“Mastermind groups” have emerged as a fresh new approach to personal and professional development and we are seeing an increasing number of executives and entrepreneurs getting involved in these types of programs.
At K.Coaching, our executive coaches are currently facilitating a number of mastermind groups. We also participate in mastermind programs to enrich our own professionaldevelopment, and so we can attest to the significant impact belonging to such a group can make on achieving goals and addressing challenges. We have seen firsthand how mastermind programs promote individual success, and we strongly encourage people to learn more about the concept and get involved at some level.
What is a Mastermind Group?
Napoleon Hill, in his book “Think and Grow Rich”, defined “mastermind” as “the coordination of knowledge and effort of two or more people, who work toward a definite purpose, in the spirit of harmony.”
Mastermind is based on the concept that “no one ever did it alone.” In other words, a small group or team working on the same issue will generate better results than a lone individual. Mastermind groups bring together like-minded individuals into an organized facilitated forum. As a member, you brainstorm ideas and best practices that are critical to professional and personal success in a particular common area. A mastermind group is a great environment for receiving feedback, fielding challenges, and challenging others to implement new strategies to help personal and professional growth.
You can also join local or national organizations that have a mastermind component and bring together professionals from various industries with a common set of criteria and purpose.
Here are some examples:
EO – Entrepreneur Organization: An international organization of successful entrepreneurs and start-up businesses with mastermind-like forums as their foundation for presenting challenges and learning from other members’ experiences.
The Leadership VISTA: A membership-based peer-to-peer mentoring forum for high potential and high achieving leaders.
TEC Groups: These groups employ a proven leadership development model with confidential sessions and business thought leaders.
How Do They Work?
Joining a mastermind program requires an investment of both time and money. Most groups are typically membership-based and necessitate a commitment to attendance and involvement. The forums are often professionally facilitated or moderated by a certified business coach or a group-assigned mentor.
In our experience, we found in-person masterminds more effective, but a committed and engaged group can still conduct valuable sessions via conference calls, Skype, or webinars.
What Can You Gain?
The dynamics of your group will highly influence the benefits that you receive, and will always be changing. It is important to understand the factors that make up these dynamics; as with any collective, it takes a bit of time for a group to develop into a safe, intimate environment. The beauty of most masterminds lies in their format: a coaching group where you can share and learn about topics that are most important to you—business, personal, or family.
If you’re interested in expanding your network and tapping into the experience, intelligence, and learning of other like-minded people, then joining a mastermind or peer group is a great start. Reach out to others in the industry, ask what other successful dealers are doing in this area, or give us a call at K.Coaching and let us point you in the right direction.
For additional insights, we also recommend the book “How to Form a Mastermind Alliance” by Steve Anderson. As Walter Hailey writes in the introduction, “To achieve greatness, get a great team. Whatever the common purpose—from building a marriage, family, career, or community to launching a million dollar business—behind every success can be found a group of individuals sharing their best with each other in a confidential exchange of ideas.”
Remember, no one ever did it alone.
Krista Moore, president of K.Coaching, Inc., an executive coaching and consulting practice that helps hundreds of companies maximize their full potential through enhancing their sales strategies, sales processes and sales leadership.