MasterMind Power III: The 5 Ws Of a Successful Mastermind Group

(Reading time: 4 – 7 minutes)

In MasterMind Power Part II: Napoleon Hill – Father of the MasterMind, Valentina Bellicova introduces us to the 7 benefits of MasterMind groups: Intelligence, Experience, Knowledge, Speed, Safe environment, Economic, Third Mind.

Here in Part III are the Who, What, Where, When and Why of MasterMind groups.

The 5 Ws Of a Successful Mastermind Group – Part III

-by Valentina Bellicova

If you have an idea for a mastermind group there is a process to establishing a strong foundation for success so that you and your members benefit from each other.

Define purpose for your mastermind

Employ the journalistic W5 – who, what, when, where and why. Remember a mastermind group requires commitment of time and energy and while it may have a semblance of a social gathering, it is much, much more. The more selective the group is to be, the more you need to give thought to its planning. A mastermind is flexible but you need somewhere to start with:

WHO: Take time to think whom to invite. It could be the group you hang out with or you may need to look further a field to find the right people. Decide what commonalities you want the members to share. Look for like minded people who share the same level of aspirations as you do – or higher, and who are open to new ways of conducting their life and business.

Look for quality, not quantity. What sort of characteristics do you want your members to have? Integrity. Honesty. Humour. What professional skillsets would be helpful. Depending on what the purpose of your mastermind is, you may want people from the same profession, or a diversity of professions. A mastermind of doctors will have a different purpose than a mastermind of independent businesses. The key thing is to find people who have a lot to offer each other.

Be choosy. A similar level of competence is important. Someone who is way above the level of the general membership will not be a good fit – there is little to no value to such a person and he will soon tire of the group and leave. At the other extreme, someone who is way below the level of the general membership will become a drain on the group.

WHY: It is important to determine why the group is being formed. This is the purpose of your group and is the ultimate outcome that you want for yourself and your group. What can this group do together that each member is unable to do on his own?

WHAT: What is the size of the group going to be? While there is no specific number that is better than another, a small group is more intimate and more likely to share and grow closer together in a shorter period of time; a larger group on the other hand contributes a larger pool of talent and resources. For invitational masterminds a good number to consider is between 7 and 12, probably settling in at about 9 or 10.

WHEN: How often do you want to meet? If this is a group of already successful and busy people, a quarterly meeting may be the best option. If this is a mere yearling then monthly or even weekly meetings may be best. The weekly may be difficult unless they are industry specific and task oriented. Typically the further apart the meetings, the more time dedicated to the meeting, for example, a quarterly may want to dedicate a whole day or even weekend for their meeting, at some “getaway” place with no distractions.

WHERE: The first decision to make is whether this will be a physical or a virtual meeting. If the former, select a location that is central to all especially if this is going to be a monthly or a weekly meeting.

The main thing to remember with a mastermind is that it is to be a mutually beneficial and supportive organization that strives to achieve a common goal through learning, sharing and supporting each other.

Many people belong to more than one mastermind. Each one is for a different purpose. And remember, if your first attempt at forming your own mastermind group eludes success, you can learn from the experience, apply, and start another one. It is time consuming, but when a group of like minded people finally come together in such a way that the synergy is transformational, there is no other power like it for success.

Join an existing group

If you have never been a member of a mastermind group it is difficult to set one up if you don’t know what one looks like. There are plenty of books out there that will tell you how, but in my mind nothing beats showing up at a meeting and experiencing the dynamics of such a group. The benefit of this step is that not only do you pick up some smarts as to what a mastermind looks like, but you’ll probably pick up some valuable tips for your business too.

Coming next: MasterMind Power IV: Some MasterMind Examples, where Valentina discusses 5 MasterMind groups ranging from real estate to internet marketing.

Valentina Bellicova builds on her years of experience in Corporate America to succeed as a professional speaker, author and internet marketer. At age 15, she pitched her first article, obtaining a weekly column for the Daily Mainichi Newspaper in Tokyo. Visit Valentina: Blog Income Life.

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