The Power of the Mastermind Group and How to Build Your Own

If I asked you to share your greatest business idea with the rest of the world and gave you 6 minutes and 6 seconds to do it, what would you say? Well, I just returned from a mastermind Euro-trip in which each member did exactly that. It was unbelievable!

I want to share with you some of my insights, tip, and strategies on how to run your own mastermind group. If you are interested in starting your own, or if you are interested in joining an existing group, this information will be very valuable.

The Power of the People

Twice a year, our mastermind group goes on what we refer to as a Euro-trip. We go to Europe to meet and just chill for a couple of days. Our most recent trip was to Sant Pere de Ribes, which is about 20 miles from Barcelona. It was an amazing trip with an amazing group of people.

We rented a huge accommodation in a small village with about eight different houses. It was a beautiful setting; a really relaxing, peaceful place. Our Euro-trip schedule always includes time to kick back and enjoy each other’s company. I will share more of the details of the weekend with you in a later podcast, but for today’s purpose, I will explain the basic schedule that our meetings usually follow.

The Mastermind Euro-Trip Explained

Our weekend trips to Europe typically start on Thursday afternoon and run through Saturday morning, with the remainder of Saturday being a time for relaxation. Thursday’s schedule officially begins with a share time from 4:00-7:00pm; however, most people arrive around 1:00pm and have lunch together. The share time is not something I coach; I am just a facilitator. This is a time for everyone in the group to share what is working well for them. We may get an obscure marketing technique or a mindfulness technique; a wide variety of ideas are shared that are working well for different people. This time, we had an awesome share time with our group! We ended the day with dinner near the beach, drinks, great food, and great people.

Friday was a full day. We started with breakfast and then from 10:00am-1:30pm we shared our personal insights from the day before. The unbelievable part, though, was when each person had to share their greatest business idea in six minutes and six seconds as if it were recorded for the whole world to see. It was a tough subject, which required a lot of thoughtfulness. Imagine six billion people would see your message…what would you say? What would be your greatest lesson to share?

The messages we heard were magical. For some, it was really intense and emotional. For others, it was practical. Imagine the amount of notes we took because we were getting the best pieces of advice other true masterminds had to offer.

We closed with a one-word idea from each person that summarized the meaning of his or her message.

After enjoying lunch at the beach house, we spent the afternoon doing “hot seats.” Each person asked a question and received answers from the whole group. This was great because not only did the person asking the question get great ideas, but everyone else did as well.

I hope you will join me for my podcast later in the week when I will share all of my notes and the details from this Euro-trip. It really is powerful stuff!

In addition to these basic ideas of how a mastermind meeting might look, I also want to share information with you how to start your own group. I want to give you the key factors involved in forming a successful mastermind.

Selection, Selection, Selection

'Choosing the right people is the most important part of having a successful group.'

My mastermind is a group of 14 people who were personally selected by me. Choosing the right people is the most important part of having a successful group. I personally go through every application. It is a requirement that their business have at least 500,000 euros in sales. For some entrepreneurs, that is a huge amount, but for a true mastermind, it is not a lot. In fact, we are probably going to raise that number to one million euros soon. So, two things I look for in applicants: do they seem like a good fit? Do they meet the euros requirement?

Once I narrow down the applicants, I have a personal conversation with them. No one ever enters my mastermind without me knowing them pretty well, and most people — I would say 99% of people — are not the right fit. It really is cherry picking for me.

It is extremely important that I really like them. They have to be great, fun people. There are no strict rules, I just need to feel good around them, and I need to feel that they are right for our group. After having a personal conversation with them, if I see that they are right for the group, then they are invited to join.

Our mastermind members are different from each other in many ways. For example, we have an investor who recently invested millions of euros in a new fund; we have someone who is into gardening; another who is a health guru; one who has a multiple seven-figure business with 40-50 employees; and another who does not have many employees, but makes a lot of money. The mixture of different persona and profiles is what makes the group so amazing.

“The mixture of different persona and profiles is what makes the group so amazing.”

Just remember, selection is the key. The worst thing you can do is say, “Hey, who wants to join my group?” It is better to have a 3-person mastermind with three great people than to have a 12-person mastermind with eight great people and four people who add no value to the group.

The Foundations of Mastermind

There are two types of investments required for members of my mastermind: financial and personal.

Do not be afraid to ask your members for a large financial investment. Mastermind is not cheap — well, actually I think it is cheap, because you get so much out of it — but I do ask for a high price to attend my mastermind.

I also require a personal commitment to attend all of the meetings, be fully present, and give your best. My mastermind includes Euro- trips twice a year, in addition to six times a year we have a meeting at my office or a location in Holland. These meetings are usually four to five hours in the afternoon, then dinner and some fun stuff afterward.

Those are the basic foundations of the Mastermind. We also have a mastermind What’s Up group, which is really valuable as well. We share cool ideas on a daily basis and we organize other events whenever we want. For example, last week we went to Carre, a theatre in Holland. Another time, we went to Door de bank Genomen, which is a Dutch show about the banking crisis. What’s Up? makes a great addition to mastermind.

Just remember, you must have a strong facilitator because there are many big personalities in the group and they need a boss they will listen to, who can organize and facilitate.

I hope you found this information helpful and remember to watch for more information about masterminds in the following days. Please, let me know in the comments if you enjoyed this information. It helps me a lot when you let me know your thoughts and rate my podcasts. In addition, if you have questions you can contact me at info@eelcodeboer.com. I check those messages about once a week.

 If you enjoyed this article, please let me know by leaving a comment below or send me a Tweet @EelcoDeBoer. 


 

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  • 30 March 2015
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