How “You” Can Benefit From A Mastermind PEER Group!
So you’ve never been a part of a Mastermind PEER Group?
Maybe “NOW” is your time!
In this article we’ll be looking at what a Mastermind PEER Group is, what is the structure of a Mastermind PEER Group, It’s benefits and how to go about finding the group that’s right for you.
What is a Mastermind PEER Group
Napolean Hill first introduced the term “Mastermind” back in the early 1900’s in his book, “Think and Grow Rich’ He defined a Mastermind as “a coordination of knowledge and effort, in a spirit of harmony, between 2 or more people, for the attainment of a definite purpose.”
Mastermind groups offer a combination of brainstorming, education, peer accountability and support in a group setting to sharpen your business and personal skills. A mastermind group helps you and your mastermind group members achieve success. Participants challenge each other to set powerful goals, and then hold each other accountable to accomplish them.
The group requires commitment, accountability, confidentiality, a willingness to both give and receive advice and ideas, and to support each other with total honesty, respect, and compassion. Mastermind group members act as catalysts for growth, devil’s advocates, and supportive colleagues.
Mastermind groups are everywhere but aren’t always named mastermind or peer groups. One example is Alcoholics Anonymous. Their meetings are a form of a mastermind group, where the members get together to support each other in their sobriety. Any group dedicated to sharing and holding each other accountable can be considered a peer group.
What Is The Mastermind PEER Group Structure?
These groups are typically made up of independent business owners or leaders. The group can have a single leader or a rotating leadership that is shared and passed from one member to the other over a period of time so that each member can gain the experience of leading the group. The biggest problem with rotating leadership is that you may have participants in the group that don’t want to lead the group or are ineffective at leadership and the group as a whole could suffer from having an ineffective leader for a period of time. Therefore, the most productive Mastermind groups typically have a paid dedicated leader that keep the group focused and on track.
These groups can consist of individuals within the same industries, or they can consist of businesses in different industries. Usually, if they consist of businesses within the same industry, members are usually located in different geographic markets so that ideas and confidential material are not shared with direct competitors in the same local markets. These same industry groups can create travel issues and additional cost for the group members and sometimes limits the number of times you can meet per year. However, with the growth of the internet and video conferencing, this has eased the pain and cost of these groups by allowing for more frequent meetings via internet conferencing. However, the benefit of face to face contact and personal interaction with the face to face meetings cannot be overlooked.
Mastermind PEER Groups will typically meet weekly, monthly, or even quarterly, depending on the needs of the group, to tackle challenges and problems together. They lean on each other, give advice, share connections and share business life with each other. The benefit of more frequent meetings such as weekly or bi-weekly meetings definitely creates a higher energy level and greater results for the members. The quarterly or yearly meetings usually lack the immediacy factor to get things done and can delay or slow down the effectiveness of the group. These meetings are definitely a peer-to-peer mentoring and if you are lucky enough to get invited to one, you will most likely see a marked change and growth in yourself and your business.
Members typically sign non-disclosure agreements that not only prohibit sharing the content and composition of the group with outsiders but also prohibits using the content to gain a competitive advantage over other peer group members. The most effective Mastermind PEER Groups often include an experienced facilitator or coach and use a structured discussion method to ensure airtime for all participants. Some groups include additional features such as noted speakers and one-on-one coaching.
The Benefits of a Mastermind Group
The benefits of having a supportive mastermind group are huge:
- It begins with having a group of people that are available to you and want to help you succeed. They have your best interest at heart.
- You get the benefit of varying perspectives, ideas, thoughts, feedback, and suggestions, all from a different point of view. This is something that is invaluable when making sound decisions.
- Your mastermind group can bring you resources, connections and networking opportunities you might not have otherwise had and by connecting you with others that have traveled the same road you are currently on.
- You have an accountability group to encourage you and to inspire you and help you reach new heights and goals. When you succeed, they succeed. They help you focus on the goal or objective you are working on and help keep you on track.
