Why MasterMind Groups Fail - Beejal Parmar

The concept of mastermind groups appeared first in a book Napoleon Hill wrote in 1937 called 'Think and Grow Rich'. In this book he explains mastermind groups to be groups of people who get together on a regular basis to talk about their challenges; be it business related or personal challenges. This is also where the concept of brain storming appeared, where a bunch of people would pool in their intellectual resources to arrive at insights or solutions to the posed challenge, where the wisdom of the collective would provide data of greater applied value that that of a single person. Though Napoleon Hill gave significantly clear directions on how to implement the mastermind concept, certain critical factors were not addressed, and these factors also happen to be the main reason why mastermind groups fail. These critical factors are three in number- leadership, agenda and actually showing up for the plan meets and each of these influences the other.
Leadership
For any group system to function effectively, it cannot function without direction, focus or anyone to implement the direction firmly. Leadership is critical for mastermind groups to work, even if it is a meeting of peers, one can take it further by emphasizing that having a vice president to step in when the leader is away, would also be essential. Having someone in charge to see to it that everyone shows up for the meets and sticks to the agenda will benefit in the survival and effectiveness of mastermind groups. Leaders need not always be leading sessions; they can shift as the agenda of the sessions shifts.
Agenda
Having people arrive at the meet but not having any specific to talk about beats the point of creating a mastermind group. For any mastermind group to work effectively, an agenda must be set for every meeting. A 'Hotseat' must be presented to the individual whose challenge will be the center of all discussion until met with plausible solutions, resources or new dimensions to the challenge. It is also helpful to have the group reference to a common document, this could be a book, an article, or any form of information, so that everyone is on the same page, and can progress together from there, keeping the sessions more focused and consequently more effective. If mastermind groups are adjourned weekly, then it is wise to keep one person's challenges or one topic of discussion standard for the entire week. Challenges should be tackled one at a time and not all at once, even though our busy schedules would be tempted to try to squeeze in as much as we can, but doing that doesn't serve the idea well. However if there is something of greater importance to be discussed immediately, then do ask for the mastermind group to make some time for those matters to be discussed.
Showing up
This is by far the biggest factor that leads to the failure of mastermind groups. In a world where time is money, people always have something popping up in their schedule the last minute. However if the idea is to really get the best out of what a mastermind group can offer, then situations must be created that suite everyone's schedules where the sacrifice is on the minimum. It is possible since there are many mastermind groups of extremely busy people who still manage to slip the sessions as part of their schedules, purely because they understand the value of these sessions. Showing up need not be face to face with the technological aids we have today.
Conclusion
In conclusion, mastermind groups will succeed if structured well and implemented with sincerity by setting leaders, a definitive agenda, where there is an individual on the hot seat whose challenges will be the focus of the discussion along with a common document that can reference to by the entire group and of course being present for all sessions live or virtually.

Beejal Parmar.

 Personality Success Blueprint.
Beejal Parmar facilitates several mastermind groups and retreats for entrepreneurs all around the world. Beejal Parmar is a speaker, author, business coach/consultant and mastermind facilitator. He specializes in helping his clients better understand their personality, how to match personality with the right opportunity, and how to evaluate objective timelines with personality.
To learn more visit http://PersonalitySuccessBlueprint.com

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Look For Profits Off The Beaten Path

Maybe you can profit in some way from the dog and pony show.

Maybe you can build a directory, or a hub of some sort.  If there is no industry association, make one.

Maybe you can teach a common or uncommon skill better than anyone.

Publish your specialized knowledge, whether it is "hot" now or not.

Dog the professional doggers.  For a fee of course.

What can you turn common stuff into that can be sold?

Go against what "they" say and talk to visionaries, futurists, forecasters, tinkerers, and geeks, and see what these "oddballs" say.  Don't color outside the lines. 

There's a list of over 60 small time business ideas at www.renegadeuniversity.net  take a look.

Own Your Day - YOU Choose How You Feel

To really get the juice out of your life today:

- own your day
- own your thoughts and feelings
- resolve that you are the one who decides how you feel
- chase your dreams and ambitions with all your heart and soul
- forget condescending opinion judgment, and noise - kill your TV
- fill up a sheet of paper with your favorite life experiences and put down things you'd like to do.  Pick an item off the list and do it.
- No excuses, no compromising.  Do what you can.

Make a to-do list, and get to work.

You own this day!

How To Become a Billionaire (Revistited)

Ah, one of my favorite topics, going against "the gods," and stretching for ten figures.

