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How To Start and Run a Mastermind Group

How To Start and Run a Mastermind Group

Some people like to cooperate with others to achieve their goals, while others prefer to chase their dreams on their own.  I find that involving mutually committed partners in my pursuits is intensely rewarding – especially mastermind groups.  I’ve strengthened my friendships, made measurable progress towards my goals, and continue to grow thanks to the support I’ve received in my mastermind groups over the years.

In this article I’ll lay out what a mastermind group is, the benefits of having a mastermind group, and concrete strategies and actions you can take to start your own mastermind group today.

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What Is A Mastermind Group?

The first place I came across the concept of a mastermind was in Napoleon Hill’s Think and Grow Rich.  In it, Hill describes a mastermind group as:

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The coordination of knowledge and effort of two or more people, who work toward a definite purpose, in the spirit of harmony.

In my experience, my mastermind groups have formed around multiple people striving for a common purpose – from goals as small as college admissions and improving fitness, to as large as your entire life.

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What Are The Benefits of a Mastermind Group?

  • Mutual support. I like to form groups around a specific activity, but even with differing goals you’ll be able to lean on each other for support.  Many times when my progress has slowed on a specific goal, the members of my mastermind are the only people who really understand what has been going on behind the scenes, and give me support in spite of my failed efforts.
  • Differing perspectives.  Hearing the different views my fellow mastermind participants have allows me to see issues I wouldn’t otherwise become aware of – in my life, and in my approach to my goals.  Whether I agree with their assessment or not, it always gives me a better understanding of how I can better improve my approach.
  • Resources.  Everyone in your group will have access to a different skillset and network of people. I’ve often found that when I ask for help in my mastermind groups, these resources help me make progress in ways I never could by myself.
  • Accountability.  My fellow group members hold me accountable to goals I set.  In addition, just knowing that I have a regularly scheduled meeting internally drives me to make progress – because I don’t want to be the only person reporting back that I haven’t made an effort to move my projects forward.

How Do I Start a Mastermind Group?

Starting a mastermind group is deceptively simple in its steps:

  • Pick a Topic.  This may be as narrow as you like, or as broad as you like (such as your entire life).  If you are new to mastermind groups, I would recommend picking one specific aspect of your life to start out with.  Perhaps fitness, your career, school, or some other broad area that you would like improvement with.
  • Pick your Partners.  I’ll discuss this in detail below.  A mastermind group is only as good as the people in it – pick your partners with care.
  • Agree On Ground Rules. I’ll provide some guidance below, but keep in mind the purpose of setting rules is not to stifle anyone – the purpose of the rules is to ensure everyone benefits from the mastermind group. I like to keep a loose set of rules and count on mutual respect of the individuals to keep everyone in line, but you may choose to have strict ground rules if you like.
  • Meet!

Who Should I Invite Into My Mastermind Group?

Two words:  mutual beneficiaries.  Any member in your mastermind group should not only be able to provide you with sound feedback and advice, but should be able to receive some benefit from your feedback as well. Some qualities I look for in a participant include:

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  • Similar Drive and Commitment.  You want everyone in the group to be similarly committed. If one person is striving to compete in a bodybuilding competition, while you’re just trying to cut the sugar out of your diet, you may not be compatible for a mastermind group.
  • Diverse Skill Sets.  For me personally, I am very analytical and approach things from a scientific, engineering perspective.  I enjoy mastermind groups where some people share this perspective, but also gain valuable feedback from people who are perhaps more abstract and in touch with their emotions (as opposed to a “cold” analytical approach).
  • Problem Solvers.  This is my personal preference, I like partners who are active problem solvers.  My purpose in a mastermind group is to get feedback, solutions to my issues and move forward.

I like to limit mastermind groups to between 3 and 5 people.  This keeps meeting short, in depth and on point.  You can experiment with more or less, but I recommend starting with 2 or 3 if this is your first time with a mastermind group.

How Do I Run A Mastermind Group?

  1. Meet Regularly And Precisely. I call this the “nuts and bolts.” Keep to a regularly scheduled time, ensure all members are punctual – and end on time. I typically meet for 60 minutes once a week. You may require more or less time, but ensure that you have adequate time because you want to…
  2. Give each member equal time. We don’t use a timer, but for larger groups that may be necessary.  I keep most of my groups to only three people, and generally we are all aware that we have approximately 20 minutes per person, and try to keep it in that time frame.
  3. Don’t Interrupt. One person at a time, and keep in mind the purpose of the meeting is to give everyone a chance – it’s not always about you. Hold all comments until the person speaking has a chance to speak. We generally do not jump in at all unless someone has a specific question.
  4. Decide if you need an agenda. My mastermind groups typically have a conversation topic (often decided at the meeting prior), but no explicit agenda.  I previously have run groups that had more explicit items on the agenda for accountability and progress reports – try it out and decide what works best for you.
  5. Decide on whether to have a facilitator. In my groups, I start the calls, and act as a very loose facilitator – I point out who is going to go first. That’s it – everyone polices themselves. Perhaps your group will need a facilitator who is more active – keeping people on target for time, and moving you from one items on the agenda to the next.
  6. Capture.  Make sure you capture what happened at each meeting – lessons and triumphs, goals, and items you want to keep each other accountable to.  I like to use Google Documents and Mindmeister.  When I conduct groups online using Skype I use MP3 Skype Recorder (free) to record mp3s of my calls.

