MasterMinds, Peer-to-Peer Advisory Boards, & Accountability
These groups set out to achieve better business outcomes through; camaraderie, honesty, challenges, synergies, accountability, professional companionship, results, leveraging and trust.
They work on the premise that – No two minds ever come together without thereby creating a third invisible intangible force, which may be likened to a third mind. Napoleon Hill
What did Thomas Edison, Alexander Graham Bell, Henry Ford, John D. Rockefeller and J. P. Morgan have in common?
According to Think and Grow Rich author Napoleon Hill, who coined the term “Mastermind Alliance” in 1925, they each “tapped into the Mastermind Group consciousness …a mind that is developed through the harmonious cooperation of two or more people who ally themselves for the purpose of accomplishing any given task.”
Why could a Mastermind Group be of interest to entrepreneurs and business owners?
A Mastermind is composed of like-minded peers who come together on a regular basis to brainstorm, learn, set and accomplish goals, and support one other to achieve success.
Members of a powerful Mastermind draws on the collective intelligence and experience of peers as a catalyst for growth. The collective helps members navigate through challenges and issues they are facing in their businesses in a trusted and non-competitive environment. The synergies and camaraderie of the members are vital to the success of the group, along with honesty, openness and compassion – and a degree of vulnerability.
Many Masterminds have been known to function for longer than 20 years, although some only last for a finite time.
Consider joining a Mastermind or Peer-to-Peer board only if you are prepared to:
- Commit and invest the time and attend every meeting
- Be accountable for your plans and goals
- Recognise the benefits of drawing on the experience of others
- Receive critical insights
- Take the time out to work “on” your business rather than “in” your business
- Listen and draw on fresh perspectives
- Leverage off the network the group has, i.e. joint ventures, lead sharing, social support, professional networking.
Where can you find a Mastermind Group to join? Ask colleagues, business associates, and friends to see if they know of groups seeking members. Look on Meetup, register your interest here to join one of our groups (by sending me an email), or create one yourself.
Creating your own Mastermind Group
- Decide on the criteria for accepting members
- Identify individuals who fall within these criteria and invite them
- However, the advice is to invite selectively as it’s difficult to get rid of disruptive members who are not committed.
- One rule that must be adhered to is members who do not turn up to a meeting will be asked to leave
- Decide on a meeting structure, where and how often you will meet, and the rules of the group.
- Some meet weekly, fortnightly, monthly or even quarterly or half yearly. Note, though, that research has shown that less than monthly is not as effective
- Decide on who will chair/facilitate the group at the meeting and attend to the admin associated with organising the meeting. Is this something you really want to be doing? The facilitator usually does not participate in the group.
If you are not interested in creating your own Mastermind or Peer-to-Peer Board and want to go on the waiting list for the next available spot on one of our boards – please contact me – diana[at]thetoxicfox.com