1) Your  product itself needs to be viral.  Your product needs to be so good your customers talk, demonstrate, and explain the need for it.  If your product helps your customers with a human or business need, this is a plus.  If there isn't competition now, there will be before long.

2) GHM.  Look into growth hacker marketing (GHM).  Back to your good product; Your customers need to talk about it, and the growth of your sales needs to be "built in." There are a lot of GHM ideas available online.  Programming is a part of GHM, so learn the appropriate language, or hire a programmer who gets GHM.

3) Talk to your customers and target customers.  Go where your customers go and get an idea of their lifestyle, demographics, etc.  Tailor your pitch, advertising, and site design based on what you learn.

4) Remember "so you can."  Buy this device, so you can have 10,000 songs in your pocket (like Apple). Get this product, so you can x.   Try this and see how it works. (H/t Frank Kern).

5) Fortunes have been built in technology, as you know.  But the failure rate is high...keep this in mind.  Brian Tracy says to be prepared to climb from peak to peak.  In my estimation, I'd say this is good conditioning.

6) Let's switch to finance.  There are large numbers of hedge funds, and private equity firms.  But some of the said entrepreneurs can hit a 10 figure net worth.  One question to ask is: how are and how might hedge funds innovate in the future.

7) I'd say it's a plus if your business has a global reach.

8) Find out what your customers, your target customers, and your competitors customers need and want.  Try to find out what they will want in the near future.  Don't overlook businesses, and government(s) as customers.  Look to have at least one significant trend at your back.  Identify this trend when or before you begin your feasibility, and market research.

9) As it is written, "work on your business, not in your business." This means you use technology, contractors, temps, and employees to do day to day tasks.  Avoid high-tech and well credentialed hoodlums.  You want positive people who share your vision and who get results.

10)  Lastly, let's look at ethics.  Be sure you are being honest and fair with everyone involved with your firm (stakeholders).

Are you overwhelmed?  The learning never stops.  Whether you insist on a billion dollars, or maybe enough to see the world, come check out www.renegadeuniversity.net Take a look in the bookstore for titles on GHM, and other vital reads.

Investment Mistakes to Avoid

If you can't find anything worth buying, keep money on the sidelines.  You can wait for the next recession or pullback if you want.  You could wait for short term misfortune to strike a company, and maybe swoop in and buy.

Years ago, after coming off a good trade, I looked for the next.  I researched a lot of picks and found nothing.  Prices were generally high, and I heard nothing interesting from my newsletters.  When this happens: don't force a trade. And also, don't look for long term investments while the market is high.

It's probably a good idea to do what you are good at, I.e. your job, rather than wade through talk, opinion, and noise. 

Spread your money around, have some cash on the sidelines, and keep up on your companies.

Oh, and microcaps usually aren't a great deal at all.

A Primer On Stock Selection Part 2

- Stock repurchase plans, or buy-backs, can lift the price of a stock.  Buying a stock before the repurchase program is announced should result in a nice pop.
 One problem with stock buy-backs however is the company could use the money to make acquisitions, perform research, or make any number of investments.

- Here's something not to do:  don't buy a stock of a company you know nothing about in the name of diversification.  Stick with what you know.  If you have a concentrated portfolio, its not necessarily a bad thing.

- Again, study each new pre-IPO that is going to be listed on the NYSE or NASDAQ.  Try to determine which newly listed companies have the best chance. It's tougher than is sounds to choose a long term winner. 

- If you're looking at a company that is unprofitable, you obviously want to determine if the co will ever be profitable.  If you buy shares of a company losing money and then if news hits the firm is now in the black, I bet your shares popped a lot. 

- Make sure the companies and funds you research have demographic or other trends at their backs.

A Primer on Stock Selection

Here are several steps to take for choosing a good stock.

- Has the company paid a dividend for years? Has the company increased dividends consistently for years?  Stocks that pay dividends tend to perform better.

- Read the company's 10Q and 10K reports for the last three years. These reports will give you an idea as to strengths, weaknesses, opportunities, and threats the firm faces.  You gamble when you pick the winner.

- Has there been significant insider or institutional buying of the stock?  This could be a good sign.

- If the company sells necessities, you should be safer, especially if you buy during a recession or correction.  Companies that are "game changers" are more risky.  Read the news and 10k and 10q reports on the game changing companies.  Learn about the product for yourself. 

- When someone gives you a stock tip, a special report, or other pitch, one of the first things I'd do is research the competition.

You can find the answers to the questions posed above at Yahoo Finance, Seeking Alpha dot com, and at your brokerages web site.

