A mastermind circle is a group of individuals with common goals and interests that surround themselves with each other for the purpose of goal setting, sharing ideas, strategizing, and providing inspiration so each member can more easily reach his or her goal. One of the most important things a mastermind circle does is provide accountability. The members hold each other accountable to do the things they said they would do. Mastermind circles can meet or speak as much or as little as the group decides, but successful people will often communicate with their mastermind circle at least weekly.
In an interview, Tiger Woods revealed that he, Michael Jordan and Charles Barkley speak either in person or on the telephone at least once a week. They speak of matters pertaining to not only sports but also business and finance as well as life in the public eye. The fact that Tiger Woods plays one sport, while Michael Jordan and Charles Barkley played a different sport, does not negatively impact their mastermind circle.
In the book The Inner Edge:The Ten Practices of Personal Leadership, Joelle Kristin Jay and Howard J. Morgan noted these points about the mastermind circle"
- A mastermind is not a networking group. You are not trying to get business from your mastermind, and they are not trying to get business from you.
- A mastermind is not a mentorship. Although your mastermind members share characteristics with the wise and trusted counselors we call mentors, they are not the same. Mentoring relationships tend to involve a one-way teacher to learner dynamic. Mastermind members are peers who see each other as equals.
- A mastermind is not political. You are not trying to develop any kind of power coalition in a mastermind. The purpose of the mastermind is not to join forces but to encourage the betterment of each individual member.
Benjamin Franklin is credited with creating the first mastermind circle. His “Junto” started many social institutions in Philadelphia in the 18th Century. Some of Benjamin Franklin’s greatest ideas got their start in the Junto. The Junto Club eventually grew into the American Philosophical society.
In Hill Harper’s book, The Wealth Cure: Putting Money in its Place, he thoroughly recommends forming a mastermind circle in order to build self-confidence, success, and all aspects of wealth. He suggests seeking out people who have similar talents and/or levels of success. All members should want to make this year better than the last, and they all should have the desire to reach their goals as quickly as possible. When this group works the way it’s supposed to, everyone comes out of the meetings feeling inspired and ready to tackle their most complex problems and paralyzing quandaries. This book was very inspiring to me because it just makes sense. If great leaders in history, sports stars and celebrities have credited much of their success to a mastermind circle, then it seems that it makes sense for entrepreneurs to create one. Some people may have a mastermind circle and don’t even know it. If you do not have one, then why not start one?