The wisdom of the mastermind has never been more relevant. Think about the power of having several brains in a room ready to help each other realize their potential and be successful. That is the soul of the mastermind. It’s a spirit of success by helping one another.
In my career, I have found mastermind groups to be inspiring and motivating. They are perfect for revving up your energy and giving you new ideas by listening to others and sharing your own experiences and expertise.
Explore Untapped Sources of Capital with Masterminds
Masterminds are the perfect venue to explore all sources of capital. We tend to think of capital as purely financial. However, you also have social, brand, knowledge and infrastructure capital.
- Social capital is your relationships.
- Brand capital is your reputation and credentials.
- Knowledge capital is your skills, talents, strengths and experiences.
- Infrastructure capital is the assets that help you achieve your goals such as your equipment, transportation or Web site.
A mastermind group helps you to hone in on all your sources of capital and put them to work for you. All you need is a place to meet, a facilitator or leader, a group of people willing to leave their egos and agendas at the door, a meeting format that works for your group and agreed upon accountability. Here are some of the benefits you can expect when you join or start a mastermind group.
Top Ten Reasons to Join or Start a Mastermind Group
1. Build your confidence. There is a power of speaking your intentions or thoughts out loud to others. Sharing your own ideas and asking for help from others builds your confidence and propels you forward.
2. Change the lens of your perspective. Sometimes our biggest “ahas” come when we are looking at the challenge of a peer. We’re working on their issue, and when we walk away, we then see our own situation differently.
3. Monitor progress in your business and personal life. Accountability is a key factor of success. When you have a group you are accountable to, it increases your commitment to your goals.
4. Get valuable feedback quickly. When you have a burning issue, you can bring it to your group and get instant, honest feedback and advice.
5. Tap into a living Rolodex. I’ve been amazed at the time I have saved when I need a resource, and I bring my resource need to the group. It’s better than Google because I’m getting qualified resources from people who have already “been there and done that.”
6. Learn from the wisdom of others. An important aspect of a mastermind is that the group doesn’t just tell others what to do or give their opinions. Instead, they speak from what they have personally experienced.
7. Share your goals. When you share your goals with the group, a number of things happen: 1) they understand where you want to go and are now a set of eyes and ears in the universe for you 2) they hold you accountable for achieving your goals and 3) you transform a dream into a goal when you say it and plan it.
8. Increase your self-awareness. Masterminds are an invaluable way to gain insight about yourself in group settings. What pushes your buttons? Do you talk too much? Do you need to listen more? What happens when you truly listen and stop waiting to talk?
9. Experience a sounding board that knows you and what you want to achieve. When you need career or business advice, there’s nothing like having a sounding board that knows your history and sees what you have been working on the past few months (or years.)
10. Enjoy the camaraderie of shared goals. With a mastermind, you’re not alone. You have a whole group of cheerleaders and advisors whose only goal is to help you meet your goals.
Rules of the Road
Here are a few tips I’ve found to help your group to grow.
- Choose a leader or facilitator who is responsible for keeping the meeting on track and preventing detours.
- Agree on how you will handle accountability. Some groups set up a shared site like Google Sites where they post their goals and update their progress. Decide what works for your group and get everyone’s buy in.
- Choose a format for your meeting. One that we found to be the most effective is where people do an activity together first that builds skills and confidence, and then end the meeting with a goal check in. Starting the meeting with a check in can derail the energy of the group as people are nervous about having to speak up and will focus on what they are going to say rather than listening to others.
Whatever format you choose, the key is to bring people together for the benefit of each person achieving his or her goals. As Napoleon Hill so aptly said: “You give before you get.”
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