Wise Wednesdays - Starting A Mastermind Group

“Never doubt that a small group of thoughtful, committed citizens can change the world; indeed, it's the only thing that ever does”-Margaret Mead


I was part of a mastermind group for five years. Once a month, for two hours, five of us would meet(all entrepreneurs). It was a great way to generate ideas, receive support and be heard. The purpose was to help our businesses grow and in the process we had another unexpected benefit: A great personal bond.

We started each meeting with general socializing for the first 15 minutes. The Chair would call the meeting to order and each person would have 15 minutes devoted to them. Usually a member would ask to talk about their next marketing initiative or needed help solving a time management issue. We would give suggestions, feedback and support. Once everyone had a chance to say their piece the Chair could decide to go back to a topic or introduce something new. The last 15 minutes was devoted for setting up the next meeting and winding down with social small talk. All this took roughly two hours.

For the next two blogs I will share what I learned from this experience and how to run a successful mastermind group yourself.

First, aim to have at least four but no more than seven people in this group. Having three people is too small a group. Anything with eight or more people becomes difficult to manage.

Look for people who are NOT your close friends: People who you meet in networking meetings, or people you know but don’t know well enough and respect . Ideally shoot for a good mix of genders – this is no time for a “gals” or “guys” club. This is not a social get-together.

Take your time in finding the right people. Keep your eyes and ears open. Ideally they should be different from you and other members. You want members with different experiences and who bring a unique perspective. This can create great synergy.

Everyone has to agree to new members joining the group.

Above all, the kind of people you want in the group need to be committed. Ask potential members how committed they would be to the process. What would get in the way?

With the right kind of people you could be on your way to a great experience (not to mention great input in helping you succeed).

Next week: The Best Way To Run a Mastermind Group.

Cheers,

Dominik