The Power of Mastermind Groups

The Power of Mastermind Groups

What is a mastermind group? In short, it’s a gathering of like-minded people, who come together to brainstorm, educate each other, and support each other’s business goals. Business leaders attend mastermind groups to sharpen both their business and personal skills, in order to achieve better results in their business.

Whilst many businesses are unfamiliar with the concept of a mastermind group, they have actually been around for a long time. The concept of was formally introduced by Napoleon Hill in the early 1900’s in his bestselling book, “Think And Grow Rich”.

“The coordination of knowledge and effort of two or more people, who work toward a definite purpose, in the spirit of harmony…No two minds ever come together without thereby creating a third, invisible intangible force, which may be likened to a third mind.”

Hill accurately sums up one of the key benefits of a mastermind group. The ‘coordination of knowledge’ opens up participants’ minds to new ideas and solutions that they would never have even considered alone.

 What else can you gain from a mastermind group?

• Mutual support.

Every business has its ups and downs, and it’s a relief to actually get confirmation of this by talking to other business owners and hearing about their issues and successes. By regularly meeting up with the same group of people, you’ll get to know the ins and outs of their business goals, and therefore be able to support them when things aren’t going so well and congratulate them on their successes. They’ll be able to return the favour.

• Different views

Whether you agree with them or not, hearing new perspectives can help open your mind to solutions that may not cross your mind otherwise. Brainstorming within the group will give you answers and ideas that you can’t get from those who are closest to you. An outsider’s perspective can often be more insightful than a colleague’s for example, as they are looking at a situation with a completely fresh outlook.

• Accountability.

It’s easy to set personal goals and fail because the only person that’s holding you to account is yourself. By sharing your goals with your mastermind group, they will also be responsible for making sure you follow through with plans, and will be there to encourage you if you lose faith and need a pep talk. When you have great progress to share, hearing the praises of your peers will be a great confidence boost and reassure you that you’re making the right business choices.

• Varying skillsets

People in your mastermind group will have skills, resources and knowledge that you don’t. The ability to tap into this is hugely valuable to business development. If you want to progress towards your goals, pooling together the best bits of the members of your mastermind group is a surefire way of getting there.

If you’re a business leader or entrepreneur with a desire and inspiration to get better, and reach your goals, then a Mastermind group could be right for you.

Now for my request with some research: Mr Moe Nawaz a pioneer in many regards and an individual that I highly respect heads a very successful group – are there any others that one can learn from as I am looking to develop a format in this market to run from Birmingham? In addition if you have attended a mastermind group – any general pointers and comments would be appreciated. As always comment below, message me or tweet via @SafarazAli

Kind regards,

Safaraz