Joining a mastermind group with other business owners / executives is a very effective way to gain insights and get ideas from your peers. Using a mastermind strategy allows you to tap into the inspiration and experience of others in the group.

After all… two brains are better than one and iron sharpens iron.

How a Mastermind Strategy Works

When Andrew Carnegie was asked for the secret to his success, he replied it was the result of the “sum total of the minds” of all his business associates. This included his managers, accountants, chemists and so on. This combined brain power he termed the “master mind” and he attributed this master mind as the power of his success.

A mastermind is when a group of individuals come together and meet regularly to help each other and focus on growth in the specific subject of the mastermind. Meetings can be one to two times per month. The group comes together and brainstorms, sets goals and hold each other accountable.

The key to a mastermind strategy is to assemble a group of people to come together and focus on the same purpose. When goals are aligned, the power of the “master mind” can be unleashed and the results are all but assured.

Mastermind groups can meet in person, on the phone, in virtual meetings such as GoToMeeting or even be connected by Google+. Mastermind groups can be connected from anywhere in the world.

In implementing the mastermind strategy, you must create a clear focus for the purpose. If the group begins to drift from that stated purpose, they must be brought back and refocused.

What to look for in a mastermind group:

  1. Choose fellow masterminders that you admire and respect.
  2. A successful masterminder will be a self-starter and committed to improving their business.
  3. Establish a preset schedule for meetings. There must be a commitment to attend. You must keep this commitment to regular attendance to achieve results.