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A Mastermind Group - what is it?

By Marion Drazil of Smart Business Online

A Mastermind group – what is it?

Regardless of where you may be or what you may be into at the moment, a mastermind group can only add to the success of all involved.

The author of 'Think and Grow Rich' Napoleon Hill, was the first to describe a 'mastermind' group as a “coordination of knowledge and effort, in a spirit of harmony, between two or more people, for the attainment of a definite purpose.”

This can also be seen as 'helping each other to become successful' and having been involved in several Mastermind groups over the years I can say with all honesty that it has helped my business beyond what I ever expected.

One group I belonged to had eight small businesses ranging from Real Estate to a Franchise, an equipment designer for the funeral industry, a painter and decorator, a storage company and a bookkeeper and a multi-level marketeer to name a few, all very different yet all very much the same.

So what did we as a group have in common that we could help each other with?

We had personal experience, successes and failures that collectively were used as examples of how things were and how things could be, how we overcame our difficulties and how our choices gave us our successes. We carried out brain-storming sessions that provide excellent information that would have cost a fortune if it were sourced from professionals in the field and a design team that would have been the envy of any large corporation.

We all had needs of some description, from a new perspective for our business direction, marketing our products or services, freshening up a newsletter that no longer did the job, to designing a new logo or where to find a great manufacturer that understood budget constraints of small business. No topic was too small to be dismissed nor too large to be put on the table, we tackled them all, the only stipulation what that the discussion was never targeted to personal comments about individuals, it was to be open and honest and to the benefit of all the group members.

What did it cost us ....a small monthly fee (meeting room hire costs) and some input into discussions? What did it we get out of it....Great contacts, a wealth of information and some great lifelong friends to boot...well worth the time and effort put into our Mastermind Group.

So if you know a group of like-minded people, be it a church group, a business or an internet group, start your own Mastermind Group and welcome the wealth of information that comes from open minds and generous hearts.


Marion in her role as a business consultant has been a mentor to over 250 successful small businesses and has in the past 10 years extended her knowledge to Webdesign and the internet. Smart Business Solutions

Contributed by silversurfer on February 7, 2011, at 9:31 AM UTC.

PLEASE VISIT THE CONTRIBUTOR'S WEBSITE
Smart Business Online
Business information and website design
www.smartbusinessonline.net.au

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This sounds like a good idea, Marion. It would be great to have a regular hands-on internet group helping us out. Reading takes a lot of time and applying what you read definitely leaves a large envelope for errors and frustration.
Thank you for your recommendation. I'll have to look around to see if we have any such groups set up in my area.
Laraine

Laraine Feb 7, 2011 21:00

CONTRIBUTOR'S REPLY

Thank You for your comment Laraine, I would be interested for some feedback if you do find any in your area.

Mastermind Groups provide a valuable insight into how your business is perceived by others and where there is room for improvement. The successful businesses in the group also provide a rare look at what made them successful and how you could use their strategies as guidelines to create your own success.

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