Mastermind Groups, a word originally minted as an expression by Napoleon Hill in the beginning of the 20th Century in his classic business and motivation tomb Think and Grow Rich, have been utilized successfully by the finest business leaders for the past seventy years. Perhaps you’ve considered get involved in a Mastermind Group to increase the performance of your business, and wondered just what this mysterious term suggests and what you could expect if you were part of this kind of a group.
A good explanation of a Mastermind Group is as follows:
Any organized group of similar peers united by a mutual goal who correspond, learn, and grow while achieving that objective.
Mastermind Groups can rally around an array of factors: religion, politics, cultural interests, science. One of the most widespread forms of Mastermind Group is the Business Mastermind group, directed at the aggregate and personal growth and development of the business associates. These groups make use of a selection of different methods and means to learn, resolve personal and collective obstacles, and preserve accountability.
The primary tool that makes these groups work properly is what Hill calls the “Collective Intelligence” of its members. If two heads are better than one, 15 should conceivably be much better than two. Probably. There are crucial components necessary to mastermind alliances that, if missing, hinder the harvesting of that collective intelligence toward useful ends. Look no further than the function of your United States Congress for a present illustration.
Companies establish versions of Mastermind groups constantly in the name of Quality Circles, Process Improvement Teams, and Boards. On a small-scale level inside the firm the principal is the same– solve a complication or improve an ongoing condition. Many times these groups disband after the limited challenge is overcome. Classic Mastermind Groups have more of an extended life, with associates and leaders recognizing that the quest to business success is never truly over, success is just constantly redefined as targets are met and milestones are achieved.
Smaller businesses join cumulative organizations all the time, usually industry themed (vertically) or functionally themed (horizontally), and occasionally both, for instance the Association of Plastics Engineers. These consist of elements of Mastermind groups but lack a few major qualities, first and foremost– the overall complete business health nature and function of the group. CEO or Business Owner associations would more strongly replicate this, but lack the in-depth, very personal problem resolving that happens in successful Mastermind Groups, with connections generally more as acquaintances than as trusted business consultants.
Mastermind Groups for Small Business Growth
For the purposes of our discussion in this write up, we’ll talk about small businesses arranged around the purpose of total small business growth and continuous success, determined by conventional metrics like revenues and sales in addition to member specific outcomes varying from philanthropy to legacy. Normal business mastermind groups of this type normally consist of the company’s top leader or a key executive with ultimate responsibility for the prosperity of the company. They are sometimes called CEO forums or networks, Peer Advisory Boards, or some offshoot of those. They can join together naturally but typically are arranged by a third party whose main purpose is the establishment of each group and the facilitation of its exercises.
There are nationwide companies involved in creating this type of business network, most notably Vistage International, who unites the vital 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 really successful generating an international network of small to mid-sized businesses that routinely meet and boasts some impressive growth numbers when measured to businesses who don’t seek the mentorship and collaboration of such a group. This isn’t shocking, as company leaders committed to self-improvement and bettering corporate fortunes tend to be the most influential in the market, people who make things happen and get stuff done. Masterminding is a natural extension of that journey for progress.
The Virtual-Mastermind.com name proposes a particular model that provides the advantages of Masterminding without the typical drawbacks of travel and extensive time commitment for meetings that often impede engagement and complete associate dedication in these national groups. You can learn more by clicking here to gain access to a gratuitous video for small business owners and entrepreneurs.
If you’ve contemplated the dedication it requires joining a Mastermind Group and liking the idea of doing it from the convenience of your own home or office without travel hassles, and at a much lower cost, you can find out about the Virtual-Mastermind offer here.
About the Author:
Karl Walinskas is the CEO of Smart Company Growth, a business development firm that helps small to mid-size professional service firms builds competitive advantage in an online world of sameness. He is author of numerous articles and the Smart Blog on leadership, business communication, sales & service, public speaking and virtual business, and Getting Connected Through Exceptional Leadership, available in the SmartShop. Get your FREE LinkedIn Profile Optimization eBook & Video Course, Video Marketing video and course, or Mastermind Groups e-course & video now.