- One of the great quotes from Napoleon Hill stated: “No two minds ever come together without, thereby, creating a third, invisible, intangible force which may be likened to a third mind.” It is though there is some mystical quality or force created when a mastermind group was formed. The ability to create things and solve problems is greatly increased by having that invisible “third mind” of the mastermind group.
- Never underestimate the power of those around you as you come together as a group. The old adage of 1+1=3 in very true in a mastermind group.
An amazing quote from Helen Keller puts it this way:
“Alone we can do so little; together we can do so much”
Finding and Joining a Mastermind PEER Group
The first thing you need to do is determine what kind of Mastermind PEER Group you want to be involved in. Is it one within the same industry or one with different industries. If you are unsure, I would suggest you try one within the same industry. This puts you on more of a level playing field with the other members of the group. Look around and find groups or associations that have Mastermind Peer Groups already in place and that are active and functioning well. There are a few groups that I am aware of and/or participate in. These groups are United Servicers Association for the appliance service industry, ACCA for the HVAC industry or Service Roundtable, another group in the HVAC, Plumbing & Electrical industry. I also offer Mastermind Groups as part of my coaching & consulting business. To find out more about our Mastermind Groups visit: www.ApplianceServiceSecrets.com and click on the Mastermind Groups link at the bottom. The cost of these groups can range from a few hundred dollars to several thousand dollars and there is typically an upfront fee to join and probably some type of ongoing fee structure.
When you are a part of a mastermind support system, consider it an essential part of your success plan for the business and your personal growth.
As Napoleon Hill said:
“Analyze the record of any man who has accumulated a great fortune, and many of those who have accumulated modest fortunes, and you will find that they have either consciously, or unconsciously employed the ‘Master Mind’ principle.”
When you join a Mastermind PEER Group, you’ll be part of an exclusive community, and once you are involved, that feeling of “being alone” while running your business is gone. Everyone in the mastermind has a unique in skill, experience, and connections. By interacting and sharing your challenges, it’s almost certain that someone in your mastermind will have a solution for you. You will also find that you will be able to offer a solution, connection or tactic to help others in the group. Being in a Mastermind Group, allows you to “Think Bigger”. Being a part of a mastermind group will truly give you a “Master Mind”! You can’t help but think bigger and stretch beyond your boundaries when surrounded by amazing people doing amazing things.
Masterminds are incredible and can do wonders for your business as well as for you personally. Growing in a group is not only more effective, it’s quite a bit more fun!
While research on these groups is sparse, there is a growing body of evidence that CEOs, executives and business owners flourish when they have a mentor from outside their own organization.
One of my favorite sayings is “You’re the sum of the seven people you spend the most time with”. So if the people around you are negative complainers who always find a reason why something can’t be done, they will eventually bring you down to their level and you’ll never reach your full potential. This is why you need a Mastermind or Accountability group to keep you thinking positive.
You may not be able to offload negative friends or family, but the best way to overcome negativity is to consistently surround yourself with positive, motivated achievers and teaming up with them by joining a Mastermind and/or Accountability group.
I have been and continue to be a member of several mastermind groups in both the same industry and different industries. I pay a vast amount of money to be a member of Mastermind groups and I can say without question that these Mastermind Groups have made a significant impact on my growth personally & professionally. I have greatly benefitted from being a member of such groups and would not trade the experience for anything.
If you are looking to get to the next level, then you should consider joining a Mastermind PEER Group. I am confident it will make a difference in your business life as well as your personal life. You just need to give it a chance.
Appliance Service Secrets
Don Harris owned and operated his own appliance services business in Atlanta, Ga for over 45 years. In 2014 he sold his business, Dependable Services, to his son Brannon. Dependable Services currently operates 18 service vehicles and has 38 employees, providing services for heating and air conditioning, residential appliances, restaurant equipment, commercial refrigeration and water heaters to the metro Atlanta area. Don acquired the nickname “DependableDon” because of his reputation of being there when he said he would be there and doing what he said he would do. Don now spends his time coaching and consulting other businesses in the Appliance and HVAC industry.