Learn about the benefits of mastermind groups and how you can create your own.

1. How to Start a
Successful
Mastermind Group
DON GAYHARDT

2. How to Start a Successful Mastermind
Group
Mastermind groups have become extremely popular in recent years, particularly
among entrepreneurs and those looking to create wealth. These groups of like-
minded individuals meet on a regular basis to tackle specific challenges,
brainstorm ideas, share knowledge, and offer encouragement while working
toward similar goals. Successful businesspeople and entrepreneurs often tout the
benefits of joining a mastermind group, and doing so can have a positive effect
on your career. Being a member of such a group not only affords you the
camaraderie of engaging with others with similar ambitions; it can also provide
support and keep you accountable to your professional goals.
While there are many wealth creation mastermind groups out there, you may
have trouble finding one in your area, or you may simply want to forge your own
path and start your own group. Discover why mastermind groups are an
important wealth creation tool and explore ideas on how to get your group
started on the right foot.

3. What Makes Other Mastermind Groups
Successful
When deciding to form your own mastermind group, it’s important not to
discount the tried and true methods of successful, long-running groups. The
best mastermind groups have consistent attendance, many aggregate years of
experience, and members that genuinely want to help each other succeed.
Be sure that everyone in your group is able to articulate points without infringing
on others’ time to speak. Each member should feel that his or her opinions are
valued, but no one member should dominate the group. As the founder of the
group, you can help set the tone for respectful, fruitful discussion and dialogue.

4. Structure
Though most mastermind groups lack rigid rules, it’s important to have some
level of structure in place. A few rules regarding participation, attendance,
confidentiality, and other essential matters should be put down in writing, and
members should generally follow the rules the group has agreed upon. Of
course, certain circumstances will necessitate exceptions from time to time,
but for a successful and functioning group, some structure is essential.
Decide early on if your group will meet monthly, weekly, or quarterly, and
whether your group will function mainly online or meet face-to-face. Some
groups meet via teleconference as well. What you decide can be changed
later if it’s not working out, but in the early stages, it’s important to stick to a
schedule in order to determine if your group is functioning as intended.

5. Size
It’s also important to think about the size of the group. If there are too many
people, the group may be difficult to coordinate, discussions can lose focus,
and some people may not have the chance to share their ideas. You’ll also miss
the more intimate bond that smaller groups often share. Conversely, if there
are too few people in the group, you may be missing some brainpower.
The book Meet and Grow Rich: How to Easily Create and Operate Your Own
"Mastermind" Group for Health, Wealth, and More suggests that mastermind
groups should include about five to six people. To start the group, the book
suggests finding one like-minded person who shares your interest in the
purpose or goals of the proposed group. If the two of you click, you can bring
in a third, fourth, and so on, if each person’s personality and goals mesh with
the others. Good chemistry is necessary for the group to survive and work
effectively.

6. Vision for the Future
ike a business or startup, a mastermind group should be concentrated on a clear mission or
end goal. Successful mastermind groups thrive on strong focus.
Decide as a group exactly what you’ll be working on together, and what goals you hope to
achieve. It’s extremely important to get input from all members, since people will be more
likely to participate if they believe they are an integral part of the process and if they have a
stake in the end goal. Find out what each person values in a mastermind group, as well as
what they could do without, and then use this feedback to form a solid foundation. Doing
this early on will position the group for success.
Forming your own mastermind group can be an overwhelming thought at first, but the
benefits of doing so are many. You will have the opportunity to bring together a group of
people with knowledge, experience, and skills that complement each other. Group members
will provide each other with invaluable feedback and advice, and you’ll have a network of
like-minded professionals to lean on and learn from. Family and friends may or may not
support you, but the overriding purpose of a mastermind group is to provide a level of
professional support you simply cannot find elsewhere.