Mastermind Groups, a term originally coined as a phrase by Napoleon Hill in the early 20th Century in his classic business and motivation tomb Think and Grow Rich, have been used successfully by top business leaders for the past seventy years. Perhaps you’ve considered engaging a Mastermind Group to increase the effectiveness of your small business, and wondered just what this mysterious term means and what you could expect if you were part of such a group.
A sound definition of a Mastermind Group is as follows:
Any organized group of like-minded peers united by a common purpose who communicate, learn, and grow in the process of achieving that purpose.
Mastermind Groups can rally around a variety of things: religion, politics, cultural interests, science. One of the most popular types of Mastermind Group is the Business Mastermind group, directed toward the collective and individual growth and development of the business members. These groups use a variety of different methods and tools to learn, work through individual and collective challenges, and maintain accountability.
The primary tool that makes these groups work successfully is what Hill calls the “Collective Intelligence” of its members. If two heads are better than one, 15 should conceivably be better than two. Maybe. There are key ingredients necessary to mastermind alliances that, if missing, derail the harvesting of that collective intelligence toward useful ends. Look no further than the function of your United States Congress for a current example.
Corporations form versions of Mastermind groups all the time in the name of Quality Circles, Process Improvement Teams, and Boards. On a smaller level inside the corporation the principal is the same–solve a problem or improve and ongoing condition. Many times these groups disband after the finite challenge is overcome. Classic Mastermind Groups have more of an extended life, with members and leaders recognizing that the journey toward business success is never really over, success is just continually redefined as goals are met and milestones are achieved.
Smaller businesses join collective associations all the time, usually industry themed (vertically) or functionally themed (horizontally), and sometimes both, such as the Association of Plastics Engineers. These contain elements of Mastermind groups but lack a few key qualities, first and foremost–the overall total business health nature and function of the group. CEO or Business Owner associations would more closely replicate this, but lack the in-depth, highly personal problem solving that occurs in successful Mastermind Groups, with relationships usually more as acquaintances than as trust business advisors.
Business Growth Mastermind Groups
For the purposes of our discussion in this report, we’ll talk about small businesses organized around the objective of total small business growth and perpetual success, measured by traditional metrics like profits and sales as well as member specific outcomes ranging from philanthropy to legacy. Typical business mastermind groups of this type usually consist of the organizations top leader or a key executive with ultimate responsibility for the success of the company. They are sometimes called CEO forums or networks, Peer Advisory Boards, or some offshoot of those. They can come together organically but usually are arranged by a third party whose sole function is the establishment of each group and the facilitation of its activities.
There are national companies involved in creating this type of business network, most notably Vistage International, who brings together the key elements of success with the most significant being the physical, off-site, gotta-travel-to, meetings of each group’s membership. Vistage, formerly TEC, has been very successful creating an international network of small to mid-sized businesses that routinely meet and boasts some impressive growth numbers when compared to companies who don’t seek the mentorship and collaboration of such a group. This isn’t surprising, as company leaders dedicated to self-improvement and bettering corporate fortunes tend to be the movers and shakers in industry, people who make things happen and get stuff done. Masterminding is a natural extension of that journey of improvement.
The Virtual-Mastermind.com very name suggests a different model that provides the benefits of Masterminding without the traditional drawbacks of travel and extensive time commitment for meetings that often hinder participation and full member dedication in these national groups. You can learn more by clicking here or on the link in your sidebar to gain access to a complimentary video for small business owners and entrepreneurs.
If you’ve thought about the commitment it takes to participate in a Mastermind Group and like the idea of doing it from the comfort of your own home or office free of travel hassles, and at a much lower expense, you can learn about the Virtual-Mastermind offer here.