Mastermind groups offer a combination of brainstorming, education, peer accountability and non-judgemental support in a group setting to sharpen your business and personal skills. A mastermind group helps you and your fellow members achieve a greater level of success than you might otherwise on your own. Data shows that businesses who participate in these type of groups experience three times faster growth than those that don’t. Participants challenge each other to set powerful goals and more importantly support each other and hold each other accountable to accomplish them.
The group requires commitment, confidentiality, willingness to help others, willingness to receive feedback and advice from your peers, share ideas, support each other with total honesty, and finally respect and have empathy. Mastermind group members act as a catalyst for growth, play devil’s advocates and support each other. This is the essence and value of mastermind groups.
Napoleon Hill, the father of mastermind groups and author of Think and Grow Rich was quoted as saying, “A Mastermind Group is a friendly alliance with one or more persons who will encourage one to follow through with both plan and purpose.”
The purpose of the Mastermind Group is for its members to collaborate, discuss problems, and test new ideas in a safe and confidential environment. This group environment and support will allow them to make better decisions resulting in an increase in revenues, efficiencies, profitably and self awareness as a leader. The mastermind group is similar to having an objective board of directors, a success team, a peer advisory board, and a coach all rolled into one that holds the other members accountable for their commitments.