Business Mastermind Group – Episode #76

by Richard Wilson on July 30, 2011

The following video is borrowed from our BusinessTraining.com platform and was originally recorded for our business management training program.  If you read the title of this video and thought, what is a mastermind group?  Don’t worry, in the following video I explain the mastermind concept and how you can use it in your business management.

Video Transcript/Summary: The strategies and tips provided within this video module include:

  1. A mastermind group is a group of 5-7 professionals who meet once a week over the phone.  Usually, you meet once a week via phone and one person each week talks about the troubles and issues facing his or her business, then the other people on the call give advice and suggestions on how he or she should resolve the issue or improve the business.
  2. Start forming one right now.  I’m sure that you can gather people in your industry very easily to form a mastermind. 
  3. Ideally, the people that are joining your mastermind group are at least as successful as you are so that you are learning from them.  
  4. Make sure the mastermind group meetings are free-of-charge.
  5. Meet weekly.  If you meet monthly you will have less time in rotation each year, so I suggest a weekly meeting.
  6. Keep the team very diverse so that you can all benefit from each others’ different experiences and perspectives.
  7. Require an accountability report.  The person who was in the “hot seat” last week should report on how he or she used the advice given in the last mastermind group meeting.

I regularly hold mastermind group meetings and I have benefited tremendously from others’ perspectives and advice on the problems and decisions that I face in my company.  I strongly encourage you to form a mastermind group if you have not already done so. 

Thanks for joining us, and I will see you again soon,

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