How a Mastermind Group Can Change Your Life

by Scott on April 20, 2012

Every Spring I listen to the audio program, Your Right To Be Rich by Napoleon Hill.  Each time I listen to it, I discover a new way to apply one of his lessons to my life.

Napoleon Hill is the author of Think and Grow Rich, one of the best-selling books of all-time.  His Your Right To Be Rich audio program is a 9-CD collection of live lectures he gave in Chicago in 1954.

This program has changed my life.

As I was driving home from work the other day, I listened to the talk about the power of a mastermind group.  This time it struck a chord with me.

He says that you can never achieve anything great without a mastermind group.

Never! 

Chances are, since you’re reading this article, you want to achieve more than the average person.  However, you will never break through the barrier to live a successful and fulfilled life without the help of others — without a mastermind group.

Napoleon Hill defines 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”.

In today’s article I’ll discuss the characteristics of a successful mastermind group and the benefits you will receive from being part of one.  I’ll also give you a few helpful tips on how to start one today.

4 Essential Ingredients of a Mastermind Group

1.  The group must have a “definite purpose.”  Each member must strive toward a common goal and the group must move forward together in harmony.

2.  Each member must receive an equal benefit.  There is no such thing as free lunch.  Everyone must be compensated in some way for their efforts.  The compensation doesn’t have to be monetary but each member must gain something from being part of the group.

3.  The group must be active.  It’s important that the group communicates on a regular basis; whether in person, by phone, email, or Skype.

4.  There must be a leader.  The leader’s job is to schedule and facilitate the communication.  The leader keeps the group moving forward.  It’s important the leader doesn’t become a dominant force and overshadow the other members.

What will you get from a mastermind group?

1.  Courage.  If you’re part of a group, you will be more inclined to put yourself out there and take risks.  You will have the peace of mind knowing you have allies by your side to help you if you get stuck.

2.  Enthusiasm.  Walking alone towards an objective can be scary and overwhelming.  A group will give you the energy you need to keep moving forward.

3.  Imagination.  Each member of your mastermind group will offer a different perspective.  Their ideas will increase your imagination and help you create solutions you wouldn’t have thought of yourself.

4.  Support.  When pursuing a dream (something outside the bounds of mediocrity) you will face opposition.  People will question you, doubt you, and make fun of you.  Your mastermind group will help you overcome this opposition.

5.  Accountability.  Your mastermind group will hold you accountable.  There will be no slacking.  You will feel committed to the group to achieve your objective and fulfill your definite purpose.

Where do you start?

Your first mastermind ally should be your spouse.  If you don’t already share your goals with your spouse (or listen to his/hers), now is a good time to start.  Go out to dinner, bring a pen and paper, and write down all the things you want to accomplish together.  This is the most important person in your group.  Start here.  If you’re not married, then it should be someone else who is close to you.

The next step is to create a “definite purpose.”  This is your key objective — the one thing you want to accomplish above all else.  Don’t hold back; make it grand.  Make sure it is specific.

Next, recruit others to join your alliance.  This step is like hiring employees.  Make sure your allies are dependable, loyal, upbeat, skilled, and willing to go the extra mile.  Also, make sure there’s something in it for them.

Once you have your team in place, schedule your first meeting and commit to a regular communication schedule.  You’ll get out of it what you put into it.  If everyone benefits equally, the group prospers.  If not, it will wither away.  It’s up to you.

Now, I’d like to leave you with some inspiration from the man himself…

Dr. Napoleon Hill:

Let me ask you:

Have you ever been part of a successful mastermind group?  If so, what made it work so well?

I’d love to hear from you in the comment section below.

Thanks for reading and have an excellent week.

-Scott

Scott Mackes is a leader and founder of the site “Margin of Excellence”.  Connect with Scott on facebook and twitter.


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