SSP Productivity Month!
We conclude this monthly theme with a roundtable discussion on perhaps one of the most powerful tools of highly successful people for over a century: the mastermind group
Participants include Nathan Fraser (Anarcho-Preneur Podcast), Darrell Becker (Voluntary Visions ), Drew Sample (The Sample Hour) and Brett Veinotte (School Sucks). Visit Nathan's Free Market Squad and Get a cheat sheet for today's discussion
1) Inspired by Napoleon Hill and his books.
What did Napoleon Hill have to say about Mastermind Groups?
In his book, “Think and Grow Rich,” he talked about something called a “mastermind alliance.” He goes on to describe a mastermind group as, “A friendly alliance with one or more persons who will encourage one to follow through with both plan and purpose.”
In his book, “Master Key to Riches,” Napoleon Hill says, “Every mind needs friendly contact with other minds, for food of expansion and growth.” To Hill mastermind groups are established to help create an environment that nurtures and supports growth.
Notice how he uses the word “friendly” throughout his discussion of mastermind groups? Hill believed that a harmonious groups of two or more people who come together for a specific purpose, or around a specific topic, bring forth the power of creativity and support that you can’t find when you go it alone. Napoleon Hill feels so strongly about this that he says in Your Magic Power to be Rich, “Maintain perfect harmony between yourself and every member of your master mind group. If you fail to carry out this instruction to the letter, you may expect to meet with failure. The master mind principle cannot obtain where perfect harmony does not prevail.” That’s a strong message about what makes a mastermind group succeed or fail.
In Hill’s book, “The Law of Success,” he adds another element to the idea of a mastermind group: the group helps to organize useful knowledge, creating a virtual encyclopedia from which each member can draw information.
When starting a mastermind group, or joining an existing one, look for these three hallmarks: friendly, growth-oriented, and willing to share information.
2) We are not a "secret society". But privacy is important.
-a reliable and comfortable space for members to exchange ideas and information
-it’s important to build a level of trust, which can take some time.
3) Collective intelligence to overcome problems.
Accountability – Stating goals and objectives out loud to a group can create a kind of gravity that keeps you focused on meeting your goals
Growth – Many mastermind group members form relationships that lead to growth opportunities
Specific knowledge – People from different backgrounds and industries can help you fill gaps in your own knowledge and provide very specific help
Resources – Your group members may very well end up loaning and providing the kinds of resources and introductions that can help you get to the next level in your business, or the tools or hacks that can help
New perspectives – Sometimes having someone from outside your industry question your long held beliefs or suggest innovations from a new point of view can prove very helpful
Support – As a group forms a very close common bond this can be a great place to go for support when you have a troubling business issue
Energy/Motivation – Simply having a team that understands your objectives and helps you celebrate your wins can be very energizing
4) The Elements of Mastermind Session
(Darrell's Abridged Notes)
There are (basically) four positions in a 6 person mastermind group:
3. Hot Seat
The facilitator of a mastermind sets the mood, and they check and strengthen the integrity of the focused power of the group.
The secretary is involved in the entire mastermind process. In order to make their job easier, the secretary will sometimes write up their own weekly wins ahead of time, so they can have more time to focus on summarizing and paraphrasing the words of the other group members.
The hot seat position in the mastermind group is the place where someone can gain the benefits and power of all 6 members over the course of an hour.
Contributors do the following:
- Clearly formulating questions that can help clarify the pain point, the parameters of relevant situations, and gaining needed clarification to help everyone formulate useful advice.
- Clearly and concisely delivering useful suggestions relevant to the pain points.
- Building on and supporting suggestions made by other members when it seems useful.
Mastermind groups can make commitments to keeping the format the same or to periodically innovate how the groups are run. Relevant to this little essay, some groups may decide to keep the roles of facilitator and secretary to be done by the same person every time. Some groups might wish to rotate these roles, so that different members can gain the skills for each position in the group.
We gain value regardless of our role.
This month SSP has partnered with FEE, the Foundation For Economic Education. Are you between the ages of 14-26? Are you interested in Entrepreneurship? Learn More about FEE's seminars here.
Today's Show is also brought to you by Jessica R. from Harper's Ferry, WV.
Thanks Jessica for your contribution to SSP!
Steve Winwood - "Different Light"
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