Mastermind groups are not something new, but new to some people. Author Napoleon Hill coined the concept in 1925 in his book “The Law of Success” and later described it in more detail in his 1937 book “Think and Grow Rich.”
Don’t think of this idea as ‘old’ think of it as an ‘endless gold mine."
A Mastermind can be a gold mine for a small basis. Most small businesses cannot afford a Board of Directors or advisory committee, but if they can spare a couple of hours each month, they might be able to tap into a Mastermind group.
A Mastermind group that works for the success of its members can function like (or sometimes even better) than a Board. Note: There are more than one type of Mastermind group that may focus on different things such as the success of member/project.
Typically, the membership of a Mastermind group is limited (more than 5 less than 10). This keeps the discussions manageable, focused, and intimate.
Board membership is often unlimited and can grow to an unwieldly large group with little or no time for discussion. The small group format makes it easier to discuss issues and challenges in a safe environment (safe from inappropriate disclosure). Members sign a disclosure agreement so that discussions are not shared.
My model for business is The Beatles. They were four guys who kept each other's kind of negative tendencies in check. They balanced each other and the total was greater than the sum of its parts. That's how I see business: great things in business are never done by one person. They're done by a team of people.” - Steve Jobs
Members may share ideas on how to resolve issues, what they have tried, and listen—really listen—to each other. Addressing problems in a balanced and fair way is what makes Mastermind Groups so valuable. Participants know that they can bring a problem to the group and 99.9 percent of the time get feedback and ideas on how to move forward. This feedback might help members think bigger, or different, which might propel a business into new areas, help identify when it is time to cut and run, or celebrate change. Just think of the power you have in the group. Many minds working on creative win-win solutions; instead of one mind totally bogged down in worry.
Typically, the time and frequency for a group is limited, unlike many other meetings. In many groups, they will limit the amount of time each member gets to speak so that each person gets equal time. And you can speak about anything you want. Discussions have touched on everything business, and even on personal tragedies and heartbreak. Over time, participants in a Mastermind group often develop high levels of trust and relationships that extend beyond the group. Good friends and business associates.
Talking can transform minds, which can transform behaviors, which can transform institutions.”
If you are interested in being a part of a Mastermind Group contact Sam Baugh, South Coast Development Council Inc., at 541-888-7003 or email him at email@example.com.
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