The Power of Many — Grow Your Home Business With a Mastermind Group

By Masterminds Groups at March 11, 2010 | 2:41 pm | Print

Network marketers and other home business owners are always looking for the latest management or marketing tool that will solve all their business problems. Every month there is another launch of the next tool or program that promises to do just that. Sometimes, rather than reinventing the wheel we need to look to the past for answers. One such example is the concept of the Mastermind Group, first introduced in 1937 by Napoleon Hill in his classic, Think and Grow Rich. Here, Hill describes Mastermind Groups as the combination of two or more people’s knowledge and expertise in working towards a common goal. Hill further adds, “no two minds ever come together without thereby creating a third, invisible intangible force, which may be likened to a third mind.”

What is a Mastermind Group? It’s simply a group of people sharing a common goal, and sharing insight and wisdom in their pursuit of it. In the case of a home-based network marketing business, each person in the group will most likely be pursuing their own individual goals—and business—but will benefit from the shared experience and expertise of the others.

Starting a Mastermind Group to support your network marketing business is relatively straightforward. The group size can vary, but most experts agree that the optimum size should be between three and six people. Mastermind Group meetings are usually held weekly, and last for approximately an hour or two. Obviously flexibility is the key, but these guidelines are fairly standard. Often the person who founded the group serves as the coordinator and arranges the logistical details of the meeting. Location and time would be up to the coordinator to manage.

But because all of the group members are considered equal, there is no appointed leader. Rotating the leadership responsibilities to a different group member each week is considered to be the best strategy. The agenda for the weekly meeting is up to the discretion of the weekly leader, but typically starts with each group member summarizing their specific goals, accomplishments, and challenges. And this is where the synergies of the group come into play. In a situation where the whole is clearly more than the sum of its parts, the group brainstorming is where the magic occurs. Some Mastermind Group proponents suggest that the entire process of sharing and discussing should be carefully structured. Others feel that a more free-form approach is recommended. Regardless of how you choose to approach it, a Mastermind Group should unquestionably become a part of your overall home-based business success strategy.

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