Yesterday I wrote about the benefits of being part of a mastermind group. However, any mastermind is only as strong as its members. So if you are creating (or joining an existing group) choose wisely.
How many?
Unfortunately, there is no hard and fast rule about what’s the optimum number for a successful mastermind group. It really depends on the group’s goals, frequency of meeting and personalities of the members. If you’re planning on meeting weekly, a group of ten may be unwieldy and take too much time for each member to get heard. However, if you have a long monthly session, a group of ten might be perfect.
For more frequent meetings, smaller is better. A mastermind of two people can be very powerful. I currently have someone who I speak with by phone twice a week. Now most of our calls are more for accountability than masterminding, which means they can be short. However, when one or both of us needs more help, we can plan longer calls to give support or brainstorm.
The advantage of a mastermind of two is also its disadvantage. Eventually you get to know each other and your businesses really well. When you have a problem, you don’t have to give much background because the other person understands your business and its history. However, because you know each other so well there’s a temptation to turn the meeting into social time. And while occasionally this is fine, you need to stick to business if you want to get results.
A larger group will give you more perspectives. When it comes to brainstorming or feedback you may get better results from having more brains to pick. The downside of a larger group is it can become unwieldy, therefore having a chair person may be a necessity. To ensure the chair doesn’t become the den mother of the group, it might be a good idea to rotate this job.
Who to invite
As I said before, a mastermind is only as strong as its members. So choose wisely.
First you want someone who is committed to their business, to improving and to the mastermind. If they’re not committed, they won’t be a regular attendee and that’s really of no value to you and the other members of the group.
They also need to be committed to helping others. You don’t want someone who is only in it for themselves. That will poison the group. But someone who will put as much energy into finding solutions for others as themselves is priceless.
Members need to be at similar levels of success. If one person is aiming to take their business from six figures to seven while another is still trying to break five, the group won’t be on a level playing field and someone will end up feeling shortchanged.
What industry the members are in doesn’t matter. In fact, having someone whose business and industry is completely different than yours can be a real asset. Blind spots you may have because “everyone does it that way” may jump out to someone outside your field. On the other hand, people in similar industries may share your problems and readily understand what you’re talking about without needing a lot of background. Ideally, you should have a nice mix of industries represented in your group.
Getting Started
Decide on your goals for the group. Are you looking for daily or weekly support with a little brainstorming or do you want less frequent, more in-depth meetings? Then choose a number you think fits your goals.
Look through your contact list for people who fit the bill. If you are planning a group of five to ten people, don’t feel you need to find them all yourself. Once you get a couple of people on board, ask them to invite suitable members.
When you have a group assembled, set up an initial meeting (by phone, Skype or in person). Introduce your ideas about how the group should function and have a discussion. Decide on frequency, length of meeting, group goals, agenda, chairperson and style of meeting.
Once you’re agreed, set a date and start masterminding.
Andrea J. Stenberg
