Students of business, regardless of their level of formal education, seem to always be searching for the latest and greatest management fad to help achieve more profits-and more success. Frequently though, there is great wisdom to be found in less-contemporary teachings as well. Take for example the concept of the Mastermind Group, first introduced by Napoleon Hill in his timeless and classic work, Think and Grow Rich, first published in 1937. Describing the Mastermind concept, Hill writes, “The coordination of knowledge and effort of two or more people, who work toward a definite purpose, in the spirit of harmony…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. The group should meet weekly, typically for an hour and a half or so. 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. The best approach is to rotate meeting leadership responsibilities to the various members each time the group meets. The weekly leader guides the agenda for each meeting, typically starting with each group member recounting their week’s 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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