For the past 5 years, I have been part of several mastermind groups that have helped me dramatically grow several of my own businesses.
Below I will explain to you what mastermind groups are and how they can benefit you and your business.
What is a Mastermind Group?
I define a mastermind group as a select group of people who work together to help each member of the group overcome challenges and achieve their goals.
The term was first coined by Napoleon Hill, author of Think and Grow Rich. Hill defined the "Master Mind" as a "coordination of knowledge and effort, in a spirit of harmony, between two or more people, for the attainment of a definite purpose." - I have to admit that his definition is quite a bit more eloquent than mine :-)
In his research, Hill had surveyed hundreds of the most successful people in the world. The Master Mind concept was inspired by Hill's many conversations with the highly successful businessman Andrew Carnegie. Importantly, Carnegie attributed his entire fortune and success to his mastermind group.
What are the Benefits of a Mastermind Group?
There are many benefits of being a part of a mastermind group including:
1. Support: you have a group of other people to help you succeed.
2. Ideas: other members of your group give you new ideas, different perspectives and critical feedback. My favorite ideas are when other members of the group explain what's currently working best in their businesses; and you can then just apply this to your business with great success.
3. Resources and connections: members of your mastermind group will each have their own rolodexes and can introduce you to people and resources that will help your business grow
4. Partnerships: oftentimes you will find other business owners in your mastermind group in complementary businesses that you can work with to collectively grow.
5. Quick learning curve: members of your mastermind group will possess skills and ideas that may have taken them years to develop; and they can often share them with you in a matter of minutes.
6. Accountability: your mastermind group keeps you inspired and accountable, so you achieve your goals.
Some Famous Examples of Mastermind Groups
I already mentioned that Andrew Carnegie attributed his entire fortune and success to his mastermind group. But there are many other famous examples of individuals achieving massive success from being part of a mastermind group.
In England, a mastermind group of writers and poets included CS Lewis, JRR Tolkien, Charles Williams, and Owen Barfield among others. Two classic works of literature emerged from this group: The Chronicles of Narnia and The Lord of the Rings.
President Theodore Roosevelt started a mastermind group during his presidency. Roosevelt was only 42 years old when he became president (the youngest age ever for an American president). He needed help working with many of the other politicians who were much older than he, and turned to his mastermind group for this guidance, support and help.
And finally, my favorite historical mastermind group was called "The Vagabonds." It included Henry Ford, Thomas Edison, President Warren G. Harding and Harvey Firestone (founder of the Firestone Tire and Rubber Company).
I call this group my favorite, since collectively they achieved such amazing things.
Mastermind Groups are Really That Powerful
Imagine what the right mastermind group could do for your business. If you were able to get expert feedback and new ideas on an ongoing basis? If you got introductions to amazing people and resources that could help you grow your business? And simply, if you just got to spend more time with other exceptional, motivated entrepreneurs who were committed to achieving massive success, and who were dedicated to making sure everyone in the group did the same.
Yes, the power is the mastermind is mighty. So, if the opportunity presents itself for you to start or join a mastermind group, jump on it.