This post gives you a good start.  But you can't stop learning.  Circumstances keep changing.
Happy trades to you, until we meet again. (LOL)   

How To Find the Right MasterMind Group For You

Some people equate leads groups with mastermind groups and this drives me Bonkers!! They could not be further apart. The purpose of a leads group is to exchange leads, and to create cash flow for the founder (in all honesty). The point of the Master-Mind is to share real-life business experiences with other business owners to impact the bottom line of their business.
When you are ready to join a true MasterMind, here are five things to look for.

1. It is well run. The facilitator's job is to create a structured, yet safe forum for candid, strategic discussion that can have a big impact on their business. When someone in the group is allowed to hide, or go a full meeting without saying a word, the facilitator is not doing their job of including everyone. They should also be skilled in time management to be sure that everything on the agenda is either covered or re-prioritized for a future date.
2. Members are open and honest. If members are not open to feedback and trying new things, they will bring the entire group to an uncomfortable stall. THe whole point of the 'master-mind' is to leverage what is in everyone's heads. If someone is stingy and not willing to be forthright or give hones (aka hard-to-hear) feedback, you're no better off than having coffee with your buddies. You should be comfortable exposing your under belly to your team and be open to seeing others.
3. There is commitment and accountability. It's one thing to WANT to make a difference in you business, it's quite another to take what you've learned and apply it. Yes - it's hard to change things, but it's the ONLY WAY to get different results than what you're getting today. I've had clients implement new systems with their staff. Did the staff resist? Of course. But the owner had to stay the path and be committed to change.
4. It's exclusive. I most enjoy groups that are limited in size, and each person applies for their seat in the group. It is a privilege to be a part of highly functioning MasterMind. (See #2 above). Unless there is an opening, there is no "guest day" or membership drive. The focus is totally on YOU and your business.
5. Education is provided. You can't possibly read all the business books that are available to help you in your business. Part of the group purpose is to provide education that is timely and credible. Personally, I think this is one of the best thing about my groups - I am able to read each person in the group and provide education that each person can apply immediately in their business. From interviewing skills to handling difficult situations to marketing strategies, business education is just as important as the technical skill required for the business to succeed.

As your business grows, so must your management and leadership skills. We provide education, consulting and mastermind groups for small business owners. Learn more at http://www.AlignedPerformance.com.
Leigh-Ann Zaharevich has been training and coaching people on productivity, leadership and communication for over 20 years. She is based in Lafayette, CO.

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How Can You Get Funds to Settle Debts Or Start a Small Business?

I added 7 new ideas to this page on how to get money fast.

Many big businesses started very small.  Look at the list at the link above, and get started on an idea there.  If you are smart, or have a large network, or if you can really work, or all three, you could be in luck.

Hopefully you'll find a couple ideas that suit you.  It's better than being a slave.

Keep Keyword Selection Simple ...

... just describe the information that is on each page.

Use three search phrases, like this:

Let's say you have a page with money saving ideas.

I'd do these three search phrases:

easy money saving ideas, painless money saving ideas, how to save more money

Never add unrelated search phrases/keywords to your meta description.

Describe the contents of your page as accurately as possible, and try to think of the words the search engine user will enter on Google or Bing or Dogpile, to find your site.

Mandatory MasterMind Challenges

Personal development, money, personal power, and quality of life are obviously high priorities for most MM members.
MatserMind groups need to issue challenges to each other.  What kind of challenges?  I will give you a bunch.

- Talk to 10 hot women a day.  Pay each a compliment or ask for her number.
- Question assumptions.  Maybe your MMG is operating under a false assumption.  Maybe you want to stick your nose where others are minding your business that is actually yours.  Maybe you should push some authority to answer questions about a minor scandal or conflict of interest in your life.
- Face a fear.  Facing any fear could be good. 
- Learn a new skill, or anything new to you.  If you have just been kicking ass and looking at taking is easy for a while, start something new.  When you're green you grow.  When you're ripe you rot.
- Take baby steps towards your BHAGs (big hairy audacious goals).  Your BHAGs are what really get you moving. 
- Take steps to enhance the numbers.  This could be more reps, more miles, more practice...
- Creatively abandon the superfluous, if need be.  Enjoy more or profit more without the busywork.

The possibilities for growth are pretty much endless.

I hope this helps you.

Fight The Good Fight

Millionaire Time

NEVER Lose Faith - Never Give Up

What did Jesus say about faith as small as a mustard seed? It will move mountains.  The fact that you can have tons of faith must be a big plus.

I was reading a personal development book over the weekend, the author (who I can't remember) urged his readers to never lose faith.

You might not move a mountain.  But things and people can change.  You can pound away at a problem like a miner digging a mine, or like a sculptor.