How To Run A Successful Business Master Mind Group

Anybody with an entrepreneur's character likes to spend time with with other similar business people. A business master-mind meeting gives you the opportunity to form close, supportive relationships with a small number of business people and entrepreneurs who will happilyhelp you, as well as be given your support.

Everybody in the group gets the opportunityto solicit help from all other members, in turn. In this way, you help your fellow masterminders and they help you in return. Let's explore what makes a good Mastermind Group and also dispel some current myths about what mastermind groups are not.

First, a good mastermind meeting is made up of like-minded individuals who "fit" together. There should be no one in the meeting who doesn't wisely feel right. The make-up of the group is ideally based on a set of criteria that members determine. For example, business size or a particular industry might be the criteria for a group. Alternatively, maybe every member is a performer or in financial services, etc.

Second, the group needs a clear goal. A good illustration might be to help each member to enjoy a money-making and increasing firm. Or it may be to help each member to double up their business each year.

Third, your group will have to write down rules. These should include subjects such as presence, input, accountability, having only one topic of conversation at the meeting, providing backing for other members, etc. Without rules, you will find that some members will be a little too laissez-faire with their behaviour, turning up only when it suits them, or doing something elsewhen the discussion leaves their business.

fourthly, answerability is key. Nobody like the prospect of public embarrassment, and that's exactly what answering to the business mastermind will be, if you fail to follow up on your actions. The value of public accountability cannot be ignored - if you have to explain failings to a single person, that's uncomfortable. To explain to a collection of trusted contemporaries that you have "been too busy", or "forgot", will soon make you so embarrassed that you'd rather just get the task done.

Fifth, candidness. If group members are not honest and reveal what they know with you, it will be a pretty empty experience. It's the same the other way around, as well: you must share your knowledge with your fellow masterminders.

When you create a mastermind meeting that follows these principles, you have a big chance of being in a meeting that will challenge and stretch you. that means your business will develop quicker and your own skills will be stretched, too.

By: Harry Piper

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G.Harry Piper is a retired business angel with a lifetime passion for small business. Read more about the experience of a Chris Cardell's membership club member who also uses business coaching to help develop his business. This combination has helped him to achieved several times average UK sales in a very short time.