The idea of a master mind group was first conceived and put into print by Napoleon Hill, the author of Think and Grow Rich.
The concept was inspired by Andrew Carnegie, an American steel millionaire who surrounded himself with a support system of about fifty individuals who formed a “think tank” with the specific purpose of manufacturing and marketing steel.
Carnegie accredited his entire fortune on the advice and help of this support system and on the power that it gave him. The concept of a master mind group is that two heads are better than one, and for practical purposes the ideal size of such a group is six to eight people, though there is some thought that a group may consist of as few as three. There are two types of master mind groups today – there is the group that has been set up to help an individual to achieve his goals and there is the group where all of the members support each other in achieving their goals. Groups can be run by themselves or they can use the services of a facilitator who may or may not be paid, depending on the group, and who acts as a catalyst to the group.
A major requisite component of such a group is to find a group of people that have similar focal point values and goals to yourself. The secret of having a successful support system is in choosing people to join the group who all have the same interests at heart. They should each have the goal of seeking to achieve financial success, but at the same time their talents should not be identical.
By having multiple talents on call within the master mind group they can be made the most of more effectively.
Even though they can all contribute and be passionate in attaining financial freedom, the small difference between each one will not do any harm to the team as a whole, and should be encouraged to be noticeable. When a high-quality wealth creation team has been formed and is working well together, each individual benefits in a way and to an extent that he would not be able to attain when working solo.
Having a motivated master mind group is no good unless the group is communicating with each other. Good communication is vital within the team, who must each understand clearly what has to be achieved. Meetings are typically monthly or fortnightly, and can either be in person or virtual. Meetings usually open with members giving an account of their present state regarding their goals, and this is followed by a question and answer session and suggestions as to how to proceed further towards individual goals are tabled.
The undertaking of every member of the team is both to learn, and to exchange support with others.
There is usually a side benefit from these meetings that results in personal development of the individuals.