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7 Steps To Creating Million-Dollar Results With Your Own Mastermind Team
"Mastermind” is the one of the greatest “secrets” to success. A Mastermind is a group of people who share a common vision and commit to leveraging each other’s brilliance, skills and big thinking to achieve their biggest dreams. Napoleon Hill, author of Think and Grow Rich, talked about the power of masterminding almost 100 years ago! When you gather a small group of committed, successful people together and focus on your individual businesses – magic happens. I know – I just spent last weekend with my Master Mind for our quarterly in-person meeting and the results were phenomenal.
When I look back at the 18 months our Master Mind has been together it’s truly amazing what each of our five members has accomplished.
Launched a highly lucrative seminar series
Made over $80k in just under 5 days
Leapt from struggling financially to six-figure income
Rebranded business and launched new website in under 3 months
Created a highly sought-after protégée program
Too many more to count!
I’ve personally participated in these types of groups for over 10 years. In reflection, some of my greatest “out-of-the-box” ideas and big accomplishments come from this type of unwavering support (and a swift kick in the butt) when I get scared.
I get approached all of the time to help people put their own mastermind together so I thought this month I’d share my insider secrets to creating million-dollar results through a mastermind team.
1. Mastermind with others who are playing big.
You are the average of the five people you spend the most time with. Most of my time is spent with my mastermind group. They are all 6-figure earners who take big risks and are well respected in the community. If you want a massive leap in your business success, start surrounding yourself with the “power players.” These type of people will never let you get away with playing it safe and being unsuccessful.
2. Commit to meeting regularly.
Our group meets every Monday morning on the phone for 1 ½ hours and three times a year in person for a retreat. Our commitment to each other is a part of what keeps us on our toes. During our weekly calls, two members of the group present a challenge and the rest of us brainstorm and strategize solutions. Our retreats are more in-depth planning events. Consistency is the key.
3. Solve problems with the “third mind.”
When two or more people are gathered, a third entity is created which is the “collective intelligence.” It is said that a problem can never be solved with the same level of thinking in which it is created. Part of the magic of masterminding is in the synergy created by people who don’t really think the same way. By building on each other’s ideas, something completely new gets created.
Case in Point:
At a recent event, a few members of our mastermind were having breakfast and talking about the Small Biz Marketing Summit that we are all speaking at in May (another result of leveraging each other.) As we threw out an idea to market the event, each of us built on it until we realized that not only had we created a brilliant way to help people get the most out of seminars but we had created a whole new product! By bringing one possibility to the group we synergized and brainstormed our way into a really awesome opportunity for everyone. Now that’s cool!
4. Balance ambition with reality.
It is often said that there are no unrealistic goals, just unrealistic timelines. Sometimes as entrepreneurs, our big visions of success are really “right, shiny objects”(i.e. distractions from the goal.) A mastermind helps you stay focused, keep things simple and accomplish more because you are staying on track.
5. Leverage a “board of advisors”.
I can’t tell you how many times my mastermind group has saved me thousands of dollars with excellent business advice. When I incorporated, it was my mastermind I turned to for advice on all of the steps. When someone throws out an idea that seems unrealistic, I whip out my “how will it make you money” filter. We each represent a certain type of skills or strength that balances the group. When we don’t know what to do about a business decision, we will often bring it to the team to help us decide.
6. Experience mastery.
You can’t “hide out” or play small when you have a mastermind committed to the success of each member. You are forced to strive for that extra goal when you know your mastermind is holding you accountable. A mastermind pulls you forward. It becomes easy to take responsibility for your success and growth when you know someone “has your back.”
7. Evolve beyond your wildest dreams.
Sometimes when life is a bit challenging, one of us will slack off, get stagnate, or start thinking small. Each and every one of us believes that we have made a $10,000+ investment in each other. We show up (no excuses) for the calls on time, we talk to each other regularly outside of the calls, we give our time and talent to each other freely to support each others ventures, and we always challenge each other to play big. And we have made a commitment to each other that we won’t leave anyone behind and we won’t play small. So in turn, when life gets rough, we get through it with support and camaraderie.
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I highly encourage each of you to form your own mastermind. Simply look around at people you admire and want to associate with and approach them with the idea. They in turn might have friends and associates they want to include. Let it evolve naturally – take the initiative to get your own mastermind started.
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