Mastermind – Each week I identify a different theme of the week and provide you with content, some original and some from external sources, around that theme.
This week’s theme is “mastermind.” I’ve become a big fan of the mastermind over the years. There are groups for pay and volunteer groups. There are industry specific and those that specifically do not allow more than 1 member from any particular industry.
Regardless, there are certain aspects and characteristics of masterminds that you want to look for when you consider joining or creating a mastermind group. Chief among them – accountability, confidentiality and a willingness to share.
A Word On This Week’s Theme
A few years ago, I became enamored with the idea of the mastermind (peer group). I first caught the bug through an association with a leading international company whose business model is dependent on the establishment and on-going facilitation of mastermind groups.
There are some wonderful, dedicated and talented people from this business but ultimately it wasn’t for me because of some fundamental differences on a couple of items. So after taking a break and re-thinking how would I run a mastermind group if I were defining it myself, I created my own version of one with a different target membership and some important distinctions between what I would provide as an individual, independent mastermind coach and what some of the leading national and international organizations offer.
The resulting reward has been high, not just for me, but for the members of the group – each of whom will tell you they save time and make better decisions as a result of their participation in the group. I leave our meetings feeling like something I am doing is truly making a difference in people’s lives.
Unfortunately, too many people have had too many bad experiences with mastermind groups, slick sales people trying to get them to join, and no to low value added in exchange for their time and money.
That’s really sad because there are affordable and effective groups out there, and I’d encourage everyone to give it one more shot…but do so armed with a little more information.
I am a firm believer in masterminds done effectively and affordably. The mastermind is this week’s theme. Below are links to several articles and videos you should take a look at before checking in to a mastermind group.
This Week’s Links
Inc. – 3 Essentials for a Successful Mastermind. So you are thinking about joining or starting a mastermind group? Make sure that it minimally includes the three essentials discussed in this article from Inc.
Entrepreneur – A No-BS Framework for having an Effective Mastermind. A mastermind group does not have to regularly meet in person and can consist of members from a geographically disperse area. This article is geared more toward that type of mastermind.
Inc. – 8 Steps to Mastermind Effectively Inside Your Company. A common myth is that a mastermind group must be a group you join external to your company, but you can also effectively run masterminds within your company. But the dynamics are a little different.
Entrepreneur – 5 Secrets to Creating a Successful Mastermind Event. I’ll admit up front that I a not a fan of big events labeled as mastermind groups led by a guru on a particular matter. The bigger the group, the more likely you will spend time listening to speakers and worst of all, the less time you will spend working on each others issues. But if you must have a big event or are thinking about attending one make sure the event follows these rules of thumb.
Entrepreneur – Are Masterminds a Scam? The previous piece from Entrepreneur is a perfect lead-in to this one discussing some of the elements that can make a mastermind a scam at worst and a waste of time and money at best. Do your homework and look for the characteristics of a successful mastermind.
Energesse – Why the World Needs a Business Mastermind for Health Leaders. This piece is actually a marketing piece, and not a disguised one. But it raises some good points and inadvertently some bad. On the bad – it’s generally not a good idea to have a mastermind group of people from the same industry because there is too much room for group-think and there is risk of the perception of collusion. On the good side, it might be a good idea to have your HR/Benefits lead get in to a mastermind group with the same from other industries/non-competitors to help each other establish best practices.
TED – The Future of Business is the “Mesh” – Entrepreneur Lisa Gansky discusses how business is increasingly enabled by sharing – which includes peer-to-peer sharing.