Many types of business networking groups (especially those that run on Meetup.com) claim to be, or even call themselves “Mastermind Groups” but although these groups mostly do offer at least some of the benefits, most are not actually mastermind groups.
These types of groups can still be very useful in terms of business networking and learning about how to manage and improve your business, but they can not match the effectiveness of a properly setup and run mastermind group.
I have outlined below our view of the elements that are mandatory for a mastermind group and highlighted why many business networking groups fall short.
A Mastermind Group Must :
- Meet Regularly
Mastermind Groups MUST meet regularly – typically Weekly or Fortnightly, maybe Monthly (but I would argue this is probably not often enough to achieve effective results
- Have a Defined Membership
Mastermind Groups MUST have a small, committed, clearly defined group of members. This is critical to be able to gain an understanding of each others businesses over time, and develop trust to discuss your business “warts and all”. We would normally recommend 3-6 members…. If you have more than 10 it is probably not a Mastermind group. If members come occasionally, or there is an open ended invitation for people to come and go as they please, it is NOT a mastermind group.
- Be Structured
A mastermind group MUST have at least some structure and the following elements MUST be covered each and every session.
- Review Actions/Issues – each member should discuss what they have achieved since the last session, what actions/goals they have completed (and what they haven’t and why), and what issues they are currently facing
- Provide Advice / Feedback – discuss options, and offer advice for dealing with issues and improving each others businesses
- Set Goals/Actions – define goals/actions to be achieved by the next mastermind group session.
If these topics are not discussed each meeting on an individual business basis, then it is NOT a mastermind Group
Most groups that claim to be Mastermind Groups fail to achieve the results of a proper mastermind group because they have flexible membership and they do not set/review and follow up on Actions/Goals.