While the term Mastermind is trending now, it’s not a new idea. Well, except here at SoulSavvy, we’ve reinvented Masterminds to be uniquely holistic, and especially helpful for our tribe of healers, creatives and visionaries. (It’s #TheSoulSavvyWay.) First, let’s define a Mastermind group and the benefits they can give you. In the next article, we’ll cover the unique Soul Savvy approach.
WHAT’S A MASTERMIND GROUP?
The term mastermind is trending of late, but it’s not a new concept. Originally described in 1925 by Napoleon Hill in his book, The Laws of Success, a Mastermind is a peer-to-peer mentoring group designed to help business owners increase their success. Hill also described the “Master Mind” in his 1937 book, Think and Grow Rich, as “two or more people coming together in harmony to solve problems”. How quaint, and even refreshing, to hear the reference to harmony and problem solving in one sentence.
Hill was friends with Andrew Carnegie, the American industrialist billionaire and philanthropist who led the expansion of the steel industry. Carnegie believed success was accessible via simple steps or lessons. He gave Hill access to other wealthy successful men, e.g, Henry Ford, Thomas Edison, Theodore Roosevelt, Alexander Graham Bell and others. Hill researched success for twenty years, penning the books and becoming a respected advisor to two presidents in his day.
Today Mastermind (MM) groups can be offered in some corporate environments, as well as a stand-alone business growth and support service. If you’re paying for it, monthly fees can be about $600, or the flat fee range is quoted as 3 – 100 G.
Alternately, you might come across a type of MM format in a business course. This is how I first encountered MM groups fifteen years ago. In a 6 month business training, the class would meet every other week. In the off week, you were paired with a “buddy” to work together on assignments. Often assignments were challenging, and it was very beneficial to have a partner to wrestle through first drafts of elevator speeches or branding work.
WHO NEEDS ‘EM? SIX BENEFITS OF A MASTERMIND GROUP
There are lots of ways a MM can be useful to you as a small business owner and entrepreneur.
Simple Comradery – Many entrepreneurs are working solo. A Mastermind group can provide social and business contact and support. Just as a night on the town can refresh and reset, contact with other solopreneurs can give you a sense of being on a team when you may not yet have one.
Marketing materials feedback – Often business owners can do a dandy job of describing a colleagues business, but struggle to compellingly describe their own. A Mastermind partner can give support and feedback when you are creating or updating your promotional materials, or launching a new program’s sales page.
Mindset – There is quite a boundary between a good idea and making it happen. In addition, the road to completion and success can include many surprises. It’s natural for doubts and legitimate questions to arise. MM partners help you stay steady, and problem solve/reality test, to tell the difference between times to change course, and times to keep moving.
Perspective – When you dive into a project that is transformative for you and customers, it’s as though you enter a tunnel. While you may see the light at the end of it, it may be harder to see your periphery or the next steps. It’s easy to lose perspective when you are wrestling something into being. A MM partner can provide that second opinion to help you keep moving. They can provide encouragement, and even some hand holding, when the tunnel temporarily closes in.
Networking, Sharing Resources – With some MM groups, it’s expected that you would network, share contacts, resources, special knowledge. This can be a natural process of getting to know and life other members – you want to be generous. For some structured groups, that may be an expectation that is overt or not. Check info that if it’s important to you.
Why are you in business?
Business as a personal growth path – For those entrepreneurs who have a mission or offer spiritually- based services, business work can highlight areas where growth is needed. The ego self is asked to grow to the higher Self. Old patterns or false beliefs may need to be cleared and shifted to allow for greater success and ease. Skills, e.g., communication chops, may need to be taken to the next level. It’s always something, as Gilda Radner said… Yes, when business is a path to enlightenment, har har – growth is invited constantly. And maybe a few hundred lifetimes down the road you’ll be closer to achieving that success paired with balance, love, ease, creativity, respect, etc. etc. Or well, at least after twenty years of study, as Napoleon Hill found.
Overall, the MM process can give you added support, perspective and feedback. It can help you develop better skills at playing well with others. It may not work for you in every case. Like any group or 1-1 coaching experience, get clear about why you need this, and what the most important deliverables are for you. In our MM groups, we’ll design check ins, quarterly updates to see how it’s going. As well, there are trial periods to make a needed exit, or a redesign of membership, a bit easier as you are learning the ropes to creating your own MM group.
Next we’ll cover Why Your Mastermind Group Might Suck – The Unique Holistic Soul Savvy Mastermind Method.