The Billionaire Mastermind represent a form of peer coaching and mentoring group.
The Origin and Development of the Mastermind Group Concept
The notion of Mastermind Groups was popularized by the author Napoleon Hill (1183-1970). Hill was commissioned by the American industrialist Andrew Carnegie in 1908 to interview over 500 of the most successful people of his time and aggregate a general formula for business and life success. The project took Hill twenty years, and in 1928 he presented his multi-volume course “The Law of Success”.“
Think And Grow Rich suggests thirteen steps towards riches. The Billionaire Mastermind researched the top ten billionaires of the world and their strategies for success. The word mastermind is introduced for describing the synergies that can be created when several human minds unite to work towards a common specific goal, where the whole in terms of mental power represents more than the sum of its parts.
The whole is viewed as an invisible, additional force called the mastermind.
Uniting several minds for a purpose
Masterminding has probably been practiced since the beginning of mankind in some way.
The Characteristics of a Mastermind Group
- Mastermind Groups typically consist of 3-6 members
- The members meet regularly, and the presence of each member is obligatory
- The meeting frequency is typically monthly, bi-weekly, or weekly
- The meetings (sessions) can be in person or virtual (phone, internet)
- The Mastermind Group has one common purpose
- The purpose can be to support each member in reaching their personal goals
- In each session each member receives a time slot for presenting their current state
- All other members can comment on what was related by the member in the slot
- The one member can be asked questions and guided to a solution of issues at hand
- Other members can offer support and resources beyond the scope of the session
- Each member commits to actions to be carried out until the next session
- The members keep each other accountable
- The members not only talk about tangible aspects, but also about e.g. mindsets
- The task of each member is to learn, and to give and receive support
Personal development is a declared expected benefit
Some of the characteristics have emerged with the advent of the internet and its virtual qualities; some are related to a growing understanding of how the success of individuals can be achieved.
Advantages Mastermind Groups
- It’s an easier way to offer coaching to more people
- Along with getting coached, members develop core skills in coaching
- Members often receive more diverse forms of feedback
- Members often receive support and networking
- The peer coaching group can be much less expensive
Establishing and Maintaining High Quality Mastermind Groups
In order to make a Mastermind Group work and to get the optimal benefits out of it, a certain group culture is necessary that incorporates elements and values like mutual respect, curiosity for the lives and goals of the other members, benevolent support, and a nonviolent, question-driven communication style.
Apart from that there has to be the element that is known as “tough love”, because sometimes members have to be challenged in a way to help them move towards their goals.
In order to sustain or establish such a MMG culture, it is essential that the members are aware of the importance of the group culture, and that the necessary knowledge and skills are planted and grown during each of the meetings, as well as in communication acts outside of the actual sessions.
Gifted or trained individuals in the group
Bring elements of culture into the sessions, or the members adhere to accordant guidelines. In case none of these factors is given, a trained coach can facilitate the meetings, or a subset of the meetings. A requirement for this model is that the members are willing to seek and accept feedback, reflect on it, and take responsibility for creating change. Then selfdirected learning is possible and the coach can have a lasting positive impact on the group beyond the meeting when he or she is present.
The coach could moderate a meeting and act as the timekeeper to ensure that each member gets their time within the length of the session. Apart from that the coach’s more important mission is to convey what culture and style elements are useful and needed to make the sessions most beneficial for the participants. One way to do this is to actually demonstrate how an issue that a member has brought to the group can be dealt with. The other way is to subsequently explain what was done and how. Verbalizing and reflecting on the used methods can help the members to pick up coaching tools and thinking, and incorporate it into their way of acting within the Mastermind Group. Find out more here.
The Best Part
Mastermind Groups only fulfill their promise of assisting their members in business and life
If a supportive group culture can be established within the Mastermind Groups, so the group you join should be chosen by what you want to achieve or become. This culture comprises a nonviolent and inquisitive communication style as well as the use of results and tools developed, used, and promoted by the coaching profession.
In order to reap the most benefits from being in a Mastermind Group, members of a group are advised to study coaching tools and/or bring a trained coach into the meeting. The role of the coach is to demonstrate supportive ways of interaction and problem solving, and to subsequently verbalize what was done in order to provide a second way to mentally access and incorporate the demonstrated principles.