How to Create and Run a Mastermind Group

What is a Mastermind Group?

A mastermind group is a group of peers who meet regularly to tap into the collective wisdom and achieve more than they can on their own. They help you find clarity and focus, make better decisions, and get feedback and new perspectives on ideas. You can shorten the learning curve and achieve your goals faster when you’re in a mastermind group.

There is a synergy of energy, commitment, and excitement that participants bring to a mastermind group. The power of mastermind groups is that members raise the bar by challenging each other to create strong goals and brainstorm solutions to sticky problems. Members support each other with total honesty, respect and compassion. Mastermind participants act as catalysts for growth, devil’s advocates and supportive colleagues.

The concept of the mastermind group was formally introduced by Napoleon Hill in 1928 in “The Laws of Success” and in 1930 in “The Magic Ladder to Success.” He then expanded upon the idea in his 1937 timeless classic, “Think And Grow Rich” where he wrote about the “master mind alliance” principle as:

“The coordination of knowledge and effort of two or more people, who work toward a definite purpose, in the spirit of harmony.”

He continues…

“No two minds ever come together without thereby creating a third, invisible intangible force, which may be likened to a third mind.”

(You can see all Napoleon Hill’s references to the “master mind” in his books and his TV show here.)

In a mastermind group (also known as a peer advisory board), each member’s participation is key. Your peers give you feedback on ideas and decisions, help you brainstorm new possibilities, and set up accountability structures that keep you focused and on track. You will create a community of supportive colleagues who will mastermind together to move the group to new heights. 

Your mastermind group is like having an objective board of directors. You’ll gain tremendous insights, which can improve your business and personal life.

Want to learn how to start a mastermind group? Click here to get my free video tutorial on how to create a mastermind group of your own.

What will you get from a mastermind group?

• Better and more creative solutions, through brainstorming with the group
• Different perspectives and ideas so you can see things more clearly
• Tap into the wisdom and skills of others, shortening the learning curve
• Increased confidence that you’ve made the right decisions and are taking the right actions to achieve your goals
• Accountability and real progress in your business and personal life
• Increased clarity and focus
• An instant and valuable support network
• Reduced sense of isolation – there are others out there!
• A boost to your everyday positive mental attitude

Who should join a mastermind group?

People who:

• have a similar topic interest (such as a group for small business owners, first-time authors, C-suite executives, real estate investors, or a group for people in a certain industry)
• have a similar skill and/or experience level
• wish to make this year extraordinary
• want a supportive team of mastermind partners
• desire to reach or exceed your goals
• are ready to let your desire to achieve your goals overcome your fear of change
• are willing to commit to the change required to grow, and willing to commit to the mastermind group members

• Read the article: How to Select the Right Members for Your Mastermind Group
• Read the article: The Art of Mastermind Group Engagement

How does it work?

Mastermind groups can meet in person or through video conference. Meetings can be weekly or monthly, depending on the needs of the members. You can find a mastermind group to join here,or learn how to create one of your own.

Mastermind groups require commitment – both to the group and to your own goals. Facilitators look for highly-motivated people who are willing to ask for and give help, and are willing to show up for every meeting. That commitment is crucial for your success and the success of the group as a whole.

Each meeting should have a mastermind group agenda. This keeps the meeting flowing productively and allows for deeper, richer brainstorming, goal-setting and accountability.

How to screen applicants?

If you’re starting a mastermind group, it’s important to screen them to make sure they’ll fit into the existing group and that their commitment level is high. Decide in advance how many people should be in your group (I recommend 5-8 people).

• What are your goals?
• What’s stopping you from reaching your goals?
• Where will you find time to participate in the mastermind group?
• What is your commitment to moving forward in your professional and personal life?

Even with a screening process, your group is likely to run across people who say that they’re committed but then don’t participate, or who say that they’re honest but then fail to keep the trust of the group. Be prepared to ask people to leave the group who are not participating up to the group standard and do it quickly once the poor behavior becomes evident. A “slacking” member will bring down the energy level of the whole group.

What is a Mastermind Group Facilitator?

A mastermind group facilitator is trained to run the group and bring out the success of every member. It’s your job to create trust and rapport in the group, help the members coach and advise each other, assist members in creating powerful goals, and hold members accountable for getting things done. In mastermind group meetings you guide the group to deeper levels of discussion and manage any problems that arise among group members that threaten the harmony of the group.

Typically, the mastermind group facilitator is an expert in one or more topics, and they share their knowledge and experience with the group. Unlike consulting or teaching, where you are expected to always be the person with the answers, as a mastermind group facilitator you know the answers come from everyone in the group, not just from you.

Note that a mastermind group facilitator should not be confused with an instructor or team meeting facilitator. Sometimes trainers or instructors are called “facilitators” in certain countries and industries. Corporate team facilitators run team meetings, gather consensus on goals/projects, and help with project management and communication. There are also facilitators who run board meetings for nonprofits, but the role and skills are different than those of a mastermind group facilitator.

Mastermind group facilitation has its own unique set of skills and roles, different from teaching adults or working with a corporate team to implement a single, common goal.

Should you be a Facilitator?

The success or failure of a group is directly related to the skill and knowledge of the facilitator. Someone who is capable of running excellent success-oriented meetings, holding the group accountable, and brainstorming with the members to find solutions to thorny problems will enhance the group.

If you are putting together your own group, you will want to take on this role and lead the group. I offer Mastermind Group Facilitator Training for those who don’t have experience in group facilitation or masterminding.

Can you charge for your mastermind group?

The short answer is “yes!” I have found that people are far more committed to masterminding together if they put their money on the table. Often free groups do not last long because members find other things to occupy the time they should have set aside for their meetings.

When you ask people to put money on the table, their commitment level rises. Who wants to miss a meeting if it will cost you?

A facilitator who is also expert in the topics the group discusses brings real value to the mastermind group. You should be reimbursed for your consulting, coaching and group leadership skills, because your members will get to success faster.

Next Steps: Resources and articles for you:

• Read the article: How to Select the Right Members for Your Mastermind Group
• Read the article: How Many Members Should be in a Mastermind Group?

copyright (c) 2004 Karyn Greenstreet. All rights reserved.