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Home » Business And Finance Articles » Tapping Into The Power Of A Mastermind Group

Tapping Into the Power of a Mastermind Group

You've probably heard the old expression, the whole is greater than the sum of its parts. This concept proves itself over and over with the exponential power of the Mastermind Group. The idea of a mastermind collective was formally coined in Napoleon Hill's classic book, "Think and Grow Rich." Hill wrote, "No two minds ever come together without thereby creating a third, invisible intangible force, which may be likened to a third mind."

Today, more and more people are harnessing the power of the Mastermind Group to help them think bigger. This concept can be applied to business, social causes, politics, relationships, health, and artistic endeavors. Combining the abilities of multiple individuals to solve problems, brainstorm ideas, seek solutions, and develop strategies creates greater results than going it alone as a "lone ranger."

The size of a Mastermind can range from two to eight members. Any more than that can get chaotic. The group can meet in person if they are in a similar geographic location. Or if the Masterminders live in different states or countries, they can also meet via a bridge line. The members of the group make a commitment to show up regularly and to contribute to each others' success.

The types of groups can be as varied as your imagination. However, compatibility is vital to the success of the group. Members should have similar interests and/or should be at a similar "level." For example, participants can be in a similar area of business like realtors or life coaches. Or the group's members can have a common goal like writing a book, building an Internet subscriber list, or losing 30 pounds.

In this way, stronger bonds are formed and the group creates win-win situations for all of its members. When selecting members, only invite participants who have a strong desire to succeed and a demonstrated ability to contribute. Your group will be the most successful when you have members who are passionate about Masterminding.

If you want to start your own Mastermind Group, here are some guidelines:

1) Define the purpose to the group: What will your objectives be when you meet? What do you want to accomplish together? For instance a Mastermind of college students could set a goal of academic excellence.

2) Decide on the groups' ground rules: What is acceptable? And how will the ground rules be enforced? One of the groups was extremely committed to attendance and promptness - we decided that if a person was late showing up for a call, he or she paid $1 per minute to your charity of choice. Miss the whole meeting and it was $60.

3) Determine the structure of the groups' time together: You can have an agenda and a facilitator. Or, you can rotate leadership. You can have freely-flowing conversation. You can also decide to have closely monitored time frames for each person to speak.

4) Plan the groups' logistics: Where, how often, and how long will you meet? When will your group start and when will it be completed? For instance, one of my Mastermind groups met every week for one hour for a period of four months.

5) State wants and needs: Mastermind groups can only reach their full potential if each member is willing to think big and ask powerful questions. At your meetings, each Mastermind group member can tell the group exactly what he or she wants - the member does not have to know how it will be accomplished. Case in point, a group member might start off - "This is Jane. I am facing a problem in my business [describe] and I need the group's ideas on how to solve it." Another group member might say, "This is Tyler. I want the group to help me develop a strategy to make me an additional $100,000 in my consulting business this year."

6) Commit to contributing: Your Mastermind group's success depends on you. Make a commitment to listen carefully, be present, show up on time, and fully support your fellow Masterminders. In this way, you exponentially increase the groups' synergy and other members will rise to your level of contribution.

Being a part of a successful Mastermind group is an enriching experience that will accelerate you professionally and personally in ways you can't imagine. You don't have to be a lone ranger and you don't have to figure things out on your own. So, don't wait to start or join one!

And here is another random article you might be interested in...

Understanding Credit Scores and Repairs

If you are applying for a mortgage, you're going to have to deal with credit scores. Here's a primer on credit scores and methods for improving them.

Credit Report

Step one in the process is making sure that you have a current copy of your credit report. Congress recently amended the Fair Credit Reporting Act so that consumers may now receive one free credit report annually. There are three major credit bureaus: Equifax, Experian, and Transunion. Since entries can vary across bureaus, you'll want to request a free report from each of the three companies. (Go to www.annualcreditreport.com)

Credit Score

It's also imperative to know just what a good credit score is. Most A-Paper scores typically begin around 680, although this number may differ slightly among lenders. Don't despair if you come up shy, there is always room for improvement. Increasing your score just 5 points can save a significant amount of money. For example, if your score is 698 and you increase it to 703, then you could save yourself thousands of dollars over time as a result of a slight improvement to your loan's interest rate.

While credit repair is necessary for some, it is not the panacea to increase your credit score. Even if you have stellar credit, you can enhance your score through these steps:

1. Evenly distribute your credit card debt to change the ratio of debt to available credit. Let's say you have a credit score of 665. If you have debt on only one card, and four additional credit cards with zero balances, evenly distributing the debt of the first card could move you closer, and possibly into, that ideal bracket.

2. Keep your existing accounts open and active. The average consumer is usually anxious to close credit card accounts that have zero balances, but doing this can cause them to lose the benefits of a long-term credit history and increase their ratio of debt-to-available credit. The bottom line is don't close those old accounts!

3. Keep credit inquiries to a minimum. Each inquiry into your credit history can influence your score anywhere from 2-50 points. When it comes to mortgage and auto loans, even though you're only looking for one loan, multiple lenders may request your credit report. To compensate for this, the score counts multiple auto or mortgage inquiries in any 14-day period as just one inquiry, so try and stay within that time frame.

Remember, credit scores do not instantly get better. Improving them requires time and diligent effort on your part, so it's a good idea to start at least three to six months prior to submitting your application for home financing.

If credit repair is what you need, you can either begin the process yourself or seek out a repair service. If you decide to make your own improvements, visit as many websites as possible to get information regarding credit laws and consumer rights. Diligently search through them and educate yourself to ensure that you don't sustain any self-inflicted wounds. A good place to start would be the Federal Trade Commission's website, which contains a plethora of helpful literature.

If you're facing severe or complicated credit issues, then you'll probably want to enlist the assistance of a professional credit repair company. Before you do, be sure to familiarize yourself with the FTC's regulations on credit repair. With over 1100 credit repair companies to choose from, it's important to be certain you are dealing with a reputable firm. Examine the FTC's information on fraudulent practices to avoid falling victim to credit repair scams.

Albeit, addressing credit issues can be uncomfortable. By taking these steps now, however, you'll be that much closer to obtaining the home of your dreams.