A mastermind group commonly consists of anywhere between 4 and 18 members who have the same goal of expanding their business. Personally, I believe between six and twelve members are the perfect number.
At each meeting (meetings can be held weekly, month or quarterly), each member is expected to share their best strategies, techniques, and be willing and eager to help everyone else take their business to a much higher level. When each member contributes in that way, the results are fantastic. My research shows that simply following this concept of being willing to share has made literally millions of dollars. Many of the accomplishments were the result of joint ventures.
Obviously the dynamics of the group are important. There needs to be some kind of synergy between members so that everyone respects each other. Members should be on equal par based on experiences to avoid holding others back if you are a novice. Trust me, a well thought out mastermind concept will absolutely improve your business, no holds barred.
Why? First, you surround yourself with a team of expert consultants that analyze your business, take it apart, and then re-build it to be much stronger. They see things you would never have picked up on in a million years, which when implemented help you take it to another level.
Secondly, there is accountability. At each meeting, you are expected to share your progress with the group. Without that accountability, you can stray and things get done when they get done. Knowing that you are answerable to the group for what you've accomplished since the last meeting is a strong motivator, and it provides the deadlines that many of us need.
Thirdly, there are the joint venture opportunities. As you get to know the other members, you'll see natural ways to work together, and the partnerships that are forged can be extremely useful. When you team up with members on projects you will combine your strengths to produce and market all kinds of products and services.
Lastly, there is positive reinforcement. It's no secret that when you surround yourself with successful people, you become more successful. It makes sense, and it really does work that way.
Let me sum up be telling you that I firmly believe that if I'd discovered the mastermind concept years ago, I would probably have been retired by now. . Don't waste another moment, do whatever you can to get involved in a group as soon as possible, or create your own. Check out the following resources: Napoleon Hill’s Think & Grow Rich by Napoleon Hill, Mastermind Your Business by Eric Moeller, books by Dan Kennedy and Joe Vitale.
Check out my book, Creating the Million Dollar Leader, Lesson 50, Matching Wits (Masterminds). Contact Brenda Lane-Oliver about starting a Mastermind group.