Creating a Successful Mastermind Group

Affiliate Summit West 2011 Las Vegas

Creating a Successful Mastermind GroupMastermind groups can be an amazing help to building a business – yet most groups fail. Randy will discuss WHY, and how to form a successful group to help you succeed.

Randy CassinghamFounder, MastermindSource.com

Who is Randy Cassingham?

• Online Entrepreneur Since 1994• Publisher “This is True”, one of the first for-profite-mail newsletters, still going strong• “Stella Awards” web site (crazy lawsuits) turned into major book by Penguin USA (6-figure advance)• Dozens of online businesses have generated millions in revenues• And…

Who is Randy Cassingham?

• Created the “Get Out of Hell Free” card — hybrid online/offline viral (1.4 million cards sold)

Wow: Am I Really That Smart?

• Well, no…!

• Well, maybe: I’ve also run Mastermind groups since 1996. That’s the true “secret” to my continued success.

• Well, no…!

• Well, maybe: I’ve also run Mastermind groups since 1996. That’s the true “secret” to my continued success.

• I’ll get into the specifics of how my group has helped me be successful in a bit.

What Is a Mastermind Group?

• First described to the public in 1937 by Napoleon Hill in his book Think and Grow Rich.

• Hill gives credit for the concept to Andrew Carnegie.

• Here’s how Hill described the concept:

Hill’s Description of a Mastermind GroupGAINING POWER THROUGH THE “MASTER MIND” The “Master Mind” may be defined as: “Coordination of knowledge and effort, in a spirit of harmony, between two or more people, for the attainment of a definite purpose.” No individual may have great power without availing himself of the “Master Mind.” In a preceding chapter, instructions were given for the creation of PLANS for the purpose of translating DESIRE into its monetary equivalent. If you carry out these instructions with PERSISTENCE and intelligence, and use discrimination in the selection of your “Master Mind” group, your objective will have been half-way reached, even before you begin to recognize it.

So you may better understand the “intangible” potentialities of power available to you, through a properly chosen “Master Mind” group, we will here explain the two characteristics of the Master Mind principle, one of which is economic in nature, and the other psychic. The economic feature is obvious. Economic advantages may be created by any person who surrounds himself with the advice, counsel, and personal cooperation of a group of men who are willing to lend him wholehearted aid, in a spirit of PERFECT HARMONY. This form of cooperative alliance has been the basis of nearly every great fortune. Your understanding of this great truth may definitely determine your financial status.

The psychic phase of the Master Mind principle is much more abstract, much more difficult to comprehend, because it has reference to the spiritual forces with which the human race, as a whole, is not well acquainted. You may catch a significant suggestion from this statement: “No two minds ever come together without, thereby, creating a third, invisible, intangible force which may be likened to a third mind.” Keep in mind the fact that there are only two known elements in the whole universe, energy and matter. It is a well known fact that matter may be broken down into units of molecules, atoms, and electrons. There are units of matter which may be isolated, separated, and analyzed.

Likewise, there are units of energy.

The human mind is a form of energy, a part of it being spiritual in nature. When the minds of two people are coordinated in a SPIRIT OF HARMONY, the spiritual units of energy of each mind form an affinity, which constitutes the “psychic” phase of the Master Mind.

The Master Mind principle, or rather the economic feature of it, was first called to my attention by Andrew Carnegie, over twenty-five years ago. Discovery of this principle was responsible for the choice of my life’s work.

Mr. Carnegie’s Master Mind group consisted of a staff of approximately fifty men, with whom he surrounded himself, for the DEFINITE PURPOSE of manufacturing and marketing steel. He attributed his entire fortune to the POWER he accumulated through this “Master Mind.”

Analyze the record of any man who has accumulated a great fortune, and many of those who have accumulated modest fortunes, and you will find that they have either consciously, or unconsciously employed the “Master Mind” principle.

GREAT POWER CAN BE ACCUMULATED THROUGH NO OTHER PRINCIPLE!

A Much More Workable Definition

Mastermind Group:“A small club of like-minded advanced talents

who meet periodically for mutual brainstorming/accountability sessions.”

Taking That Definition Apart

Small: One of the keys for making a group work, since if the group is too large, you can’t really keep track of who is truly contributing — and active contribution should be a requirement for the group, or why bother having them there?

Club: Simply, a dedication to be part of a group and work together under a set of agreed-upon “rules” or guidelines.

Like-minded: The group should have something in common. They might be “real estate agents” in a particular town. They might be “top commercial property real estate agents, limited to one per area so that there is no competition.” The very successful group I founded was “successful Internet-based entrepreneurs.” There could, and should, be a common religious, political, lifestyle, business sector, or other interest that ties the members together so there’s a strong sense of community.

Advanced talents: On this point, I disagree with Hill. “Success” is a nebulous concept, and can be measured by fame, income, market share, or many other factors. But a great group can be formed from beginners who support each other to get to “advanced” levels. (Then the question becomes, “Then what?”)

Meet periodically: The key here is some level of communication. In 1937, this pretty much demanded that members live in the same geographic region so they could get together in person. The Internet has changed all that greatly — for the better.

Mutual: Groups work best if everyone participates, putting in ideas and help and support, not just getting it.

Brainstorming: The key to actual interaction. The whole idea is to give each other ideas and, most importantly, get synergy by combining ideas.

