Anybody with an entrepreneur’s character loves to talk with other similar entrepreneurs.  A business master-mind meeting gives you the chance to develop close, supportive relationships with a small number of business people and entrepreneurs who want to help you, as well as be given your support.

Each person in the group gets the opportunity to solicit help from the Mastermind.  In this way, you help your fellow group members and they help you in return.  Let’s explore what makes a good Business Mastermind.

Just before examining some of the definite elements of real Mastermind meetings, let’s speak to what they are not.  Countless Internet marketers are selling clubs called Elite mastermind groups, or similar.  The arrangement is for you to turn up for a teleseminar for sixty to ninety minutes in order for them to teach their ideas and methods to you.  Calls like this are not based upon the principles of the original Napoleon Hill “Think & Grow Rich” model of coming-together of members who are peers, working together to assist all people accomplish better targets.  The “big names” who have become too big to consult for solo business owners, with people like Chris Cardell, who has built a business from sales of advice as well as CDs and MP3s of phone meetings.

First, a good mastermind group is made up of compatible individuals who “fit” together.  There should be nobody in the meeting who doesn’t wisely belong.  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 business.  Or it may be to help each member to increase twofold their business each year.

Third, your group will have to write down rules.  These should deal with subjects such as presence, input, accountability, having only one topic of conversation at the meeting, providing encouragement for other members, etc.  Without rules, you will find that some members will be simply too liberal with their behaviour, turning up only when it suits them, or not get involvedwhen the conversation moves on from their issue.

Fourth, answerability is key.  Nobody like the prospect of public shame, and that’s exactly what reporting back to the mastermind meeting will be, if you fail to complete on your actions.  The value of public accountability shouldn’t be disregarded - if you have to make excuses to a single person, that’s awkward.  To report back to a meeting of trusted colleagues that you have “been too busy”, or “forgot”, will rapidly make you so mortified that you would rather simply get the work done.

Fifth, openness.  If group members are not honest and share what they know with you, it will be a pretty empty experience.  It’s the same in reverse, too: you must share what you know with the mastermind group.

By creating a mastermind meeting that follows these concepts, you’ve got a big probability of being in a meeting that will challenge and stretch you.  That means your firm will expand faster and your own capabilities will expand, too.

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