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FROM: NOV-DEC 2008 ISSUE | BY MERGE GUPTA-SUNDERJI
Think about the last time you had a business problem or issue. I mean the questions that keep you up at night such as how am I going to grow my practice, or how can we increase employee retention? Now imagine that you have an advisory panel consisting of intelligent, articulate individuals available at your fingertips to offer you different perspectives and a variety of alternatives to deal with these topics. Wouldn’t that be fantastic?
The idea is not as far-fetched as it seems. It doesn’t matter if you’re the CEO of a multi-billion dollar corporation, a manager in a mid-sized company, or a sole practitioner; anyone can have access to such a resource – a mastermind circle. The term was coined by Napoleon Hill in his 1937 book Think and Grow Rich. In this book, Hill suggested that a group of like-minded, achievement-oriented individuals could gain valuable insights and dramatically leverage each other’s success by creating a safe place to solve pressing problems, offer support and encouragement, unleash creativity, and celebrate success. Since then, this notion has sparked, caught fire, and spread across industries and organizational levels.
Here are some steps to set up your own mastermind circle:
Identify Participants
Identify four to eight people you think would be interested in participating. First, they must be achievement-oriented and driven to succeed. Second, they must be willing to fully commit to the process. Third, they shouldn’t be your direct competitors, as that may create a conflict of interest.
Establish Ground Rules
Get a commitment from all members to abide by these non-negotiable ground rules:
- Attend all meetings. Once scheduled, the time slots are golden, and only a life-or-death matter is an acceptable reason to be absent.
- Stay for the complete meeting. No leaving early.
- Participate fully. Cell phones, BlackBerries, and laptops off.
- Be open-minded and respectful.
- Work “on” rather than “in” your business.
- Honour time limits.
- Confidentiality is paramount; what’s said in a mastermind circle stays there!
Schedule Meetings
Determine the meeting format and frequency. Just as many mastermind circles meet in person as they do via teleconference, so decide what works for you. Alternating between formats works too. Some circles convene monthly, but at a minimum, you should meet four times a year. Set an entire year’s worth of dates in advance so that people can schedule around them.
Divide Time Equally Among Participants
For each meeting, determine the time available for each member by taking the total time available, subtracting 20 minutes, and then dividing the remaining time by the number of members. Assign a timekeeper.
Follow a Set Process
Once your mastermind circle is in session, follow this process consistently:
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One-Minute Introduction – name, brief description of business, one recent success |
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In Session (for each member)
Member states the issue as a question in one sentence;
Member gives the background;
Others ask questions and clarify the issue;
Member listens and takes notes (vs. reacts);
At the end, member summarizes and shares insights and action items.
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Final Lightning Roundtable – each member articulates one thing that s/he commits to do as a result of the circle. |
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Close – confirm the date, time, and location for the next meeting. |
Don’t underestimate the power of a mastermind circle. Whether you’re in accounting or aerospace, as the top dog or the new hire, you can leverage the intelligence and experience of others to maximize your own success. I know I have for the past two years. Try it, and as always, let me know how you do.
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