MASTERMIND GROUPS
December 4th, 2007 by Tish Johnson
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Some of these ideas came to me via NJ Shelsby. NJ is a fellow Rotarian, Tower Club member and friend. In fact NJ and H fell in love at my beach house in Pacific Beach! Here are some of the tips NJ shares for starting a Mastermind group.
The group should provide the structure, accountability and support for its members to significantly grow their businesses.
In researching successful mastermind groups, these are the ground rules others have identified as ingredients for success:
1. In order to create a trusting, supportive environment there must be absolute confidentiality of what is discussed.
2. All members should be treated with mutual respect (even when they aren’t there to hear).
3. Attendance is very important because not only do the team members miss your valuable input but they miss out on all the ideas your input spurs from the other members.
4. The meetings should begin on time even if some members are late.
5. To ensure that everyone gets equal time - bring a timer. It is important that when your time is up to move onto the next person. Any hanging items can be finished up at the end of the meeting.
6. Members shouled alternate taking meeting minutes.
7. Many groups have all members bring a resource to share with the group at each meeting. This could include a great vendor, a suggestion of a great book to read, etc.
8. Track your progress with a simple tracking sheet.
9. First 20 minutes of meeting is for eating and socializing. Divide the remaining time between members in 25 minute blocks. Report on Progress - 5 minutes; help from the team brainstorming, resourcing, skill sharing, moral support - 15 minutes; Homework assignment - 5 minutes.
SET GOALS
Set goals you would like to meet in the next 3-6 months. The goal should be big enough to excite you. Reach outside your comfort zone and come up with an aggressive one. Be specific. Instead of “increase sales” try something like “increase sales by 20%” and measure it with a tracking sheet. Most important - include when you wan to reach your goal.
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The Author: Tish Johnson
About: Tish Johnson is a Seattle native; through her real estate printing and marketing company, she identifies properties and markets them through networking and print marketing to secures buyers. She is also active in markets in Dallas Texas, San Diego, CA, Grays Harbor County, WA. Specializing in out of state buyers looking to gain a presence in the Seattle and Northwest Markets, she also works with developers to build green housing/developments for use in independent living facilities.
This entry was posted by Tish Johnson, on Tuesday, December 4th, 2007 at 11:42 pm and is filed under Featured, Marketing Tips, Club News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response below.
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December 11th, 2007 at 4:50 pm
Tish, this is great information to share. I have been in two great Mastermind groups in the past. As a big fan of author Napoleon Hill, who wrote “Think and Grow Rich” plus “The Master Key to Riches” and others - Hill spoke quite a bit about mastermind groups.
Any of his books are a great read.
December 14th, 2007 at 3:26 pm
This is what happens when you post well to this blog:
Type: real estate mastermind groups : into Google, to find this article already on the first page results!
January 8th, 2008 at 1:23 am
I had done exactly as the last commenter said and found this on the first page of Google. Congratulations.
Many mastermind groups can be self-sustaining, but there is lots of experience and some academic research that one of the main reasons they fall apart is lack of structure and someone to facilitate the group. Team dynamics can be challenging, and many groups evaporate rather than deal with them. The other main reason they fall apart is that “there’s a jerk” in the group. Another reason for professional facilitation.
Having a team to work with is so important to me that I segued out of my solo consultant practice to work with Team Nimbus, a small business development and strategic planning firm that helps small business owners through peer-advisory groups–aka, mastermind groups.
Lorette Pruden
lorette @teamnimbusnj.com
908-359-4787
January 8th, 2008 at 12:58 pm
Your mastermind groups, Loretta, should all have a Social Media System like this one!
Israel Rothman 925-913-0024
socialmediasystems.com
June 8th, 2008 at 10:31 pm
I look forward to having some members of seattle network attend the mastermind circles I’m starting in Seattle, Poulsbo and virtually.