources and support: Everyone has different skillsets and a unique network. Individuals look for communities to seek transformation and a sense of identity. But what happens when these communities get too big and you cannot extract value? That's why in a small, tight-knit group, participants are more willing to support each other.
Accountability: As driven individuals, we want to be held accountable for putting our best foot forward. As Barrett Brooks, COO of Convertkit says:
We want to be the average of five incredible people with whom we constantly surround ourselves.
Structure of Mastermind Meetings
Meetings can be broken down into three main sections: intro, hot seats, and wrap-up. We’ll dive into hot seats in more detail.
Each week, focus on one person’s challenges or goals by offering feedback, advice, and criticism.
Here's how that can look like (from Barrett Brooks):
Overview of the business situation and key challenges or opportunities for discussion
Clarifying questions from the group to make sure they have a full understanding of the business context and challenges/opportunities at hand
Group discussion on how they’ve seen similar challenges or opportunities approached in the past, either in their own businesses or by others
Group discussion about how the person on the hot seat should approach the problem or opportunity, given their unique business situation and personality.
Who should you invite?
Look for individuals who will be able to both provide your participants with value, but should be able to extract value as well. Other qualities include:
Active problem solver and solution seekers
Strong drive and commitment
Diverse skill sets
Inviting someone who you don't know that well? Here's are three items to ask for:
1-minute elevator pitch
Stage of idea
What are you seeking from the group?
Below the Fold
Book: Mastermind Dinners by Jayson Gaignard
Quote: “The period of time between investing attention and energy into your community and feeling gratified dictates future participation.” - Jay Clouse
Article: Course Mechanics Canvas: 12 Levers to Achieve Course-Market Fit by Wes Kao
Video: How To Set Up A Website by Ali Abdaal
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Thank you to Ananya and Emily for the edits and feedback.