Product Camp Austin on Mastermind Groups PCA13
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1. Mastermind groups involve a small group of peers who meet regularly to help each other succeed in their careers and businesses. 2. The presenter recommends creating a mastermind group to expand one's network, gain new ideas and opportunities, stay accountable, and navigate challenges with the help of others. 3. When forming a mastermind group, the presenter advises selecting diverse but like-minded members with similar goals and commitment levels, and meeting regularly with an agenda.
Product Camp Austin on Mastermind Groups PCA13
- 1. ProductCampAustin#13 August2, 2014 Mastermind Construction Zone By Thom Singer Here are the notesfrommy presentation. *80% of the people Ihave talkedtohave notheardof MastermindGroups,or are notsure what they are. NapoleonHill introducedthe conceptof the mastermindinhisbook Thinkand Grow Rich (releasedover75 yearsago). These typesof groupsgoback farther(withoutbeingcalledMasterminds) , as BenFranklinhada groupsof peerscalledJunto. *Creatinga Mastermindgroupcan take Networkingtothe nextlevel,asyouare intentionallycreatinga groupthat is dedicatedtothe longtermsuccessof all. *Definitionfornetworking: the creationof long-termandmutuallybeneficialrelationshipswhere all involvedinthe relationshipsucceedmore because of the groupthantheyeverwouldwithoutit. *if you put togetheraMastermindGroupyou are creatinga personal boardof directors. *This isnot taughtby companies,asmanyfearif you make careeradvancementapriorityyoumight leave,butsmartcompaniesrealize if youdothisyouwill be more likelytofindopportunitiesforthe company(notjust personal opportunities). *Creatingformal groupslike thisiscommonincertainindustries(Lawyers,consultants,speakers,etc) AndCEOs andEntrepreneursare active inEO / YPO andhave forums(whichare mastermindgroups.) *What thisis NOTabout: A MastermindgroupisNOT a conference,classourcourse. A Mastermindgroupisnot Magic (or the secret) A Mastermindgroupisnot coaching A Mastermindgroupisnot a leadsgroupor a networkinggroup. *Why wouldyoube interestedincreatingamastermindgroup?:
- 2. 1. It isfree. Many otherthingsyoudo to advance youcareer cost a lotof money.. 2. You are notgoingto findall the opportunityalone. HillaryClintonsfamousline Ittakesa villageistrue forbusiness,too. 3. More people tohelpyousucceed. 4. Ideas.If youstruggle to findcreative ideastoboostyourbusiness,acollective of 10people will exponentiallyaddtoyourideapot. 5. Navigate the blindspots. 6. Othersexperiencescanhelpyou. 7. Beingaskedquestions makesyouthink. 8. The people inyourgrouphave navigatedthe toughsituations(empathy) 9. Keepsyouaccountable. 10. You will findnewopportunities. I have participatedinseveral group. The firstone waslocal andconsistedof 7 people whowere al l in 20s and 30s. We had goalsfor buildingcareer and metfor 18 months. Today I am part of a groupof 5 speakers. Thisgroupis changingmycareerand alreadyhavingimpact. I have tried5 or 6 other groupsthat have workedtoa varietyof levels. Some notatall. There isa bitof trial and error to getthe right mix of people. Who to pick: 1. Diverse group,notcompetitive,trustworthy 2. Similardrive andcommitment 3. Problemsolvers 4. Gas pedal (the actuallytake actions) 5. Same level on careerladder
- 3. 6. Similargoals 7. People youlike beingaround Whento meet. Depends.Once a week,everyotherweek,once amonthor quarterly. Whateveryou pickmust workeveryone. How to meet: 1. Meet regularly 2. Have an agenda. 3. Have a Purpose 4. Give everyone equaltime 5. Dontinturpt 6. Keepoutof rabbit holes 8. Have a facilitator 9. Have a scribe foreach person 10. Have action itemsforeachpersonfor follow up *Do not tell everyoneyouknowaboutthe existence of the MastermindGroup.Itdoesnotneedto be secret,butif you talktoo muchotherswill wantto join,feel leftout,orotherwise undermine your efforts. *Findingthe rightpeople ishard,asin our societyitis toughto admit publiclythatyouare seeking morefrom yourcareer and life. Reasonsto dothis: 1. Create a focusedgroupthat keepsyouexcited(belongingwithanexclusive crew of people 2. Collaberationhelpsyousucceed 3. Have a groupof advisorsonspeeddial whoare happyto helpwhenyoucall
- 4. 4. Expandsyounetwork. The people inourmastermindwill be happytointroduce youtothe people youknow. 5. Learn newstuff. Youcannot talkwithpeersandfail to learn. 6. Expandyour viewof options.Thinkbigandgobig. If the ideaof puttingtogetheranformal groupinterests you.Then youneedtoneedto structure it carefully. Curatingthe groupiskey. The wrongpeople whoyoucannottrust,do not like,orwhowill not participate will undermine the success. Startwithone or twopeople andaddslowly,makingsure people understandwhatyouare seekingtocreate andare committedtoparticipatingandsharing. If someone isnotthe type of personwhois a givertheycannoteverbe committedtosuch a group as at differenttime the bestvalue isspreadaroundtomembers. All mustfindjoyinthe successof anyone in the group. (Jealousywill kill the vibeof the group). If someone isnota fit,theyshouldbe askedtoleave. One of myfriendswasaskedtoleave agroup because she wastoo productive andworkedtohard. It made othersfeel bad,andtheywantedmore of the social side thanthat much pressure tosucceed.