Napoleon Hill defines a mastermind group as:

“The coordination of knowledge and effort of two or more people, who work toward a definite purpose, in the spirit of harmony. 

No two minds ever come together without thereby creating a third, invisible intangible force, which may be likened to a third mind [the master mind].”

Mastermind groups offer a combination of accountability, support, brainstorming and education within the group to sharpen your business skills and results. Being part of a mastermind group requires commitment, confidentiality, honesty, compassion and a willingness to share resources and networks.Masterminding has been going on since way before Napoleon Hill’s time.

Thanks to the Internet and lucky for you, creating or joining a group is easier than ever. This podcast was birthed in a mastermind meeting, one of several I participate in, there’s wonderful creative energy that occurs in mastermind meetings.

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The fact is – you’re already in a mastermind group although you might not be aware of it. And it may not be helping your business…

Your friends are a mastermind group, your family is another mastermind group, your peers and colleagues are another.

These are “casual” mastermind groups. Business owners frequently seek advice from friends and family to help solve a problem or to bounce ideas off of, brainstorming ideas for new ventures.

You’ve got to be extremely careful of the business advice and support (or lack thereof) from these groups – as an entrepreneur it’s important to mastermind with people who are also entrepreneurs – people who understand the risks and rewards that come with it.

3 tips to remember as you start or join a mastermind group:

1. Decide on a set date & time to meet.

Commit to being there, short of an emergency. Make it a “no judgment” zone so it’s a safe place to share and open up with your real issues and road blocks, so you can get help in overcoming them.

2. Choose a format and stick to it.

Start your mastermind meetings with a success / celebration / breakthrough you accomplished from the last meeting.

Is it free-flowing back and forth? Even if you do that, you should use a timer for each person to have the same amount of focused time. Without a timer, one person will invariably take up more time.

Is it more structured with specific time focusing on each member? You can also decide to run it in a super structured way. I like to use a timer for each participant to present to the group. Then another timer for receiving feedback and help from the group.

When the timer goes off, the timer goes off. If you were in the middle of giving some feedback, take that offline for the specific member it was for.

End your mastermind time with specifically what you will accomplish by the next meeting.

3. Be present.

Commit to yourself and to the group.

Be present in meetings and help as much as you can. Be authentic – when necessary, be the devil’s advocate in order to help strengthen other member’s plans.

Be sure to keep everything confidential – a mastermind group must be a safe place for all to share.

Take advantage of this universal success principle, become part of a Mastermind for this next year – one that supports you in making your business dreams a reality.

On the next episode of the 30 days of LOA for entrepreneurs, How to create a vision board (or box, or book) that works for you.