The Power of Mastermind Groups

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Small business owners and entrepreneurs should not go it alone. I recommend three components to back you up: a mentor, a coach and a mastermind group. I’ve written articles about mentoring and coaching in other articles and on my web site. But let’s see what value belonging to a mastermind group adds!

For a mastermind group to be effective, it should be small-6 to 8 people. Most groups are virtual versus local. This prevents brainstorming with potential competitors. Instead, groups meet by phone monthly for an hour or 90 minutes to discuss their values, their dreams and their action-step based goals.

Mastermind group members should be working in a similar role (entrepreneurs, online marketers, freelance writers, etc.). This allows for an effective exchange of ideas and information that everyone can contribute to. They should also be of an equal experience level to prevent experienced members from feeling there is no value in the group and less experienced members from feeling lost or intimidated.

A non-negotiable for the group members is their commitment to meeting times. Many groups charge a fee to keep everyone accountable. Regardless, everyone should add the meeting dates to their calendars and commit to it like they would a client meeting. Meeting discussions should also be considered confidential.

Groups should have a facilitator who is experienced and understands group dynamics. A facilitator is the traffic cop of the group-NOT a teacher or coach. They make sure everyone stays on point, gets involved and the conversation flows. They can contribute when asked but that is not their primary purpose.

Early sessions with a mastermind group should revolve around determining every one’s personal value systems are. These are unique to you and may be radically different from everyone else. That’s ok. You can’t define your goals if you don’t know what you won’t negotiate on in your life. Is it more money, more time, more space? The group must know your values to ensure they are helping you establish goals that are coherent with your values.

Once everyone has established what their value system is, the group should begin setting individual goals. Part of the dynamic of a mastermind group is to encourage members to dream bigger than they have in the past. However, goals should be short-term, actionable items that mesh with individual values. If some one’s goals routinely go unmet, members should challenge that person on whether that is truly a value-based goal they want to meet.

When you gather a group of driven, engaged individuals you have access to more resources, ideas and contacts than you would on your own. This is the hidden power of joining a mastermind group! They also help you identify, and remove, stumbling blocks you might have missed on your own.

I encourage you to take advantage of this powerful tool in your business!

With 30 years of consulting experience, Steven Schlagel offers training and coaching for startups, entrepreneurs and small business owners. Check his site for more articles to increase your success!

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Article Citation
MLA Style Citation:
Schlagel, Steven "The Power of Mastermind Groups ." The Power of Mastermind Groups . 29 Sep. 2009. uberarticles.com. 10 Feb 2012 <http://uberarticles.com/self-improvement/motivation/the-power-of-mastermind-groups/>.

APA Style Citation:
Schlagel, S (2009, September 29). The Power of Mastermind Groups . Retrieved February 10, 2012, from http://uberarticles.com/self-improvement/motivation/the-power-of-mastermind-groups/

Chicago Style Citation:
Schlagel, Steven "The Power of Mastermind Groups " uberarticles.com. http://uberarticles.com/self-improvement/motivation/the-power-of-mastermind-groups/

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