The Seven Secrets of Successful Masterminding

Why form a mastermind group to generate ideas for financial freedom? If you are serious about being hugely successful in business, you must form a mastermind group. I know you are serious, otherwise you wouldn’t be reading this. I used the method of masterminding to go from being unemployed to being a millionaire in under three years. And so can you.

All great achievers over time were part of a mastermind group. People like Thomas Edison, Henry Ford, and Charles Schwab. Edison and Ford both had little education. However, both were extremely successful in business because they used a mastermind approach. 

New and better ideas come from the mastermind, which Napoleon Hill refers to as the “Third Mind.” The Third Mind is created when two or more minds come together focused on a common cause.

I have formed several mastermind teams. The teams range from 2 to 12 people and focus on different areas: investing, growing your business, marketing, and authoring books. Each group has a specific focus.

I will share with you the seven secrets to create and maintain a successful mastermind group:

1. You must have a team with a variety of viewpoints and backgrounds.
2. Pick a leader to guide the group.
3. Develop a common goal.
4. Have an agenda.
5. Keep an open mind.
6. Dedicate a set time and have regular meetings.
7. Have fun.


People on your team must come from different industries or areas of expertise because you want different perspectives.  When building on, combing, or rearranging ideas from different perspectives, a better idea is usually formed.  Some of the best ideas I have received were formulated using a mastermind team. I have published two books, Wealth Without a Job and Profiting in Turbulent Times, using the mastermind method. The powerful concepts came from using the Third Mind, which comes from the mastermind team.


Pick a leader for teams of five or more. The leader guides and keeps the team on track and helps everyone stay open-minded
during the idea-generating process. This is critical to the team’s success.


Develop a common goal. A team is effective only when the outcome or goal is clear. Most mastermind teams lack vision and a common objective and thus fail. 


Have an agenda. An agenda is critical and keeps the mastermind team focused during the meeting.


Each member of the mastermind team must remain completely open. When ideas are first presented, just write them down without editing. After all the ideas have been expressed, examine each one. Build on each idea to come up with better ideas.  Then pick the most effective idea and take action.


Effective mastermind groups meet weekly, bimonthly, or monthly. Consistent, regular meetings are essential. At bare minimum, the group must meet once per month, otherwise momentum and enthusiasm decline.


Have fun. This is the most important element. If you and everyone in your mastermind are having fun, the quality of the ideas will go up.

Remember the seven secrets to a successful mastermind team and go out and take action now. Action is required to achieve your goals. So go ahead and come up with some big goals and put your mastermind team into action.

To your success!

Written by :
Meet and Grow Rich : Joe Vitale and Bill Hibbler

Quotes for the day:

"The dictionary is the only place where success comes before work.  Hard work is the price we must pay for success.  You can accomplish anything if you're willing to pay the price."
*-- Vince Lombardi

"You must learn from the mistakes of others. You can't possibly live long enough to make them all yourself."
*-- Sam Levenson 

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