The term “mastermind” is misused and abused. Kinda like the word “awesome.” And kinda like the word “kinda” for that matter.
Experts and coaches use the term when selling new ways to coach, train or support clients or prospects who may want access to their specific knowledge or experience. I’ve actually done it myself, and creating groups around one area of expertise can be a good thing for everyone involved.
But. . . and that’s a big ol’ but, mastermind groups in their purest form are not about generating income for the expert or “facilitator.” Mastermind groups are about harnessing the collective ideas, resources, wisdom and support of a group of like-minded individuals, to which you are held accountable, in order to achieve success faster, and definitively.
Some people call it a “brain trust,” but I prefer to use the term “soul trust” because if done right, a mastermind group will help you identify and fulfill your vision, the “soul” work for which you were put on this planet to accomplish. For an entrepreneur like you, with big ideas and lofty goals, joining or creating a “soul trust” mastermind group can be life changing.
My Mastermind Group Is No Joke
My mastermind group definitely acts like a “soul trust;” we have a deep and profound connection to one another, and I can honestly say that I wouldn’t be where I am today without them. They are more than friends. They are more than brothers and sisters. They are part of me. I’m not trying to get all woo-woo on you, but if your mastermind is not at that level, perhaps your in a support group or networking group, but you surely are not in a true mastermind.
Note 1: This begins the blatant self-promotion part of this blog post. . . I consider myself a go-getter and I’m not too afraid to jump in and take risks, but if it weren’t for my mastermind group, I would likely still be talking about writing a book—instead of having finished my first book, The Toilet Paper Entrepreneur which, because of the group, has survived the test of time and just keeps selling and selling and selling; and, because of that group I completed my second book, The Pumpkin Plan, which came out this past July 5th and is a really good read and there are some nice reviews from people who read the advanced version and my favorite authors, including Michael Gerber, Guy Kawasaki, Rieva Lesonsky, Bob Burg and Seth Godin all endorsed it and even my mom has a little note on the back of the book. Note 2: This completes the blatant self-promotion part of this blog post.
Participating in masterminds guided me through the sale of two companies—through the creation of one company from the idea and the launch through the growth and to the eventual sale to a Fortune 500 company. Some of my best marketing ideas for my books came from or were enhanced by my mastermind group. And, my mastermind, has helped me navigate my marriage, my family, my health, my fathers fight with cancer (he won!), making lots of money, losing lots of money (I seem to be naturally talented at the losing part and didn’t need help achieving it. Just needed help in bouncing back.) and every other scenario that comes with being a human being.
Most importantly, I now have a much greater appreciation for and love of humanity. With the help of my “soul trust” mastermind groups, I’ve come to realize that we are all made of the same stuff, from you to me and from the homeless guy to Donald Trump. One and the same–just that the homeless guy has better hair then Trump.
I see now that our circumstances are not representative of who we really are on a soul level and that all people have goodness in them. These realizations may not be on your list of top five results you hope to get from joining a mastermind group, but let me assure you, gaining a deeper understanding of the world and a new level of compassion helps you in all areas of life, including growing your business.
Other results have been equally life changing. The connections I’ve made through my mastermind group have been instrumental in my success. Likewise, the huge insights my fellow group members have offered to me enabled me to solve problems at lightning speed, to get out of my box and find new, creative ways of handling challenges and opportunities. It’s the power of the collective mind.
Mastermind Group Objectives
I could give you general tips about creating your own mastermind “soul trust,” but you can find the basic structure anywhere on the Internet. Just Google it. (I did and found this cool, vintage board game, Mastermind from the seventies. Do you remember this game?)
Instead, I’m going to tell you EXACTLY how my life altering, awesome “soul trust” of a mastermind group works. Why mess around?
The objective of my group, and any mastermind group worth your time, is as follows:
Release. Let the steam out. Share truths, so that stress is alleviated.
Vantage points. Pose your challenge, problem or opportunity, and garner perspectives from seven other minds with varying backgrounds and experience.
Accountability. Objectives that are clearly stated get done more often than objectives that are never said at all.
