What are mastermind groups? How can joining a mastermind group help you further yourself on the path to success?
Mastermind groups are groups where professionals from different fields discuss business and offer advice in their area of expertise. The concept originated in the 1937 book Think and Grow Rich, by Napoleon Hill.
This article covers how to form a mastermind group, how to work with an accountability partner, and how to form a support team.
Form a Mastermind Group
Many successful people use mastermind groups—five or six people who convene regularly to confidentially help each other navigate challenges and reach their professional or personal goals.
Joining or forming the mastermind group gives you:
- Access to resources such as knowledge, and fresh perspectives
- Access to the networks of the people in your group
- The ability to go faster and farther with your goals
Members of a mastermind group draw on each other’s support, as well as energy from a higher power—God, or however you refer to a greater power. When people gather for a shared purpose, they’re able to channel energy they get from this power toward their endeavors and goals.
Here are two questions to keep in mind when forming a mastermind group:
- Should the focus be professional or personal? Both kinds of groups are useful.
- Should the group include people from the same profession or a variety of professions? Sometimes people in the same industry can get locked into the same ways of thinking about their field. Including people from different fields with different areas of expertise can create more varied approaches and solutions to problems. On the other hand, people within an industry tend to know it best and may have dealt with similar problems. Either way, choose people who are ahead of or above you professionally—interacting with people who are where you want to be will motivate you to get there.
Conduct a Meeting
For the first few meetings of your mastermind group, ensure that everyone has a chance to get to know everyone else by focusing on one group member at each meeting. This allows each member to showcase their goals and challenges and allows the rest of the group to think through ways to support them. Visit The Success Principles website for a guide on conducting mastermind meetings.
(Shortform note: Read our summary of Think and Grow Rich to learn more.)
Choose an Accountability Partner
An accountability partner is someone you work with one on one to share and work toward your goals. You meet regularly and hold each other accountable for getting your work done, meeting deadlines, and reaching goals. Your partner may also be able to provide you with contacts or other resources. Plus, they may offer enthusiasm that motivates you to follow through. Ideally, you’re each committed to the other’s success.
Form a Support Team
Professionals of all kinds benefit from having a support team that can advise and help them live their best lives. Who is on your support team depends on your stage of life and your goals. For example, athletes may consult doctors, chiropractors, and nutritionists, while a teen’s support team might include their parents. Forming this group early can help you continue to develop your core genius work and skills.
Consult with members of your support team regularly. Unlike a mastermind group, you meet with these advisors one on one, and they’re all dedicated to helping you. Schedule meetings or appointments with each member at intervals that work for you.