Mastermind Groups

Master Mind Hotseat

Master Mind Hotseat Graphic

On Last Thursday’s SPI #98 Jamie Tardy of Eventual Millionaire was Pat Flynn’s  guest as she is releasing a new book on becoming a millionaire. What else would she release a book on after spending the past four years interviewing millionaires and talking on the common traits they all have that lead to massive financial success. Although the book should be totally worth reading with massive potential for gold nugget mining, I was intrigued by the talk on Master Mind groups at the end of the interview.

Pat talked to Jamie about their mastermind that they have had the past four years. The same four years that Jamie has interviewed all of the 130 millionaires that contributed to her new book “Eventual Millionaire”.

“Mastermind groups are the most important thing in my business besides my audience.” – Pat Flynn of Smart Passive Income from SPI podcast #98

What attracted Pat to join her mastermind was that she had a format in place. He said that the masterminds that he had been going to, although great, were just too informal and were just turning into frisbee golf sessions and not a lot of business talk. He found Jamie’s schedule and format fresh so he gave it a try.

Some Rules- No Excuses!

  • Commitment- Miss two meetings in a row and the group can vote you out. After all, it is about showing up.
  • Confidentiality- Nothing that is said in the group is said outside of its confines. What we hear here stays here.
  • Format- We stay to the format but can change it temporarily or permanently with group consensus. We recognize the format is in place to help all Masterminers to get the most out of the meeting.

The Format

They spend a little talking about their format (same format I started our group with) and how it goes.

First they start with the wins. Then they go into the “hot seat”, one each meeting, their meetings are an hour long. What I found interesting was the person who runs the meeting is the person who had the hot seat from the previous week and they rotate that task.

Next the actual hot seat, where the member can bring an issue to the table and have the minds work on that issue. Sometimes it’s super simple other times its more challenging. The Masterminers help challenge “huge mindset issues” to help move the person past resistance and struggles.

To get breakthroughs to happen the group helps by giving constructive criticism to move the member past their limited mindset.

Lastly they finish up with there goals for the following week.

Pat then spoke about having a private Facebook group that archives the groups development. This Facebook group keeps the connection going throughout the week. They also spoke about sharing the new tools that come up for use in their business, kind of like our “tips and tools” part of our meeting.

“You guys are like family to me, I’d do anything for you guys and I know you will do anything me” -Pat Flynn talking about his Mastermind with Jamie Tardy of Eventual Millionaire

All in all it reinforced the fact that a good master mind group can lead to huge growth both personally and professionally.

This June I will have had my group the Monday Morning Mastermind Group going for our first year. We have some great business entrepreneurs and I  think it’s a great resource to keep my goals and visions in front of me. We meet in person and these people have been a great resource.

I get called out in my stuff and it reinforces my mind stuff that would have me start pursuing that fresh exciting new idea. I can see the need to “Follow One Course Until Success”. Keep the FOCUS. Thank John Lee Dumas for that one.

This week I’m having to cut some old members from the inner resources to honor the group who are showing up. I think it recognizes the fact that those members who have not shown up in months are not current members of my mastermind.

They won’t have the internal messages we share throughout the week but are welcome to come and join us in person. I think it’s a win win. It honors the current mastermind members by giving them a safe resource to connect throughout week and stops reminding those that have left the group of the group.

My hope going further is to have some of the success I see from Jamie and Pat’s Mastermind. I hope in four years I too can look on fondly of the time and people I spend my Monday mornings with. Having built a successful online business. Only time will tell.

Please go ahead and pick up Jamie’s book “The Eventual Millionaire”, as well.

Thanks for taking the time to read my blog. If you have any comments on this article or site please put them in the comments below.

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