Category: Masterminds

The Power of a Mastermind Group – Part 2

In my previous post The Power of a Mastermind Group – Part 1, I discussed the benefits of having a mastermind group. My personal experience with my own mastermind group known as the “Triad” was the basis for this discussion.

This post, which was also written by myself and one of my Triad members for our other website, will describe how to actually create your own mastermind group.

How do you start a Mastermind Group?

So, how do you find people to form a mastermind group? Well, you could advertise that you’re looking for a group by googling for the word “masterminds”, and you’ll find several sites that are advertising for members. Chances are you will probably have to try several different groups before you find one that works for you. This is kind of like “kissing many frogs before you find your prince!”

Or you may be lucky enough that the Universe will just bring a group of people into your life, and you all recognize the value and power you have as a team and decide to form a mastermind group.

Either way, my Triad and I believe that there are some fundamental core values that the mastermind member’s should have to be successful. There is an assumption here that you know what your own personal core values and goals are. Having this information allows you to begin recognizing your compatibility with other possible members.

My Triad believes that there are certain core values each member should have that are must-haves, if not deal-breakers for a successful mastermind, while there are some nice-to-have core values.

These are our Triad “must-have” core values:

  • Compatible Work Ethics
  • Strong sense of responsibility to self and other members
  • Commitment and accountability to each other
  • Egos are shelved and we’re open and receptive to new ideas from others
  • Complete trust between all members
  • Complete honesty in the group
  • Our Triad Mastermind is a priority time commitment for each of us

Our Triad “nice-to-have” core values are having similarities in:

  • Personal goals
  • Belief structures
  • Thought processes
  • Approaches to life

These lists of core values could be a starting place for you, especially if you don’t already know what your core values are. The list of values you come up with should be discussed with your potential group. If you find that you have agreement (i.e. shared core values) amongst your potential group, then you may have found a mastermind group.

The next step is to agree upon the rules of engagement and/or working principles for the group. Here are our Triad rules of engagement:

  • Group size – you require a minimum of 2 people for a mastermind. It is totally up to your group to determine how large the group should be. Keep in mind that the more people in the group, the more complex it may become. Our Triad is only three people, hence our name! We currently have no intentions of expanding our size.
  • Meeting medium – there are several different way that you can meet as a mastermind, such as teleconferencing, face to face, video conferencing, travel to a common destination, etc. Our Triad has chosen to meet face to face since we all happen to live in the same city (which is fortunate for us!). One of the benefits of face to face for us is that we make it a social event.
  • Meeting Frequency – this determines how often you choose to meet as a group. How often you meet may depend on the goals or purpose of the mastermind, as well as the availability if its members. Our Triad initially met every two weeks, and now, we only need to meet once every three weeks. The reason we changed our frequency is that we had established our baseline where each of us had our goals that we each were working towards. Once this baseline was reached, we felt it was only necessary to meet every three weeks to be accountable to each other on our individual plans.
  • Measures of success – your mastermind will need to determine how to measure the success of the group. The success of a mastermind will be measured differently for each group. It may be measured externally (e.g. a business has been created), versus an internal measurement to the group (each person grows individually within the group), or both. As long as this measurement is agreed upon by all and the desired outcomes are achieved, the group will most likely remain together. Our Triad reviews our measures every 6 months, where we discuss our goals, and celebrate our accomplishments. Some of our Triad measures of success are to determine how much and how far each of us has grown. If we don’t feel the group is measuring up to our expectations, we can discuss the issue and work to find a solution. This may entail coming up with new goals and or a new purpose to the mastermind.
  • Preparation for meetings – there needs to be an understanding of how much work each team member needs to perform outside of the mastermind group. At each of our Triad meetings, we review the schedule creating in the previous meeting, to see how we’ve each progressed in our assigned tasks, and then we create a schedule of tasks that need to be performed prior to the next meeting.

Hopefully this post has given you some guidelines/ideas on how to create your own mastermind group.

To The Greatness Within You!

Trish

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