I came across the concept of the mastermind group after reading Napoleon Hill's book Think and Grow Rich. According to Hill, the mastermind group is formed when two or more minds work actively together in perfect harmony toward a common definite object. Hill noted that every successful person in history had a mastermind group that helped him achieve greatness. No one mind is ever complete in itself, so you need to have a mastermind group to help you achieve those objectives.
When you are creating the mastermind group, you need to provide a clear direction to the people in your group, and they need to be fully cooperative with you. Here are four steps you can take to ensure this happens:
Step One: Determine your purpose. You must set a clear example the main purpose for forming the mastermind group, and that the members of your group are aligned to this purpose. By writing out the plans for your group's success, you will be aware of what skills and experience are necessary to help you achieve these goals.
Step Two: Select the members of your group. You must be very selective of who you invite to form part of your mastermind group. You may initially select someone who you might think is good, but you later decide he or she may not be appropriate towards achieving the goals. That is OK, since trial and error is part of the process. There are two qualities you need to keep in mind when selecting members. First, they must have the ability to the job. Do not select people simply because you like them or know them very well. Select them based on their knowledge and experience, and the type of value they can bring to the mastermind group. Second, the people you select must be able to work in harmony with other members in your group. Your group should be a complete meeting of the minds and must be respectful of other people. Personal ambitions, including your own, must not take priority over the fulfilment of the group's purpose as a whole.
Step Three: Determine your rewards. You must clearly define the rewards for your members who are participating in you group. This will play an important role for keeping harmony within your group. While most people may be motivated by money, others may be motivated by recognition or offering your services to members of your group who may need it at some point.
Step Four: Set a time and place for a meeting. The mastermind group should have regular meetings to ensure that you are making progress and dealing with the issues you address. For example, you can catch up twice a month, during the second and fourth Monday of the month. You can get together over lunch or coffee if you live in the same area, or have a teleconference. Spent about an hour brainstorming ideas, which will create excitement and harmony over time.
