Have you ever heard of the mastermind concept? It came from Napoleon Hill’s 1937 book, Think and Grow Rich. A mastermind is a group of individuals devoted to mutual support, a sort of mentorship in the round, where each member plays both the role of mentor and mentee. The focus is on enabling the success of others, while in turn drawing on the resources of the group for oneself. As Hill saw the concept, he applied it to business owners who were otherwise on their own. This remains a very effective application for broadening knowledge in business today, as we explain in this issue of Promotional Consultant Today.
Why Should I Join? What Can I Really Expect to Gain?
Think about the “what’s in it for me” factor. While that question might seem cynical, there really isn’t a point in being involved if you don’t feel you can gain from the experience. That’s obvious. But the point on which many such groups falter is not the taking, but the giving. Before you look at how to invest in a mastermind, look at four distinct takeaways an effective alliance can offer.
1. Community: The most effective masterminds bring together people with both similar and dissimilar backgrounds. Each member is after increased success, for example, but comes from a different industry. That’s the model behind the typical business mastermind. The group is connected by a desire to progress, but not undermined by direct competition. The key factor is, however, a new and diverse community that wouldn’t exist otherwise. It’s a community of intent, not chance, with members invited in for the strengths they can offer as much as for the benefits they can receive.
2. Collaboration: Being the captain of a small business enterprise can be a lonely position. It’s all on you. If you’re an entrepreneur by nature, you’ll relish that feeling most of the time, but everyone is human, so there are times you don’t want to be the lone wolf. Managers and supervisors sometimes face similar isolation. When everyone is looking to you to run the show with confidence and authority, to whom do you turn to express doubt or bounce ideas? A mastermind collective presents a safe sounding board for expressing concerns, doubts and options, while providing input, feedback and advice.
3. Consolidation: Networking is generally accepted as a key to business growth, yet processes required from typical networking opportunities are often uncomfortable and consequently many of us don’t do them well. It’s like a “first date” syndrome—there’s not enough time to relax and be yourself. A mastermind alliance checks that in a couple ways. First, everyone is there by strategic invitation. Next, everyone around you is interested in your success as well as their own, for the good of the mastermind group. When you connect with a network partner on a deeper level, you’re closer to their network now too, in a way a business card exchange just can’t match.
4. Continued Motivation: Inspiration and motivation may be the two biggest takeaways a mastermind has to offer. There are probably other sources for the new information you’re learning through your mastermind group. To get really excited about an idea, direction or plan that’s then reinforced a week later at the next meeting of your alliance, that is something so intangible yet so essential to your personal and business growth.
Ultimately, while a mastermind is a group experience, you will find the rewards are deeply personal.
Source: Elizabeth McCormick is a keynote speaker, author, and authority on leadership. A former US Army Black Hawk pilot, she is the best-selling author of her personal development book, The P.I.L.O.T. Method: the 5 Elemental Truths to Leading Yourself in Life. She teaches real life, easy-to-apply strategies to boost your employees’ confidence in the vision of your organization and their own leadership abilities.