Accountability: When you make a commitment to someone else, rather than just think to yourself “someday”, you’re more likely to actually complete the task. Tasks like “launch the new web site” or “develop the new product” or “quit my job and finally work for myself.” If you miss too many commitments, the group will call you on it (and they should!)

What That Definition Left Out

• The need for a strong leader.

What That Definition Left Out

• The need for a strong leader.

• A requirement for “buy-in” from group members.

Why Do Most Groups Fail?

• Lack of a strong leader.

• Lack of “buy-in” from group members.

• Lack of “significant” dues.

Really? The Leader Can Charge Dues?!

• You better believe it! The group is better for it.

• The sky is the limit for dues.

• The sky is the limit.

• My members continually demand I charge more.

• The sky is the limit.

• My members continually demand I charge more.

• But: you have to prove the group’s value before members will be willing to pay “significant” dues.

How Does it Work?

• My main group, which I started in 1999, has a focus of “Successful Online Entrepreneurs”, all leaders in their particular niches.

• Wide variety of niches: e-mail publishing, social media marketing, tech help, affiliate marketing, product development, SaaS, education, product sales, article marketing, consulting, real estate, Adsense sites, legal services, retail development, environmental, and more.

How Does it Work?

• Day to day communications by e-mail: 44 members generate about 35 posts/day on every imaginable topic.

• Semi-annual in-person conferences provide huge bandwidth idea sharing.

• Private web site for reference info, but I’ve found that web-based forums do not work for sustained intensive daily interaction.

How Does it Work?

• Everyone participates (or they’re asked to leave), and everyone benefits (or they won’t pay dues to stay).

• How much in dues? Nominally $1,000/year, but existing members “pay what they think it’s worth” — and many pay significant multiples of that amount.

How Does it Work?

• In my group, some members pay close attention to Google, and can give a heads up to what new things are coming down the line.

• We knew to put effort into Twitter and Facebook, but ignore Myspace and Google Buzz, long before the average site owners.

(Sorry, But No!)

The point of this is not to recruit youto my group!

My group is full.

(There is no waiting list: must be sponsored by an existing member.)

A Concrete Example

• I’m good at this (according to my group members and the group’s longevity).

A Concrete Example

• I’m good at this (according to my group members and the group’s longevity).• I was looking for a new challenge.

A Concrete Example

• I’m good at this (according to my group members and the group’s longevity).• I was looking for a new challenge.• I realized that sharing this concept wouldn’t impact my own success, but would make the world a better place.

A Concrete Example

• I’m good at this (according to my group members and the group’s longevity).• I was looking for a new challenge.• I realized that sharing this concept wouldn’t impact my own success, but would make the world a better place.• I have an amazing infrastructure behind me to help.

The Infrastructure Behind Me

• A guy with specialty in content development• Someone with experience in developing online courseware• An expert in viral promotions• Someone whose specialty is helping people switch from one career to another• Someone who knows the secrets in making online video work• A couple of social media experts

• One of the top names in online marketing• An expert in setting up blogs for maximum visibility• A top expert in affiliate marketing• The CEO of an e-mail marketing firm

…and a dozen-plus more high-level folks with other kinds of expertise I needed.

• All willing to help me, for free.

• All willing to help me, for free?

• Actually, they pay me to hang around me (and each other) because they get the same sort of help too.

• They are, of course, my Mastermind group. They were happy to answer questions and provide support as I launched on my third career.

It’s the Ultimate “Secret” to Success

• Remember Andrew Carnegie and his $300 billion fortune (2007 dollars). Bill Gates is “only” worth $54 billion (Forbes: 2010)

• He attributed his own success to his own “Master Mind” group: successful men like himself who shared ideas freely in a win-win-win scenario!

• He gave Napoleon Hill the task of bringing this truth to the general public in “Think and Grow Rich”

• I believe the fastest and biggest successes come from many smart people working together, and I believe this has always been true.

• The “Mastermind” concept is the easiest way to get the expertise you need to help you succeed.

• The best way to find the perfect group for you is to create your own.

• And it can even be a profit center in itself.

• By helping you to create a group, it increases the success existing in the world without negatively impacting my own success, or anyone else’s.

• So to me, it’s a moral imperative that I help make that happen.

• The point is not for you to join my group, or groups I form, but rather for you to form your own group.

• I have nothing to sell you at this time (other than the idea of doing this). This idea is a true win-win for you and your future group members.

• I am happy to help you learn how to create a group and get it started:

See www.MastermindSource.com for free e-mail “home study” course

Questions?

•I’m happy to giveyou one of my(in)famous “Get Out of Hell Free” cards.

See www.MastermindSource.com for free e-mail “home study” course

Creating a Successful Mastermind Group

mail home

members continually

concept wouldnt

shared ideas

smart people

run mastermind

master mind

master mind

Business

Creating Successful OER Institutional Initiatives

Creating a successful research project

Creating successful strategies for Swedish Multinational...

Creating Successful Flash Games

"Creating Ongoing Successful Retirement Plan Experiences

Creating successful, satisfying and sustainable careers in.....

Creating Successful Events @ Facebook

Creating a Successful Organization Werling Final -...

Creating successful websites_Ed Field

Creating successful retail email marketing campaigns

Creating Successful PowerPoint Presentations

Creating a Successful Chronic Care Management...

Creating A Successful Thanksgiving Campaign

Creating Successful Wetlands

Creating Successful Proposals

Creating A Successful MISP - V2