A New Mastermind Business Model is Here
Mastermind groups started to become popular in the early 1900’s through Napoleon Hill’s books, The Law of Success, and Think and Grow Rich. According to Wikipedia, Napoleon was the person to coin the term “mastermind” in his original book.
What is a Mastermind Group?
The traditional definition of a mastermind group typically involves 6-12 people who meet in person or virtually on a regular basis to discuss wins and challenges. Many mastermind groups are free to attend, and may be an internal group of friends or business colleagues. The successful mastermind groups I’ve been involved with over the past 20 years have all required payment.
Why Do Most Mastermind Groups Fail?
Most mastermind groups fail because members lose interest in attending the meetings. They might faithfully attend the first two or three meetings, but then distractions come into play, such as the need to travel out of town, a conflicting business meeting, health issues. The reasons why people suddenly cannot attend scheduled mastermind meetings is endless. Eventually, the mastermind group disbands.
Introducing: The Next Generation of Mastermind Groups
There is another form of mastermind groups emerging. I’m not sure there is even a name for it yet. This kind of mastermind group goes far beyond serving as a monthly meeting place, but a connection and networking location between large numbers of participants. Small groups called “pods,” are assembled, consisting of four or five members and one or two meeting leaders. In-depth and longer discussions are offered with each individual. After three months, the meeting participants are reshuffled and assigned to new pods to interact with other members for the next three months.
Here is a section of a longer interview I did with Kevin Thompson, co-founder of Tribe for Leaders and Mastermind expert, who further describes this next generation of mastermind group.
Want more tips? The full interview with Kevin is ONLY available when you join SpeakersSpeakGroup on Facebook! Click the button below to join.
In the full interview, you’ll learn how to:
- Start up and price your own Mastermind Group
- Curate people that are the right fit and will want to show up each week
- Make connections and create more revenue from it
- Balance your schedule between speaking and running your Mastermind Group
- Benefit from having “office hours”
- Find a partner that you work well with that can help you on a day-to-day basis
…Plus why NOW is the best time to begin creating your Mastermind Money Machine!