In Part 1 last week we looked at both the obvious and not-so-obvious benefits of being involved in a Mastermind group.  Today we’ll look at how to set up and run an effective Mastermind. The ideal size of a Mastermind ranges from four to nine members: any more than that can be hard to manage and hard for everybody to fully participate. Ideally the group would meet in person, but it is possible to conduct a Mastermind group remotely. However, one thing is constant – the members of the group make a commitment to attend regularly and to contribute to each others’ success.

The types of groups can be as varied as your imagination. However, compatibility is vital to the success of the group. For example, members could have any of the following:
•   Similar interests;
•   Same sex;
•   Be at a similar “level”; 
•   Be in similar areas of business, or;
•   Have a common goal.

In this way, stronger bonds are formed and the group creates win-win situations for all of its members. When selecting members, a strong suggestion is to only invite participants who have a strong desire to succeed and a demonstrated ability to contribute. However, this may be a process of trial and error. Don’t worry though, as those people for whom the group isn’t right will typically self-select out very quickly. Also, your group will be the most successful when you have members who are passionate about Masterminding.

If you want to start your own Mastermind Group, here are some guidelines:

1) Define the purpose to the group: What will your objectives be when you meet? What do you want to accomplish together? For example, is it to help each other’s careers? To generate new business? To undertake a charitable project? To discuss “life, the universe and everything”?

2) Decide on the groups’ ground rules: What is acceptable? And how will the ground rules be enforced? What is confidential and what is not? For example, will you encourage (or even allow) selling amongst the members of the group?

3) Determine the structure of the groups’ time together: You can have an agenda and a facilitator. You can rotate leadership. You can have freely-flowing conversation. You can also decide to have closely monitored time frames for each person to speak. It’s your Mastermind so what are your preferences?

4) Plan the groups’ logistics: Where, how often, and how long will you meet? When will your group start and when will it be completed? Is there a need to cover any costs?

5) State wants and needs: Mastermind groups can only reach their full potential if each member is willing to think big and ask powerful questions. At your meetings, each Mastermind group member can tell the group exactly what he or she wants – the member does not have to know how it will be accomplished. 

6) Commit to contributing: Your Mastermind group’s success depends on you. Make a commitment to listen carefully, be present, show up on time, and fully support your fellow Masterminders. In this way, you exponentially increase the groups’ synergy and other members will rise to your level of contribution.

About the Author | David works with creative female business owners to help them achieve their objectives by building a “Higher Purpose Business”. You can check out his blog at www.quidditybusiness.com.au