Home Biz Notes

MasterMind Groups - Home Business Catalysts

by Jean Murray on January 16th, 2009

I heard about the concept of MasterMind groups many years ago, when I read Napoleon Hill’s book Think and Grow Rich. Participating in a MasterMind group can be a great way to get support and creative ideas for your business and the group can be a catalyst to the growth of your home busines.  To learn more about these groups, I interviewed Karyn Greenstreet, President of Passion for Business; Karyn trains MasterMind group facilitators and she facilitates MasterMind groups.

What is a MasterMind group?
A MasterMind group is a small group of people - 6-8 usually - who get together on a regular basis with a facilitator, to bounce ideas off each other, challenge each other.  The purpose of the group is not just to give advice to each other, but to ask good questions and help clarify problems. For example, one member of the group might say, “I’m having trouble getting enough time for myself,” and ask the group for suggestions.  Or someone might have a hard time letting go and delegating to employees.  The group can challenge the person to make changes in her leadership style.

A MasterMind group is not a class where people are led by an instructor.  It’s not a group coaching session, and it’s not a networking/referral opportunity, although networking is sometimes a result.  A great MasterMind group contains a diversity of people with a common interest.  For example, the MasterMind group I belong to includes other business women: a chiropractor, a graphic artist, a professional author, and a professional songwriter.

What is the benefit of a MasterMind group for home-business owners?
It can be really lonely running a home business; you really need to know there are other people to connect with, people who understand.  Working alone at home, you get isolated in your thinking and you may lose creativity.  You get into a single-track though mode, and it helps to have people to bounce things off.

One of the other benefits of a MasterMind group is that the people in the group all see the world in different ways.  A graphic designer, an EBay business owner, might have ideas that are new and creative to share with each other.

Being in a MasterMind group is a great opportunity for you to step out of your “box” and figure out your life and your business.  The people in the group are not family or friends, so they have no other agenda.  They are together for mutual benefit.

Can you participate in a MasterMind group by phone?
Certainly.  Many groups use teleconferencing to meet.  The group members can be anywhere, as long as they can agree on a time to meet.

What makes a successful MasterMind group?
For a group to be successful, the members must be committed and willing to participate.  Groups can week as often as you like, but all members must commit to being at all meetings.  And everyone must participate.

Does a MasterMind group need a leader?
Not a leader, but a facilitator.  Having a skilled facilitator, someone who is skilled at running a group, keeps the group together and helps with difficult situations.  The group is more likely to fall apart if it doesn’t have a facilitator.   The facilitator makes sure everyone gets an equal amount of time to give and receive.  Some groups have a bully, who likes to argue or dominate conversation.  The facilitator can keep that person from dominating.

What kind of people should you not have in a MasterMind group?
As I mentioned above, bullies can be difficult.  People who are intensely quiet and not willing to express opinions can also be difficult, but they can be drawn out by a skilled facilitator.  People who aren’t into the process, who are not really trying to participate, can be a problem; these people may need to be asked to leave, or they self-eject.  The facilitator’s role is to be aware of personality types and use skills to bring the group together.

How do I find or create a MasterMind group?
If you want to be part of a local group and meet in person, you can find people; most medium to large cities have many groups.  A big-city Chamber of Commerce may have a list.  You can also search online.  If you can’t find one, create one.  (Karyn didn’t mention it, but using social media like Twitter or FaceBook may give you a lead on a group.)

You might look at the MasterMind groups on The Success Alliance.  The January groups are full, but you can sign up for a waiting list for the next group sessions facilitated by Karyn.  Or you can find an online MasterMind group led by another trained MasterMind facilitator (go to TheSuccessAlliance listing).

Thanks, Karyn!  I’m ready to join.

___________

More about Karyn: Karyn Greenstreet is the President of Passion For Business, LLC. Karyn is an internationally-known speaker, author, and self-employment expert who has taught business and personal development topics to over 250,000 people worldwide.  She is extraordinarily passionate about helping self-employed people to create the life and business they want.

Karyn has significant experience in starting and running home-based and self-employed businesses since 1981.  She has had successful businesses as a professional wedding & portrait photographer, owner of a recording studio, personal growth instructor, and owner of Passion for Business.

Tags: Karyn Greenstreet, MasterMind groups

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