Business Mastermind Groups

When Napoleon Hill, author of Think and Grow Rich interviewed steel magnate Andrew Carnegie about the success of his business and the secrets to how he grew his fortune in the steel business, Carnegie gave credit to his mastermind group. This group was made up of more than 20 men who were actually employed by him in various areas of his business. He considered them his management team and their purpose was the making and selling of steel.

This type of group is referred to as the advisory board mastermind. Although everyone involved has the same purpose, it is generally made up of people in various roles of support such as those working for a political candidate or who are most likely on the payroll of celebrities such as musicians, actors, or professional athletes who have a team comprised of a manager, financial advisor, agent and attorney.

While this type of group can also work well for corporate teams as well as charity and community groups, it is not a good format for individual needs. The primary purpose and focus of an advisory board is to accomplish a goal or work on a mutual project.

Unless we have the financial means to hire our own advisory board mastermind team, the more attractive and effective model for most of us is the mutual support mastermind. This type of group is formed to help each member accomplish his or her individual goals. Every person in the group gets an equal share of time where everyone is focused on that member’s needs. When the time is up, the group refocuses on the next person and around it goes until everyone has had a turn.

Andrew Carnegie used this model with his Big 6 mastermind group in Chicago, which was formed for the sole purpose of building the wealth of each individual member.

The mutual support mastermind model works well in both business-focused groups and personal groups.

Often as time passes, members of a business-focused group become well-bonded with elements of caring and trust for each other. They may then become comfortable bringing up a more personal issue and may ask for group support and advice around a major life event that affects their business-divorce, aging parents, diagnosis of an illness, out-of-control teenager, or other disruptive events. Keeping in mind that mastermind groups are not therapy sessions, there may be other members who have experienced the same issue and can offer resources or be happy to support the member outside of the group sessions.

There are many reasons for starting and enjoying a personal mastermind group of your own. You may want to work through a non-fiction book on goal setting with a small group for the purpose of discussion as well as getting and giving feedback. Julia Cameron’s book, The Artist’s Way, has been the focus for several small groups of people wishing to increase creativity in their lives.

Some people form a group that meets regularly with the purpose of sharing and critiquing each other’s writing. They encourage and support each other, as well as hold each other accountable for producing a set amount of words or pages.

For whatever reason you choose to come together as a group, keep the following quote from this unknown author in mind:

“It is a fact that in the right formation, the lifting power of many wings can achieve twice the distance of any bird flying alone.”

Susan Henderson is a coach/consultant/mentor who assists creative entrepreneurs to take that seed of an idea you’ve been holding close to your heart and sprout it into the business of your dreams. I will guide you through the steps in discovering your purpose and creating a life you can love. One that includes the values that are most important to you-things like independence, flexibility, integrity, and creativity. To find out how, please visit: http://www.susanhenderson.com