The Power of Masterminds

by Cathy Fyock @CathyFyock

Napoleon Hill, author of Think and Grow Rich and The Law of Success, first conceived the concept of Masterminds: groups of like-minded individuals who could meet on a regular basis to support and encourage one another. Hill believed that we each need others who will hold us accountable, and who will always believe in our highest good.

In my professional career I’ve been a part of numerous Mastermind groups—one with fellow speakers, one with fellow coaches, several with female business owners—and each one has helped me in growing my business and has blessed me with long-treasured relationships.

The life of a speaker, consultant, author, or coach or other solopreneur can be a lonely one. And I’ve found that as an extrovert (one who gets energy and inspiration from being around others), I especially need a trusted group to shares ideas and discuss business issues.

Why might you consider a Mastermind group? The benefits include:

• You have colleagues who know and understand the complexities of your business
• You are connected with people who can provide you with objective and valuable feedback
• You have trusted professionals to share difficult business problems
• You have each other’s backs
• You have colleagues who will ask the “hard” questions
• You are surrounded by people who believe in your potential

So how do you form a Mastermind group? 

Many associations, such as NAWBO (National Association of Women Business Owners) have a process for creating and facilitating Mastermind groups, so you might begin by inquiring within your association. 

• If your organization doesn’t have a structure in place, you can easily create your own group. Here are some considerations when forming your group:
• Do you share common goals and values?
• Is your business at the same stage or level with others? 
• Is there diversity in the group so that you can benefit from different perspectives?
• Do you respect and trust one another?
• Have you established meeting guidelines and protocols? For example, will you meet monthly? In person or virtually? What will the format be for your meetings?
• Have you signed a confidentiality agreement, or is there an understanding about “what is said in the group stays in the group”?

Do you have a team of supporters who believe in you? Maybe it’s time to create your own Mastermind group!

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Cathy Fyock is The Business Book Strategist, and works with professionals and thought leaders who want to write a book as a business development strategy. Since starting her business as a book coach in 2014, she has helped more than 160 professionals become published authors. Her most recent book is The Speaker Author: Sell More Books and Book More Speeches. She can be reached at cathy@cathyfyock.com or 502-445-6539.