Who Should I Invite Into My Mastermind Group?
Any member in your mastermind group should not only be able to provide you with sound feedback and advice, but should be able to receive some benefit from your feedback as well. Some qualities we suggest you look for in a participant include:
- Similar Drive and Commitment. You want everyone in the group to be similarly committed. If one person is highly motivated to make their business succeed and another is treating their business as a hobby the mastermind group is not likely to be as effective as it could be.
- Similar Stage of Business. Whilst there are exceptions to this rule, mastermind groups tend to work best if participants are at a similar stage in their business – because different issues are faced at different stages. Although there can certainly be value in mixing this up a little.
- Similar Business Experience. Usually better to include business owners with similar levels of experience… A group of long established business masterminders with HR/payroll/Tax issues probably don’t want to spend too much of their time covering some of the business fundamentals faced by a startup.
- Diverse Skill Sets. One of the main benefits of mastermind groups is getting feedback from other business owners with a different perspective. Don’t fill your group with clones of yourself… look for different styles and personalities.
We suggest limiting the size of your mastermind groups to between 4 and 6 people. This keeps the meeting short, in-depth and focused. If you are new to mastermind groups or are starting a new group, we recommend beginning with 2 or 3 and building up the numbers as you get more comfortable.
Once you have a core group established, look at your contacts and consider inviting a guest or two along as potential future members.
Your Mastermind Group Ground Rules should probably also include some guidelines about expelling members from the group. Sometimes members lose focus, or are no longer getting a benefit from the group. If a particular member is causing issues, or is not committed, you should certainly consider asking them to leave.