Three Question To Kick Start Your Mastermind Group

If you’re ready to start a mastermind group, you may want some very basic structure help you in the beginning.  These three questions never fail to get my mastermind groups off to a great start.  As your group evolves, you’ll come up with your own agenda and questions that you’d like each member to answer – but if you don’t know where to begin, this is a great place to start:

  • What Are You Working On? Nice and broad, and each member can answer with whatever they feel comfortable sharing.
  • What Did You Learn? Very often my groups are focused on similar goals, and lessons learnt by one member benefit all of us.
  • What Do You Need Help With? By having a specific question on the agenda, this helps take pressure of members who want to reach out to the group for help.

Your Thoughts and Strategies?

What do you think?  Have you run a mastermind group before?  Do you have additional tips to share, or perhaps pitfalls to avoid?

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Last Updated on October 18, 2018

10 Key Characteristics of a Highly Successful Entrepreneur

10 Key Characteristics of a Highly Successful Entrepreneur

When it comes to starting your own business and pursuing your dream of becoming an entrepreneur, it can be advantageous to go all in and embrace the flexibility of finally quitting your day job.

Keep in mind, though, that it takes a special kind of person to take the business world by storm: a person who has cultivated the key characteristics of entrepreneurial success.

People with these characteristics are likely to succeed, whereas people without them have difficulty moving forward with even the most brilliant business ideas.

These characteristics of an entrepreneur are so important that I’ve decided to cover all 10 of them in detail so that you can start your business with your best foot forward.

1. Successful Entrepreneurs Practice Discipline

Plenty of business experts claim that you can’t get anywhere as an entrepreneur without vision or creativity, but that’s simply not the truth. Instead, the one quality that no entrepreneur can be successful without is discipline.

To build an idea into a business, you have to have the discipline to spend time slogging through the least fun parts of running a business (like the bookkeeping), rather than taking that time to do something fun.

Andrew Carnegie, one of the most financially successful Americans of all time, grew up working dull and difficult jobs in factories. Despite going to bed hungry some nights, he continued doing his best work. He was eventually hired by a railroad company and continued to move up the ladder until starting his own successful businesses. Carnegie is a fine example of an entrepreneur dedicated to discipline and hard work. He truly earned his dreams of prosperity and success.

When you’re the boss, there’s no one to keep you at work except yourself — and there’s no short-term consequences for skipping out early.

Sure, if an entrepreneur plays hooky enough he knows that the business just won’t happen, but it’s very hard to convince someone that ‘just this once’ won’t hurt (and to keep ‘just this once’ from becoming a daily occurrence).

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2. Successful Entrepreneurs Keep Calm

Things go wrong when you run your own business.

Most entrepreneurs go through crises with their businesses — and more than a few wind up with outright failures on their hands. But when you’re responsible for a business, you have to be able to keep calm in any situation. Any other reaction — whether you lose your temper or get flustered — compounds the problem.

Instead, a good entrepreneur must have the ability to keep his cool in an emergency or crisis. It may not make the problem easier to solve, but it certainly won’t make it harder.

Honestly, losing your calm is a quick path to becoming the kind of person who gives up in the face of adversity. Instead giving in to frustration, remember classic entrepreneur Benjamin Franklin.

Franklin kept his calm as he experimented and tweaked his inventions again and again in pursuit of success. He didn’t give up during his many failures – he chose to innovate. You can choose innovation, too.

If an entrepreneur can handle failure without frustration or anger, s/he can move past it to find success.

3. Successful Entrepreneurs Pay Attention to Details

Restricting your attention to the big picture can be even more problematic than ‘sweating the small stuff.’

As an entrepreneur, unless venture capital has magically dropped out of the sky, a small expense can be a killer. It’s attention to detail that can make a small business successful when it has competition and it’s attention to detail that can keep costs down.

Attention to detail can be difficult to maintain — going over ledgers can be tedious even when you aren’t trying to pay close attention — but keeping your eye on a long-term vision is just asking for a problem to sneak in under a radar.

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After a business grows, an entrepreneur might be able to hire someone to worry about the details. In the beginning, though, only one person can take responsibility for the details.

Skeptical about the importance of details? Look no further than Howard Schultz, who grew a small coffee shop called Starbucks into one of the most globally successful coffee businesses in the world through his extreme attention to detail.

He is famous for taking all aspects of growing a business into account, paying attention not only to financially smart business decisions, but also focusing on socially responsible business decisions. Details can take you far.

