Mastermind Groups: Three Reasons Why Business Mastermind Groups Fail To Deliver
If you've been in the business world for any length of time, you've probably heard of business mastermind groups.
Napoleon Hill wrote about the power of the mastermind in his classic book Think and Grow Rich.
To quote Hill: "No two minds ever come together without, thereby, creating a third, invisible, intangible force which may be likened to a third mind (the Master Mind)".
The power of this third mind, the Master Mind, is why so many small business owners seek out business mastermind groups.
Yet far too many of these groups either fail or never get off the ground.
There are three reasons why business mastermind groups fail.
One reason is that tracking down people who are willing to form a mastermind group is very time-consuming.
Potential group members have to be available, with time to commit to such a group.
Then there is the work involved in coordinating and scheduling meetings, ensuring everyone knows the ground rules and setting a time and a place best for everyone.
Anyone who has tried to organize a meeting for six to eight people knows how much work is involved in getting everyone together in one room at the same time.
And for a business mastermind group, this would be required every couple of weeks.
When you're running your own business, the time used to organize a team of people is time taken from your business.
The second reason for a mastermind group to fizzle out is the shortage of members in a group.
For a good "mastermind" to be created, having four to six members is best.
Too small, and the group doesn't have the synergy needed to propel participants forward; too large, and the group becomes unmanageable with not everyone obtaining the feedback that is so valuable --there just isn't enough time for everyone.
The third reason a mastermind group fails is the lack of commitment by its members.
Successful groups are comprised of members who join the group with the intention of contributing.
Members who actually show up week-after-week joined because they are searching for the interaction and synergy of others who also run their own small business.
If a business person joins because they are simply looking for others to help them - without a willingness to take the time to contribute to others in the group - then the mastermind group will be short-lived.
The same can be said of a member who joins to "give it a try".
Chances are this type of member will expect immediate results without realizing that the group needs time to generate the synergy of which Hill speaks.
Napoleon Hill wrote about the power of the mastermind in his classic book Think and Grow Rich.
To quote Hill: "No two minds ever come together without, thereby, creating a third, invisible, intangible force which may be likened to a third mind (the Master Mind)".
The power of this third mind, the Master Mind, is why so many small business owners seek out business mastermind groups.
Yet far too many of these groups either fail or never get off the ground.
There are three reasons why business mastermind groups fail.
One reason is that tracking down people who are willing to form a mastermind group is very time-consuming.
Potential group members have to be available, with time to commit to such a group.
Then there is the work involved in coordinating and scheduling meetings, ensuring everyone knows the ground rules and setting a time and a place best for everyone.
Anyone who has tried to organize a meeting for six to eight people knows how much work is involved in getting everyone together in one room at the same time.
And for a business mastermind group, this would be required every couple of weeks.
When you're running your own business, the time used to organize a team of people is time taken from your business.
The second reason for a mastermind group to fizzle out is the shortage of members in a group.
For a good "mastermind" to be created, having four to six members is best.
Too small, and the group doesn't have the synergy needed to propel participants forward; too large, and the group becomes unmanageable with not everyone obtaining the feedback that is so valuable --there just isn't enough time for everyone.
The third reason a mastermind group fails is the lack of commitment by its members.
Successful groups are comprised of members who join the group with the intention of contributing.
Members who actually show up week-after-week joined because they are searching for the interaction and synergy of others who also run their own small business.
If a business person joins because they are simply looking for others to help them - without a willingness to take the time to contribute to others in the group - then the mastermind group will be short-lived.
The same can be said of a member who joins to "give it a try".
Chances are this type of member will expect immediate results without realizing that the group needs time to generate the synergy of which Hill speaks.
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