Do you have a “Master Mind” group?

January 24, 2011 | By | 27 Replies More

Napoleon_Hill_MastermindIn Napoleon Hill’s book, Think and Grow Rich, the ninth step towards riches is called “Power of the Master Mind”.

If you haven’t read this classic yet, add it to your reading list immediately.

Many of the most influential people in business attribute much of their success to this one book.

I’ve probably read it 8 or 9 times now… and just started reading it again. Because as Jim Rohn says, “Repetition is the mother of skill.”

Let me give you a quick background on the book… then we’ll dive into what is meant by the “Master Mind” principle and why it’s vitally important to your success, and we’ll finish up with steps on forming your own Master Mind alliance group.

Think And Grow Rich by Napoleon Hill

In 1908, as part of Napoleon Hill’s work for a magazine, he interviewed Andrew Carnegie. Carnegie’s company, US Steel, was the first billion dollar company in the world…. and he believed that success could be distilled into simple principles¬† that would make it attainable for anyone to achieve great financial success.

Carnegie commissioned Hill to go on an exhaustive 20 year study of 500 of the most successful people of their time.

Hill interviewed Henry Ford, Theodore Roosevelt, John D. Rockefeller, Dr. Alexander Graham Bell, Charles Schwab, Thomas Edison, among many others…

… and in 1937 published, Think and Grow Rich, which would become one of the most influential and best-selling books of all time.

This work is referenced as the “science of personal achievement”. And yes, it’s a science.

The “Master Mind” Principle

Hill says…

“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.

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.”

After 20 years of studying the most successful people in the world at his time, he realized that if you analyze the record of anyone who has accumulated a great fortune (even those who accumulated modest fortunes) either consciously or unconsciously employed the Master Mind principle.

So, if you’re not currently in Master Mind group, it’s time to form one… asap!

How to Form Your Master Mind Alliance Group

Here are a few simple steps to form your Master Mind group…

Step 1 – Read Think and Grow Rich

Step 2 – Define your Master Mind group’s purpose

Maybe you decide that your purpose will be to forward your own and other member’s real estate investing businesses.

Step 3 – Set a goal for when your first meeting will be

Step 4 – Invite potential members

If you don’t know who to invite, it’s time to start networking.

If you’re group is going to focus specifically on real estate investing, start by going to your local REIA meetings. Call all the real estate investor marketing in your area… seek out like minded people who want to grow their businesses through cooperation… and invite ’em to participate in your Master Mind alliance.

Step 5 – Decide when, where, and how often you’ll meet

I’m in a Master Mind group that meets quarterly in person. We have four members (all biz owners) – a publisher, an attorney, a musician, and myself. We rotate where we meet based on where each member lives.

I’m in another that meets monthly by phone.

Alrighty, now get out there and form your Master Mind group.

If you have any questions, comments, or thoughts, toss ’em in the comment area.

– Patrick

P.S. – One of my Master Mind groups met recently in Cabo… gotta love “work” when it calls you to a beautiful tropical location :-)

Check out this little video from the weekend…

Pretty cool, eh?

P.S.S. – If you’ve decided to start your own Master Mind group and follow the steps outlined above, tell the world about it in the comment area. Who knows… maybe you’ll connect with someone here who would be perfect for your group.

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Category: Cool Stuff, Personal Development, Tips and Tricks

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  1. James Orr says:

    You’re right on with this Patrick. Forming a Mastermind group is one of the things that has had a huge positive impact on my business (and personal) life. I strongly recommend it for all investors to get connected with people that will help hold them accountable and grow. I just got a call from another fellow investor about putting together a new group on Thursday; very exciting stuff.

    Thanks!

    • patrickriddle says:

      You’re welcome James.

      Great to hear you’ve gotten a ton from using the Master Mind principle too. And that’s definitely exciting to have a new group coming together.

      Thanks for stopping by and sharing with us :-)

      Let’s catch up sometime soon.

      – Patrick

  2. Jay says:

    I have attended different ones and they are very educational. I invited my two REI partners to a networking event I found called Club Entrepreneur and we will meet with CEO or promoter in Phoenix next week to see if we can start our own in his office space. It is pretty big office and networking goes on a weekly basis. I will let you know the outcome.

    Jay

  3. Jay says:

    I have attended different ones and they are very educational. I invited my two REI partners to a networking event I found called Club Entrepreneur and we will meet with CEO or promoter in Phoenix next week to see if we can start our own in his office space. It is pretty big office and networking goes on a weekly basis. I will let you know the outcome.

    Jay

  4. Jose J says:

    i have this audio book “THINK and GROW Rich” by Napoleon Hill

  5. Jose J says:

    i have this audio book “THINK and GROW Rich” by Napoleon Hill

  6. I started a Mastermind group last year for the same purpose in the Washington DC Metro area, it was one of the best business decisions I have made.

    • patrickriddle says:

      Great to hear Angela. Amazing how much a good Master Mind group can help!

      – Patrick

    • V Covarrubias says:

      I want to form a mastermind group tell me how you did it!

      • patrickriddle says:

        Hey, I’m not sure exactly how Angela did it… but the steps I suggest are outlined in the article above. If I can help with any specific questions about the process, let me know.

        – Patrick

  7. I started a Mastermind group last year for the same purpose in the Washington DC Metro area, it was one of the best business decisions I have made.

  8. Shae Bynes says:

    Great post, Patrick! The combination of having an accountability partner (we interact multiple times a week) and a mastermind group is really powerful. It has made a big difference for me in these past couple of years and I consider it to be a critical to success!

    • patrickriddle says:

      Glad you enjoyed it Shae.

      I’m with you on having an accountability partner… great combo!

      Thanks for stopping by and sharing your thoughts :-)

      – Patrick

    • patrickriddle says:

      Glad you enjoyed it Shae.

      I’m with you on having an accountability partner… great combo!

      Thanks for stopping by and sharing your thoughts :-)

      – Patrick

  9. Shae Bynes says:

    Great post, Patrick! The combination of having an accountability partner (we interact multiple times a week) and a mastermind group is really powerful. It has made a big difference for me in these past couple of years and I consider it to be a critical to success!

  10. strugglinginvestor says:

    I am apart of a mastermind group of about 10 people but it is a part of a coaching program I am in. This group is great, but because we have a coach involved we tend to always want to get advice from the coach instead of brain storming together.

    That being the case, I’m gonna start a MM group on the side of just investors who are at the same level so we can all grow and share our ideas. Masterminds are very powerful for sure.

    • patrickriddle says:

      Yeah, I think that’s a great idea Scott.

      There’s a lot of benefits when everyone is contributing and pulling their brains together to help each other.

      – Patrick

    • patrickriddle says:

      Yeah, I think that’s a great idea Scott.

      There’s a lot of benefits when everyone is contributing and pulling their brains together to help each other.

      – Patrick

  11. strugglinginvestor says:

    I am apart of a mastermind group of about 10 people but it is a part of a coaching program I am in. This group is great, but because we have a coach involved we tend to always want to get advice from the coach instead of brain storming together.

    That being the case, I’m gonna start a MM group on the side of just investors who are at the same level so we can all grow and share our ideas. Masterminds are very powerful for sure.

  12. Tutul_st says:

    I am glad to see it. I think it is so easy to form a Master Mind Alliance Group & it will be productive for all.

  13. Tutul_st says:

    I am glad to see it. I think it is so easy to form a Master Mind Alliance Group & it will be productive for all.

  14. Cefblau says:

    So how are you all doing in these groups, is it efficacious or just a lot of fruitful conversations which is enough to stay onboard? Share a snippit of your pro/cons if you will…