Trust. The more you trust people (beginning in your group), the more you trust yourself, and humanity.
Confidentiality. My mastermind is a safe space; anything we share in the group is held in the strictest confidence. And yes, this points back to trust.
Variety. A perfect mastermind has a mix of backgrounds. It is often the people who are least like you, who can help you the most.
How to Structure a “Soul Trust” Mastermind Group
1. Establish a clear leader. This should be the most organized person. This should be the person that will enforce the rules and hold each member accountable. This should be the person who wants it most. I call this person the “no bullshit” guy and it is likely you.
2. Meet face-to-face. One of my groups meets face-to-face once a month; the other meets weekly by telephone, and then face-to-face twice a year. Yep, I am in two masterminds. No, I never miss a meeting for either.
3. Keep it regular. Meet at the same date, same time. Make it a habit, like brushing your teeth or changing the oil on your car or working out. Don’t change it and don’t miss it.
4. Have an agenda. Adhere to a specific format that best fosters connection and creativity. One of my groups a format that goes like this: First, we all take turns checking in, sharing how we are feeling emotionally, physically and in our relationships. Then, each of us recites an affirmation: “I’m here, and I’m ready. My sole focus is this meeting. I’m disconnecting from everything else.” This take approximately 45 minutes for the 8 members to all go.
Next, we do a personal and business “best/worst” update (“This is the best thing going on with my family; this is the worst thing going on with my family,” and so on). Then, we go into presentation, in which one or two people (pre-selected in the best/worst update from the prior month) spend ten minutes explaining the details of the challenge or opportunity in front of them. After the presentation, the group devotes another ten minutes to clarifying questions, and then everyone in the group shares their experience in that subject or category for a about 40 minutes. Each full presentation takes about 1 hour.
After the “experience share,” sometimes we brainstorm. When we brainstorm, one person presents a different challenge or opportunity for ten minutes, and then the group discusses potential solutions in a free-flow manner. The key here is to mute the person who presented the challenge or opportunity so that they can take notes and are not tempted to crosstalk while everyone else offers potential solutions. We do it by simply having the presenting person to sit and face the corner (just like 3rd grade) and take notes, while not saying a word.
Before we wrap the mastermind session, we offer honest observations about the other members in the group and what triggered us to feel that way, even if it is ugly. We then tell what it is inside ourselves that makes us feel that way. It is the best form of self-exploration you will ever experience. We call it the mirror. For example, one person may say they are considering firing a long term employee. Then each person talks about their own feelings and what this means about themselves. It is revealing, sometimes ugly, and always helpful to everyone.
Next, we update everyone on our progress with the goals from our last session, and create new goals for the next meeting. We wrap up the meeting with amplification: Each person shares something positive and affirming about everyone in the group. For example, I might say, “Laura, I just want you to know that I love you, love what you’re doing, and your idea has clear potential to be huge. And Dan, I know you’re struggling with the family, but every time I meet with you I’m struck by your warmth.” The goal here is to provide genuine compliments, never a correction: to amplify who they really are and reflect it back to them.
Finally, the leader confirms the next meeting date, and everyone verbally acknowledges that they will be there on time and ready to go.
5. Have a vision for the group. My “soul trust” mastermind group has a vision of creating a billion points of impact on the world. My contribution to that vision is to affect one billion minds through my books, programs and speeches. Our shared vision is about shifting society, not just making money, or achieving status or recognition.
6. If the mastermind group fails, realign it—change the memberships and re-set the vision.
Now It’s Your Turn
This week, I challenge you to create and run an entrepreneur mastermind group. It can start with as few as two people (watch the video above for more deets). The group won’t be perfect instantly, but you must get started. There is no excuse not to be in one. Write a note in the comments below that you are doing it and then report again below one week from now on if/how you got it started. I want to hear all about it. How often will you meet? What is your shared vision? What are your personal and business goals? Tell me everything. . .
Read The Book The Tells Your How
My own mastermind used the book True North Groups by Bill George to establish our group vision and meeting rhythm.
