Over the last few days, I have been in a closed door Master Mind meeting with a few of the top agents launching my Less Clients More Money System. Master Mind meetings are an extremely powerful tool you can use to grow your business.
Napoleon Hill discussed the master mind concept in his book, "Think and Grow Rich." I’m hoping you have read the book. If you haven’t, go get the book! If you recall, it was his ninth step toward riches. In this book, he wrote:
"Power may be defined as "organized and intelligently directed knowledge." Power, as the term is here used, refers to organized effort, sufficient to enable an individual to transmute desire into its monetary equivalent. Organized effort is produced through the coordination of effort of two or more people, who work toward a definite end, in a spirit of harmony."
A master mind group is a small group of people who come together to help each other achieve their goals. In most master mind meetings, each person gets an opportunity to share what is working in their business. By sharing success, each participant has the opportunity to leverage success. For example, let’s say I have a specific strategy to get clients to refer more business to me. Let’s also assume that I share my strategy in the master mind meeting. As a participant, you would learn my strategy and could then apply my strategy to your business. The goal being to leverage success amongst the mastermind members.
The second part of the master mind meeting is to help each other with challenges and problems. Each master mind member gets to share their biggest challenge. The entire master mind group then brainstorms offering advice and assistance on the challenge. Imagine having a small group of successful people working on your biggest challenge! Pretty powerful….
Napoleon Hill goes on to write that master mind groups bring together "the accumulated experience" of each member. Each member of the master mind group brings different experiences to the meeting. These experiences are very helpful to other master mind members. In addition, each member has gone through some "experimentation and research" in their own businesses. Everyone has tried different things to increase sales. Master mind members get to share what worked and what didn’t work. This allows everyone to save a substantial amount of time and in some cases money.
"The Master Mind principle, or rather the economic feature of it, was first called to my attention by Andrew Carnegie, more than fifty 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 his "Master Mind.""
If Carnegie attributed his entire fortune to the "Master Mind," shouldn’t we pay attention and use this opportunity to our advantage? I started participating in mastermind groups in the beginning of 2005. My income has grown significantly since participating in these various groups.
Believe it or not, we all participate in "in-formal" master mind groups. These groups are the people we spend our time with each and every day. In many cases, these "in-formal" master mind groups hold us back. We listen to people who are not having great success financially. We inadvertently copy their actions. If you hang around people who say, "Oh, that won’t work," you’re doomed. I used to have an agent on my team who shot down ideas without fully assessing the opportunity. I was influenced by his negative assessment. Your being influenced too.
Here is my suggestion for you:
Stop participating in referral groups and start participating in Master Mind groups. Look for people who are experiencing success in their businesses. These are the people you want in your Master Mind group. Recently, I was awarded a special Fast Track 50 Award for the growth of my real estate business. I was ranked 4th on the list of 50 businesses in Northeastern, Ohio. I thought about inviting the top 10 award winners to participate in a new mastermind group. However, due to time constraints, I had to cross this opportunity off my list.
What would happen if you participated in a real "Master Mind" group? Something to think about…