When Wendy and I had a great conversation not long ago about mastermind groups. She’s been in groups for different purposes and of different configurations. So when I wanted someone to explain the concept is was Wendy I asked to do me the favor. She graciously said she would.
Get the Most Out of Your Network with a Mastermind Group
by Wendy Piersall
I have a close circle of friends here in Chicago that have known me for several years – whenever we get together they like to take credit for eMoms at Home, even though they have never worked for me. I actually totally agree with them – the reason is because this group of friends was my Mastermind Group when I was first started my business.
I wholeheartedly advocate being in Mastermind Groups, and I’ll go so far as to say that yes, eMoms at Home wouldn’t be what it is today if it weren’t for the groups I have learned from along the way.
So What Exactly is a Mastermind Group?
Although Mastermind Groups can take a variety of forms, most function as basically a group that co-mentors each other. Participants will always get the most out of a mastermind group when they put a lot into the mastermind group. I currently participate in a weekly call with Dawud Miracle, Char Polanosky, Edward Mills, Gayla McCord, and Easton Ellsworth. We set up the group with the following ‘ground rules’:
- Participating in the call is close to mandatory – though we’re flexible when ‘life happens’
- We start on time and end on time – no exceptions
- We take turns each week, and two people get 30 minutes every call
- When it’s your ‘turn’, you get to bring a question to the group and we all brainstorm together to help each other come to a solution – any question is game
- There are no stupid questions and there are no stupid answers
- What is said to the group stays with the group – confidentiality is important when we are talking business strategy
We’ve been conducting our conference calls for about 9 months or so – I think the reason it has worked so well (and continues to work) is because:
- We work hard to give each other really great input, basically giving each other free consulting
- We keep a good structure in place to make the most of our time
- We have really learned from each other – probably more from giving advice than from getting it
I think that last point is really key – we give a lot of ourselves in our calls. I’ve participated in very expensive paid mastermind groups that weren’t half as valuable as this group of friends. I really believe it was because everyone paid money and came to the group expecting to get something, rather than coming together to give to each other.
So, How do I Start a Mastermind Group?
Finding a committed group of individuals isn’t easy, but it’s not hard, either. A few tips:
- Contact people that you want to learn from, but who still realistically also have something to learn from you
- Lay down some sort of ground rules in your invitation so that people know what they are committing to
- Let people know that participation is expected on a regular basis, and if they can’t commit to at least a 6-10 week initial time frame, they should probably pass
- Meet at the same time every week/two weeks/month – either in person, or use a free conference call service like FreeConferenceCall.com
- Have group members take turns leading the group to give everyone a chance to develop their leadership skills
- Play with the idea of holding each other accountable to tasks or results if you really want to push each other to succeed
The blogosphere is a very close community, and filled with some of the most talented and brilliant people I have ever met. I’ve learned a ton from reading all of your blogs – and I’ve learned just as much when I’ve thrown my heart and soul into writing a post that teaches. Great Mastermind Groups work because we teach best what we most need to learn.
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Wendy Piersall is the Chief eMom at eMoms at Home the business blog network for moms and dads who balance business and life at home beautifully.
Thanks, Wendy!
–ME “Liz” Strauss
“I’ve participated in very expensive paid mastermind groups that weren’t half as valuable as this group of friends.”
I wholeheartedly agree with this statement, as the same is true for me.
This is a fantastic tutorial to create a mastermind group and lay the groundwork for great camaraderie, feedback, and the development of plans that move you forward on a consistent basis.
My thanks to you, Wendy, for this enlightenment, and you, Liz, for sharing this with us.
Shirley
Nice summary, Wendy.
“There are no stupid questions and there are no stupid answers” – I’m sure I’ve tested that one almost to its limit. 🙂
I have a feeling dozens of new MM groups are about to spring up in secret corners everywhere.
This is a fabulous way to tap your network. Now, off to mull this some more. You made me think of now possibly starting/joining a similar type of group. Thanks for sharing this!
Thanks everyone! Being here at SXSW with Liz made it a little hard to respond in true “Liz” form.
@ Solo – your kind words are much appreciated!
@ Easton – HUGZ
@ Shai – was hoping you would show up with the b5 crowd here. But I do hope you follow through with your idea. My group has made a huge impact on my business and blog(s)!
Liz (and Wendy) –
Excellent concept. Much like the writers’ workshop sort of thing but geared toward business. I absolutely love it, and will be starting a group soon!
This makes me realize how valuable my bookclub is– I bounce ideas off of these moms all the time and they give me frank, honest feedback.
Hi All!
Wendy is the best to write this one. That’s why she’s the one I went to . . .
We’re doing masterminds at SOBCon. I can’t wait!
Glad to see you back, Liz! Hope you had fun at SxSW. After being a part of a Mastermind group for almost a year (with the amazing people Wendy mentioned), I can honestly say it is one of the best things I have ever done for my business. A few brains are always better than one when working out strategies, troubleshooting and just for support.
Hi Char!
Thanks for the “welcome home.”
I know how spectacular your mastermind group has been. Surely much of that is the quality of the people who participate. 🙂
I’m so looking forward to watching the mastermind experiences at SOBCon08. New groups, new minds, new problems to solve together. It should be amazing. 🙂
Great post Wendy. You’ve nailed it. Sometimes people make Masterminds into some big, complicated thing. They don’t have to be. With a few key guidelines, it’s possible to create a hugely beneficial environment. Love being in the group with you… just in case you didn’t know! 😉
Hey Edward,
I sure hope you can find a way to join us for the “Super Mastermind” day that is going to be SOBCon08! We’d so love to have you there. 🙂
Hi Liz
I would LOVE to join you. Unfortunately it doesn’t look like it’s going to happen this year. If things open up here so that I can make it happen, you know I’ll be there with bells on! And either way, I’ll most definitely be thinking about you!
Hi Edward!
You would be such a great part of the audience! We’re going to be having such great conversations. I’m hoping you attract the right things to get you with us.