The concept of the master-mind group was originally developed and implemented by Napoleon Hill, over 50 years ago. It has been proven to work for many serious entrepreneurs. The idea is to surround yourself with people who know more than you so you can benefit from this collective intelligence as you rise to a whole new level in life and business.
The master-mind group of only 4 or 5 is smaller than your advisory board, and the group is designed for everyone to help each other, where an advisory board is just focused on your business. The master-mind group provides a reciprocal trade of knowledge.
It is lonely at the top; you need a group of people who you can relate to, network with and learn from. Unlike your monthly, one hour meetings with your advisory board, you will meet with your master-mind group quarterly and the meetings will take place over two days at 6-8 hours each.
You will meet at a place completely disconnected from your life and business; this will be a sort of enrichment retreat for all of you. After the meeting, you and your distinguished group can enjoy some recreation, play some golf or have dinner, drinks and conversation.
The purpose of the master-mind group is to have the support of other individuals who are at your level of business, and who may be facing some of the same challenges you are. It is an opportunity to discuss things that you would not discuss at work or home. It is a chance to confide in others who you can trust will offer support and be discreet. What is said at the master-mind meeting stays at the master-mind meeting.
Here are some of the responsibilities and benefits of the master-mind group:
Sharpen skills while sharing business and personal experiences and knowledge
Honesty and loyalty while providing advice and opinions
Experience is our greatest teacher; learn from each others’ shared experiences
Group helps us be accountable, as we hold our employees accountable
Valuable support is provided by other business leaders who know what you don’t know.
A master-mind group is vital to personal and business growth. A master-mind group should provide each other an opportunity for growth, by sharing support, experience and knowledge needed to succeed in business.
Bill Bartmann has quarterly meetings with his master-mind group of like minded people who come together to provide value and to gain value within a group. Surround yourself with others who think like you do; who share similar interests as well as unique skills.