Posted by: Troy White
January 15, 2008
Issue #332

Napoleon Hill says
It’s a ‘Must’ If You Want
To Grow Your Business

In this issue:

• 9 kick-butt rules that ensure your mastermind group is serious, focused, and prepared to make each meeting a breakthrough meeting …
• How to guarantee each meeting has a solid outcome and consistent track record of helping everyone grow their business (including 7 simple strategies to get the most out of each meeting) …
• 4 unique ways to participate in a mastermind – and which one tends to work the best for most entrepreneurs …
• Finally, 4 things to bring with you to the first meeting …
• And much more!

Fellow business builder,

What was I doing spending my Sunday in an all-day meeting?

I could have gone for Dim Sum and a movie with my wife and kids (a favorite Sunday activity for all of us) …

 …or maybe gone out skating.

Nope, I spent my Sunday in a mastermind meeting.

Not exactly a bundle of laughs for the kids – but something I quite enjoy and something that is great for my business.

What about you?

Do you have a mastermind group that you meet with? Do you have a group of fellow entrepreneurs you can sit down with and talk to about business things that worry you?

One of my biggest frustrations in business, I would expect one of yours too, is the loneliness that can feel quite prevalent at times. You can’t be talking business all the time to your spouse or kids. Your employees don’t want to hear your woes.

It becomes real tough to find
like-minded people
that you can trade ideas with.

And when a new year approaches, what better time to start your new year off with the right support people in place.

I LOVE masterminding!

Napoleon Hill dedicates an entire chapter in his classic book, Think and Grow Rich, to the subject of a Master Mind. His definition of a “Master Mind”: “Coordination of knowledge and effort, in a spirit of harmony, between two or more people, for the attainment of a definite purpose”.

 …“This form of cooperative alliance has been the basis for nearly every great fortune. Your understanding of this great truth may definitely determine your financial status.”

Personally, I have multiple mastermind groups I am part of. I also invest quite a bit of time every month in taking part in and making my mastermind groups work.

So, why should you create or find
your own mastermind group?

First, to make business connections that will last you a lifetime. Second, to have a sounding board for your ideas, your frustrations and your goals. Last, to grow your business and make more money.

Each of these reasons is, on its own, a good enough reason for me … combined, they make for an unstoppable combination.

The first thing you should do is start your search for appropriate mastermind members. You can start within your circle of business associates, or you can go outside to people who you do not know. I have done both and gotten lots out of them.

For your first mastermind group – aim for 3-5 people.

This will be enough to manage and try and hold together as it develops some longevity. The biggest problem with a mastermind group is making it stick together and happen on a consistent basis. People get busy and let other things get in the way – causing missed meetings – missed commitments – and lack of accountability to the group.

If you find a good solid group of entrepreneurs, and make the group a regular get together (once a month is the perfect timing for phone meetings – once a quarter for full day events), you can find a unique combination that lasts you for years to come.

One other way to ensure everyone takes the mastermind as serious as you do is to find a paid mastermind group (typically facilitated by someone else).

When money is on the line, people tend
to be a little more serious about doing business
and keeping their commitments …

Rules of your mastermind:

• Show up every time, and on time.
• Commit to helping everyone in the group grow their business.
• Commit to helping everyone in the group become a better person.
• Do what you say you will do – and always follow up on the commitments you make to the group.
• Contribute – your ideas are valuable and necessary to making the master mind work.
• As a group, commit that you will all do whatever it takes to get in the right creative mood to start your meeting.
• Everyone should contribute ideas to others, and should expect ideas from everyone else.
• Show up prepared and focused on maximum contribution.
• Everything that gets discussed in a mastermind meeting is confidential information and must be treated so.

Depending on how far you want to take the rules, you can also have a 3 strike law in effect and the group can have voting power to ask 3 time rule-breakers to leave the group. Negative people, energy or feedback can destroy the positive intentions of a group. Choose your group carefully.

Keep in regular touch with your mastermind members outside of your meetings.

Various ways to run them:

1. Each person gets equal time – sharing your recent successes, challenges, missed deadlines, and biggest areas in need of help.
2. Shared lessons from all. Have each person go around the room and share their greatest successes and lessons from all areas of business (marketing, advertising, finance, employees, payroll, operations, etc).
3. One person per meeting goes through their business in detail and only one business is focused on per meeting.
4. Critical priority – mixed from the above. Groups meet and do short intros to what is happening in their business – those with critical issues express their need for help and they get priority status for help from the group.

Suggested topics for mastermind meetings:

• The hottest opportunities for doubling your revenues.
• The most incredible way I saw someone grow their business was ________, and how it could be applied to my business is ____________________________________.
• How I can get media attention and free worthy attention in my _____ business.
• How to launch your new product or service.
• New ways to work less and earn more.
• Employee strategies - - how to attract more superstar employees.
• Referral systems creation.

Things for you to have prepared (make sure each member of your mastermind has this list and comes prepared with the same answers.

• Simplified business overview – complete with “elevator pitch”.
• Business goals: 3 yr, 1 yr, 6 months, 90 days, 30 days.
• Personal goals.
• Big audacious goal – something so massive you don’t feel comfortable discussing it with others (force yourself to in your mastermind group).

For your first meeting, set aside more time than usual – at least 20-30 minutes per person. Go though the basic rules, and follow the system laid out here (talk about success, challenges, and top priority issues that need addressing now).

Masterminds can be a powerful force to help you
live life more and enjoy your business more.

They do the work to get going, and keep going, but they are very much worth it.

By the way, if you did not pick up your FREE gift from the Christmas edition, please visit here to pick up your copy of the 2008 Marketing and Promotional Calendar (no opt-ins required to get your gift).

Please let me know your thoughts, and if you have any further topics on this you would like to see discussed.

To your success,

Troy White
Editor, Small Business Mastery
Supplement to THE TOTAL PACKAGE

Looking for resources related to this article? Try some of these.

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Looking for past issues of The Total Package? Click here for our archives.

A Final Note:

If you have specific subjects you would like addressed, or have any comments on what you have seen here, please submit a comment below and I will see how I can help.

"Don’t wait. The time will never be just right.”

–Napoleon Hill

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3 Comments »

1. Comment by Lara Loest — January 15, 2008 @ 11:03 am

   Thank you Troy. I\’ve been pondering how to gather a mastermind group of local copywriters and all of this info will be very beneficial when my group meets!

   Thanks again - keep the good stuff coming!

2. Comment by Glen Kohlenberg — January 15, 2008 @ 12:07 pm

   Troy, thanks for a great message and a reminder of how to mastermind a group.

3. Comment by Hendry Lee — January 16, 2008 @ 5:09 am

   Your article is always inspiring.

   I have been considering mastermind group for some time but having difficulties in finding like minded people locally.

   How do you find online mastermind partners? Is it even recommended?