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LTM - 13. The Value of a Mastermind Team

13. The Value of a Mastermind Team

The concept of a mastermind group was first introduced by Napoleon Hill

in the 1900s. In his timeless classic, Think and Grow Rich, he described

the mastermind principle as follows:

No two minds ever come together without thereby creating

a third, invisible, intangible force which may be likened to

a third mind. . . . When a group of individual minds are

coordinated and function in harmony, the increased

energy created through that alliance becomes available to

every individual in the group.

Over the last 20 years I have been honored to serve on boards of multiple

companies. Some of my fellow board members were younger than I and

some were older. Some were men and some were women. Some

represented the United States and some represented other countries.

Everyone brought something special and different to the table.

I discovered that what seemed logical to me might not be logical to

others, and I learned to respect the differences. The value that comes

from bringing together a diverse group of people to discuss ideas, set

goals, and make decisions became evident, and I have become a firm

believer in the synergistic power inherent in the mastermind principle.

Launching the Little Things Matter blog is a perfect example. Here’s a

glimpse of my mastermind team and the process we implemented.

Step 1. Know the purpose and plan.

Before forming this team, I put together a document with all my

thoughts, ideas, and goals. It was important that I clearly

understood and articulated what I wanted to accomplish before

involving others in the process. After selecting my team

members, I scheduled our first meeting and put together an

agenda.

Step 2. Lay the foundation.

During the first meeting I reviewed my goals and plan with the

team and sought their feedback on each point. This allowed me

to gather the views from each person as I walked through the

key components of my strategy.

 

Step 3. Work in harmony.

In the two subsequent meetings we reviewed the goals and plan

for the website design. This included the sample design layouts

that my son-in-law Josh gathered. We then reviewed the

marketing brief my son Gerrid designed, the identity package

my daughter-in-law Jessica created, the Podcast plan my

daughter Hannah helped design, and finally the roll-out plan I

proposed.

Step 4. Continue consulting the team.

I continue to confer with my team members on a regular basis,

and I am confident that the success of my blog

(littlethingsmatter.com) is truly a result of the collaborative

effort of my mastermind team.

LTM Challenge

Now it’s your turn. The next time you have a project or business concept

that could benefit from diverse points of view and experiences, I

encourage you to form a mastermind team. The collaborative effort of the

team will empower you to make better decisions, expand your horizons,

produce a better project, perform above par, and succeed beyond your

expectations. While you will seek feedback from the team, remember that

you are the leader and you must be the one to run the plays.

If you want to improve your decision-making,

you would be wise to put your ego on the shelf

and seek counsel from those you respect.

LTM - 12. Making Tough Decisions

12. Making Tough Decisions

In the course of our lives we are faced with many important decisions. Do

we leave a secure job with an established company to take a higher

paying job with a new start-up company? Should I invest in starting my

own business? What home should we buy? Do we relocate to another

city? Do I stay in a difficult marriage? How should I invest my savings?

The outcome of any of these decisions will play a vital role in your

success and happiness. Make the right decision and life is good. Make

the wrong decision and things can get ugly in a hurry.

Ten years ago, I attended a leadership event where a former President of

the United States was interviewed. He explained how he makes his most

difficult decisions. Of all the decision-making processes I have learned

about and implemented, this one is the best.

A President’s Process for Decision-making

 Seek wise counsel. When he had a critical decision to make, he

brought together the highest-ranking, most valued members of his

team, including outsiders who had the greatest insight into the

situation.

 Understand the facts. With this group, the key facts of the

situation were clearly outlined so he and everyone on his team

would have a complete understanding of the challenge at hand.

 Discover all options. On a large board, the team listed every

realistic option available to addressing the situation.

 Reduce the options. After considering all available options, they

narrowed the list down to the best and most obvious choices.

 Explore the pros and cons of each option. The team then made

a list of the pros and cons of each option. After completing this

step, the top two or three options became clear.

 Focus on the cons. They dissected and discussed each con (not

the pros). The President wanted to have a plan in advance for how

he and his administration would handle each of the potential cons

if and when the situation would arise.

 Make the decision. After going through this process with his

most valued advisors, the President removed all emotions and

made his decision based on the facts.

The President was asked, ―Do you look for consensus among the

members of your team in making these types of critical decisions?”

He acknowledged he would always seek consensus among his team. He

said, ―If I bring together my best people and go through this process, I

would like for us to collectively agree on the best solution.”

Since listening to this interview ten years ago and incorporating the steps

outlined, I have made very few bad decisions. This decision-making

strategy combined with my life experiences have taught me the

importance of seeking wise counsel, to plan for the worst-case scenario,

to remove all emotion from the process, and to make decisions based on

facts and logic.

LTM Challenge

Good decision-making is similar to learning any new skill—the more you

practice, the more proficient you become. While many of your decisions

may not require seeking advice of others, at the very least I encourage

you to consider all your options and the pros and cons of each. If you will

carefully consider the pros and cons of any decision you are making and

remove your emotions, you will make better decisions.

Your life is a reflection of all your decisions—

big and small, serious and insignificant,

short-range and long-range.