Saturday, June 14, 2008

Mastermind Groups

Also known as “Success Groups”, Mastermind Groups in the business arena bring together people from different industries or professions, but with similar aspirations – usually, to grow their businesses – who support one another in achieving their individual goals.

I am currently in my third Mastermind Group.

The first one included a member who, in hindsight, should not have been in it at all, because she was not a business owner (she was “toying with the idea” of starting a business of her own); when she brought a moral personal dilemma to the group, the group’s cohesion began to crack and in short order it fell apart.

My second Mastermind Group stayed together for more than a year (it’s not unusual for these groups to last for decades!) and was disbanded when one member moved away, one sold her business and another began making plans for selling hers.

Earlier this year, Barb Giamanco proposed the formation of a Mastermind Group, together with Ruth King and BB Webb; I accepted and now, nearly three months later, I am delighted that I did. We meet by telephone once a week, for an hour and a half, and in person once a month, for three hours. The biggest benefits are that we offer solutions to individual business challenges, that we brainstorm ideas and that everyone holds everyone else’s feet to the fire; accountability is a huge factor.

If you are interested in forming a Mastermind Group, do it!


Barb Giamanco said...

Lya is absolutely right about the power of a Mastermind group. A success principle that's been around since Napolean Hill popularized it (I'm sure they existed before him), it is gaining in popularity once again.

The key is choosing the "right" combination of people, which is not always easy. I took a page out of Jack Canfield's play book and looked for people who I felt would be honest, push me, push back on me when the blinders were on, who were committed to success for themselves, as well as all group members, and were people who would show up on time every time. Taking this on is a big commitment and unless everyone shows up the synergy of the group is disturbed. It is also important to realize that the "chemistry" of the group is very important. If you are thinking about bringing someone into your group, or if you are even just starting one, interview people carefully. Make sure you feel you can trust them in addition to everything else. Cuz what's said in Mastermind STAYS in Mastermind.

Bernadette said...

Lya and Barb,
I think you raise an excellent point on Mastermind Groups, as it is yet another way to gain support, accountability, and commitment as a business owner. We know how lonely it can be, and groups such as this would be extremely valuable.

I will definitely put it as a to do, and begin to search out other determined, dedicated and reliable professionals to master mind with.

Bernadette Boas