“No Man can become a permanent success without taking others along with him” – Napoleon Hill

Serendipity is a beautiful thing. If you pay attention then at times it puts together various happenings around you in an interesting perspective that usually leads to inspiring ideas or solutions to pressing issues.

One such thing that happened this week to me involved what Napoleon Hill, the original personal development guru, called Master Mind principle. Hill has covered this extensively in his thought provoking and immensely helpful book ‘Napoleon Hill’s Keys to Success : The 17 Principles of Personal Achievement’.

Since the time that I heard his audio book couple of years back, I have been enamored with his mastermind principle and it was in my thoughts when I received a newsletter that also touched upon this subject.

Later in the week I had a long discussion with a friend regarding the due-diligence that he is conducting in order to buy a company and merge with his own. During the discussion it dawned upon me that what the two of us were doing was following Hill’s principle.

Similarly I had another meeting couple days earlier with another business acquaintance in which we exchanged business ideas. These meetings were perhaps informal mastermind group discussions according to Hill’s principle but their impact were quite beneficial to all parties involved.

What is a Master Mind Group?

The Master Mind Principle involves coordinating efforts of two or more persons in order to create a synergistic environment that leads to the attainment of specific objectives. Mastermind groups could be formed for specific business objectives or for personal goals.

In such a group like-minded people come together to attain a common definite objective. The group determines early on what each member would bring to the table and what he or she would get out of it. The members establish a plan and schedule for each member to make specific contribution. The keys to success of such groups are the definiteness of purpose and plan.

Is It Like Mentor Group?

One may be tempted to compare them with mentor groups but that is not accurate. Unlike mentor groups there is no coach in the mastermind group. Also there should not be too much disparity in terms of intelligence, experience and knowledge of group members.

The idea is for members to benefit from each other’s contributions that means each member should bring to the table what other perceive to be beneficial. If that is not the case then the group may not last for long.

Is It Like Brain Storming Sessions?

Though there are some similarities but the mastermind group meetings are not necessarily brainstorming sessions. However much one
may try but one would be able to always eliminate the level of hierarchy within brainstorming groups. Since they are formed within an organization brainstorming group members have different level of authority over other members. Also, they come together because of official reasons and not out of their own volition.

The mastermind groups are formed between individuals who respect each other and who come together voluntarily. There is no hierarchy
either within the group or in the interaction of the group members outside the group.

What it has to do with business planning?

You may ask that and I think a lot about this. The primary purpose of planning is to think through a particular endeavor. When you are planning for a business you need to understand all the issues involved. You need to get feedback on your ideas, see your ideas from different perspectives and brainstorm. For planning you find out about similar business situations and glean lessons from them. You seek expert advice on specific issues. You try to avoid the mistakes that were made when similar initiatives were undertaken.

A properly formed mastermind group with specific purpose of business planning provides this and much more. It brings together a think
tank with experience of launching similar business endeavors, with access to resources needed for the initiative and helps you get moving forward when you get stuck or get mental blocks. It gives you food for thought and keeps recharging your intellectual batteries.

Master Mind Principle is a great concept. We all do it in one form or other, though for short duration. They are more effective
when they are organized formally. They are also a critical success factor for many successful people and there is no reason that you should not be one of those successful people.