5 steps on how to create a world class mastermind group
A mastermind is a small curated group of people who meet regularly to help one another achieve their goals.Being part of a mastermind was definitely in my top 3 decisions I made in 2020.Unfortunately masterminds are not very common
A mastermind is a small curated group of people who meet regularly to help one another achieve their goals.Being part of a mastermind was definitely in my top 3 decisions I made in 2020.Unfortunately masterminds are not very common, I hadn’t even heard of them while I was living in America.Keeping the quality of participants high and consistent is key so it’s better to not join some random one across the web. If you can’t easily find a mastermind group a good strategy could be to set one up.Ive put together some practical advice on how to get started.
1. Identify your niche. What theme of your mastermind? It helps to go niche to keep the group focused and indenting true experts. Remember vague input leads to vague output. Entrepreneurship isn’t niche enough in my opinion.
2. Create a short list Find 20 experts on the topic. You can go ambitious here (ambitious is good but keep it realistic. Ben Greenfield probably doesn’t want to join your wellness mastermind). LinkedIn could be a good tool depending on the niche. I would try to keep it to 2nd degree connections for some personalization but it’s not a must.
3. Gather interest – keep it short, email is good and a few lines of context at most. If they express interest you can jump on a zoom to give more context. Remember people like being part of like minded community and don’t like being sold. You’re only looking for 6-8 people. 10 max. Keep the group small to increase value add.
4. Consistency is the trick – the secret to a successful mastermind is consistency in both meeting frequency and participation. I would recommend meeting every week for 60 minutes for a minimum duration of 3 months. The value grows exponentially with time. Find a way to keep everyone accountable and participation high.
5. Loose structure strictly followed – agreeing on some guidelines on the structure prevents people from going off into story. Be mindful of time. A good structure to begin with is 15 minute intro, 40 minutes hot seat or skill sharing, 5 minutes accountability and follow ups (if any). If you have more than 6 people consider 90 minutes.
Head of Risk and Data at Bank Novo