Mastermind is a rapidly growing version of group networking. It is very intense and extremely successful. Similar to BNI or similar types of networking groups, it involves a regular group meeting with some set agenda. But, that”™s where the similarities end.
Rather than have a group of different businesses with non-overlapping interests all getting together to network, Mastermind groups are limited in both the number and type of member that is allowed to join. The intent of this group is not necessarily to network ”“ if that happens it”™s a bonus. Instead, the intent is for each member to discuss some issue affecting their business ”“ whether it”™s a new concept, marketing issue or even a problem. All members work together to provide feedback, insight and strategy. It is non-competitive and no selling of products or services to other members is permitted. An active Mastermind group can be extremely effective and produce great results.
The concept of Mastermind groups was first started by Napoleon Hill (1883-1970) in his book, “Think and Grow Rich.” Despite having been written many years ago, it still has a best sellers rank of No. 694 on Amazon.com. (More information on Napoleon Hill is available at: www.naphill.org).
Mastermind groups usually contain three to eight members and meet a minimum of four times a year. Some groups meet monthly while others meet weekly. Usually, the meetings last between one and 1.5 hours. A Mastermind group I was recently invited to join meets in person three times a year with each meeting being a full day, remotely four times a year for two hours and in person once more for a group encounter such as a hiking trip. Not all Mastermind groups have geographic distributed members. Many Mastermind groups have only members from a local geographic region, sometimes as a result of a local Mastermind Meetup.
This ability to meet regularly with a group and discuss key issues is enormously beneficial. Speaking from personal experience, I have developed and refined several key ideas involving my webevent and social media business through my Mastermind group. This even included modifying the logo on my wwWebevents.com website. We start every meeting with each member being required to ask one specific question about their business. Amazingly, this question usually requires considerable thought since you only get one question and if it”™s squandered, it”™s an opportunity lost for some insightful feedback, probably until the next meeting.
While the cost of Mastermind groups varies widely from free to more than $50,000 per year (payable to the group facilitator or leader), the usual cost seems to be around $500 per year. While some of the larger numbers appear excessive, consider the case of the person who spent $50,000 a year to join a Mastermind group that resulted in his generating $3 million a month in additional revenues based on the feedback and insights he received. While this cost and benefit is certainly the exception, it is indicative of the power of the Mastermind.
So, finally, what does Mastermind have to do with social media? Very simply, it”™s another tool that can help your business and promote collaboration. Interactions through social media along with various tools also help augment the Mastermind”™s effectiveness. Social media is often most effective when it”™s used to provide great content and insight ”“ which is why I find it rather amazing that the Mastermind design which was formulated years before the creation of the Internet melds so well with it.
In this era of extensive online and in-person network building, Mastermind provides an additional and important resource that can significantly help participating businesses. The insight and relationships that are developed in this type of non-competitive and beneficial environment can be invaluable.
Bruce Newman is the vice president at The Productivity Institute L.L.C. in Carmel. He is also a social media strategist and the designer of a new service, wwWebevents.com. Follow him on LinkedIn, Twitter, Facebook and the Productivity Institute blog. Bruce can be reached at bnewman@prodinst.com.
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