The goal of a Mastermind Group should be to work in a collaborative or win-win fashion. Members in good standing must be able to contribute to the business growth of other members.
To develop this win-win atmosphere, an atmosphere of trust among members is of paramount importance. This can be accomplished with the use of a non-disclosure agreement (NDA). This is a binding agreement signed by Mastermind Group members who agree to never disclose any of the information or literature that is shared at meetings with anyone outside the group, unless given permission of the contributor.
Next, Rules of Engagement must be established. Here are seven points that outline how a Mastermind Group works:
- A mastermind group meets on a monthly basis, at a location and on a schedule (date/time) determined by its members.
- Members consist of like-minded professionals, in non-competing or shared professions, who recognize the benefits of networking with other professionals in order to reach their personal and professional goals.
- Members set personal and professional goals to help create balance in their lives.
- The mastermind group will create a “mission statement” to identify their purpose for meeting.
- A mastermind “business scorecard” can be used to help measure and create accountability for group members.
- The mastermind group will set goals to extend their reach within the community and to further the purpose of the group.
- It is vital that every member participate in group discussions, share ideas, information, and give feedback for the mastermind group to be effective.
It’s important that members understand that a Mastermind Group is organized to encourage and support each other’s personal and professional goals. This cannot be accomplished if members are highly critical of others and consistently giving negative feedback. Instead, members need to leave each meeting feeling uplifted and motivated to achieve the goals they have set.
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