4. Successful Entrepreneurs Embrace Risks

No entrepreneur has a sure thing, no matter how much money s/he stands to earn on a given product. Even if a product tests well, the market can change, the warehouse can burn down and a whole slew of other misfortune can befall a small business.

It’s absolutely risky to run a business of your own and while you can get some insurance, it’s not like most investment options. Even worse, if something does go wrong, it’s the entrepreneur’s responsibility — no matter the actual cause. In order to deal with all of that without developing an ulcer, you have to have a good tolerance for risk.

You don’t need to channel your inner frat boy and take on absolutely stupid risks, but you need to know just how much you can afford to risk — and get a good idea of how likely you are to lose it. If the numbers make you uncomfortable, the risk is too great.

Embracing risks is essential for growth and additional success, as well. Walt Disney, for example, could have stayed comfortable with his advances in the film and animation industries, but decided to expand his brand with a new dream: a theme park that soared above the competition. Without taking this risk, the incredibly successful Disney theme park empire would never have come about.

An entrepreneur has to be willing to accept pretty big risks, with some level of comfort.

5. Successful Entrepreneurs are Balanced

You can take any characteristic too far. There’s a point at which attention to detail can become obsession or calm can become unemotional response.

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As an entrepreneur, you have to be able to balance your characteristics, getting the most of them without going over the edge. But balance for an entrepreneur goes far beyond keeping your characteristics in check, though.

Just as an entrepreneur doesn’t have a boss to keep them at work when necessary, they don’t have one to send them home when they’re done. If you are working for yourself, you have to decide how to balance your work and home life — and if you have a day job to add into the equation, balance just gets more complicated.

Oprah Winfrey, one of the most successful and influential entrepreneurs out there, understands the importance of balance. Winfrey has a lot going on; she runs her own media kingdom, acts, produces films, publishes print, and more. In an interview with Fast Company,[1] she talks about her efforts to balance priorities and self care, saying that she must ask herself what is truly important in each limited day.

You may or may not have as much on your plate as Oprah, but learning how to balance whatever you have going on in life will certainly help you farther along down the road as you learn to be a great entrepreneur.

6. Successful Entrepreneurs are Passionate and Motivated

In order to develop any of the above characteristics, you must have a foundation of passion. Staying disciplined day after day during the building of your business takes unrivaled motivation.

Before you start any business, ask yourself if you can sustain true excitement about your idea during even the darkest days ahead of you. If the answer is yes, then good for you! Nurture your natural motivation by taking these action steps throughout your business journey:

  • Commit to making short and long-term goals. Check in with them often to stay on task.
  • Have a plan in place for the inevitable days when you feel discouraged. Make a list of things that will help keep you motivated and focused.
  • Share your ideas with trusted individuals who are just as excited as you are. They will help keep your enthusiasm rolling even when you are feeling down.

By being prepared for apathetic days and holding fast to your authentic passion, you can actually enjoy your journey to success.

7. Successful Entrepreneurs Adapt

Remember this one word: flexibility. Seasoned entrepreneurs know that change is not only a part of life, but also a part of the business world. Expect change and choose to adapt.

As a new entrepreneur, it will be tempting to cling to your original business plan with no exceptions, even if you notice it isn’t working. Good entrepreneurs know that it’s okay to make smart, informed changes in order to ensure efficiency.

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8. Successful Entrepreneurs are Marketing and Sales Experts

No matter what kind of business you are starting, a knowledge of marketing and sales will save you many headaches. A passion for creating a beautiful handmade lifestyle product is not enough to run a successful lifestyle brand; it is critical that you understand key business principles in addition to your natural skills or great product line.

Not sure how to start? Taking business courses is a great idea, but you can also easily brush up on sales and marketing through free online resources. Check out these 10 Sales Skills Everyone Should Master To Be Successful to begin now.

9. Successful Entrepreneurs Have Strong Money Management

Along with sales and marketing skills, money management is a very useful tool in the box of the entrepreneur. Understanding how to best manage your money can be the difference between early success and early failure in the business world.

If money management isn’t your strongest skill, prepare to hire a financial expert to help you with any tricky business that comes up. Financial guidance and knowledge is never a bad idea.

10. Successful Entrepreneurs Ask Questions and Continually Improve

Pride is a natural human quality, but it’s important to humbly conduct some constructive criticism every now and again on both yourself as a leader and your new business as a whole.

Assess how things are going and be willing to make positive changes if necessary. Here’re 15 ways to cultivate lifelong learning.

If you are always improving, then how can you ultimately fail?

The Bottom Line

Let me remind you of one important fact: the qualities of an entrepreneur listed here are not exclusively available to some people and elusive to others.

Although some people may have natural strengths and weaknesses, these qualities can be learned by anyone interested in taking up the entrepreneurial challenge. It might not be easy to change old habits, but it is absolutely possible to cultivate these characteristics in yourself.

Whether you’re a business owner or an aspiring entrepreneur, with hard work, you can train yourself to develop the qualities that truly determine the entrepreneurial spirit and future success.

Featured photo credit: Unsplash via unsplash.com

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