Mastermind Group

[TheNewEric]

Anyone who has read Napoleon Hills novel "Think and Grow Rich" should be slightly familiar with the mastermind group concept (If you havent read it, please do)

For those unfamiliar, the following brief description should help:

"In a Mastermind Group, the agenda belongs to the group, and each person�s participation is key. Your peers give you feedback, help you brainstorm new possibilities, and set up accountability structures that keep you focused and on track. You will create a community of supportive colleagues who will brainstorm together to move the group to new heights. "

Has anyone had any experiece participating with such a group in person?

If not, do you think you would take advantage of something like this if a group was meeting local to you?

My only concern would be protecting my intellectual property from the group.

Any opinions on the whole concept?

-Eric

[Dale King]

Eric, I recently wrote an article about this very topic. The article is called "Mastermind Groups: Should You Join One?"

Perhaps my article can answer some of your questions.

Dale King

[PrivateerNation]

Eric,

I've been building mastermind groups for years. It's what I do professionally through the Privateer Nation. Like you I heard about mastermind groups from Napoleon Hill and thought, "I gotta get me one of those." I did. My personal group has been meeting for over 2 years. However it wasn't as easy as it sounds. Here's some tips. Anything else you want to know just ask...

DO NOT USE FRIENDS
I have the coolest friends in the world. Humanitarians, World Travelers, Self Improvement Fanatics, Serial Entrepreneurs. The first group I built I did it locally with friends. Ever heard, "Familiarity breeds contempt?" It does. I don't know why. People showed up late. They didn't do what they said. Never in a million years would this have happened if they were working with people they didn't know. I shut the group down. Cold contacted 223 or 218 entrepreneurs (forgot the number) out of those I got around 10 to 15 people who were interested and out of those I pulled 3.

90 Day Trial Run
Everyone you find has to commit to 90 days. At the end of 90 days you'll know if they are going to work out or not. We cut 1 person from the group at the end of our 90 day trial run. Now we have been going strong for 2 years and even started a small side business (the3alchemists.com) together for fun.

Lastly, mastermind group gets tossed around a lot. It's become a generic word. A mastermind group is a group of people who come together to make a specific goal happen. Usually the people in the group have specific talents that will make this goal happen. In reality I started an accountablility/structure group that turned into a mastermind group when we started the3alchemists.

What kind of business are you in?

Namaste
Founder of the Privateer Nation

[TheNewEric]

Eric, I recently wrote an article about this very topic. The article is called "Mastermind Groups: Should You Join One?"

Perhaps my article can answer some of your questions.

Dale King

Dale,

Thank you for that link. I can honestly say I am on the same page as you on your thoughts about the 'lone wolf' feeling. That is my exact situation. I feel uneasy handing over the reigns to other folks. Being a perfectionist and introvert, I simply cannot ditch the mentality of "if I want it done right (e.,g. MY way), I have to do it myself"

But there are times that I fear my "laser-focus" may be preventing me from seeing another way, and perhaps a better one. Also, I these stubborn beliefs may drive me into doing ALL the work, and therefore resulting in simply creating a job for myself.

Namaste,

I am currently employed and have never run a business. I have spent the last 13 years in IT and may be losing my job in about two years. I am preparing for that with either:

a) new skills to land a similar job

b) starting up a part time venture to see if I can make the transition to full time in the next 24-36 months.

I have several side hobbies that have created income in the past (Martial arts instructor, sculptor, mask and prop maker) but none which I feel would generate enough interest or income to sustain me. I was pondering meeting with other to see if I could break out of my tunnel vision and help me realize oppertunties, which is why I was inquiring about the mastermind concept. I have far too much time on my hands now to be doing nothing.

-Eric

[Dale King]

Dale,

Thank you for that link. I can honestly say I am on the same page as you on your thoughts about the 'lone wolf' feeling. That is my exact situation. I feel uneasy handing over the reigns to other folks. Being a perfectionist and introvert, I simply cannot ditch the mentality of "if I want it done right (e.,g. MY way), I have to do it myself"

But there are times that I fear my "laser-focus" may be preventing me from seeing another way, and perhaps a better one. Also, I these stubborn beliefs may drive me into doing ALL the work, and therefore resulting in simply creating a job for myself.

Eric, you have to be true to yourself, but you also have to be smart. Being smart means being open-minded and secure enough to listen to the opinions of others.

Being smart means checking your ego at the door and realizing you don't know everything. No one does.

Being smart means realizing that you can't possibly do everything yourself, and delegating duties to someone you trust.

You don't need a mastermind group to help you with those things. You just need to prioritize your thinking.

Dale King