Mastermind is the Ultimate Executive Collaboration Tool
The concept of Mastermind has been around since we began recording history, some 5,000 years.
My father was part of a mastermind when he fought in World War II. It’s when two or more people work together for a common solution.
In my 2014 Amazon best seller, in Women and Business, CHAMPION: 21st Century Women: Guardians of Wealth and Legacy, I cite the key benefits of using the mastermind tool in business executive and leadership training.
The book was written in simple statements and translates much of the lengthy explanations you will find in Napoleon Hill’s classic, Think and Grow Rich.
7 Key BENEFITS of a Mastermind
1. Collaborative tasks and talents. By sharing talents with mastermind participants, you get to focus on your expertise.
2. Reduce learning curve. Because others are supporting you with their expertise and wisdom, you don’t have to trade your time to learn ‘everything.’
3. Gain experience, skill, and confidence. Practice gives us experience and skill. Continued successes and business traction builds our confidence in our ability to be a successful business owner.
4. See real visible progress in business. When you are focused on your business goal and not distracted by tasks that ‘need doing’ that are not your expertise, you can calculate business growth.
5. Instant, valuable support network. You are not sure which company provides the best service. You can pick up the phone or send an email to your mastermind partners and get a trusted instant answer.
6. Consistent accountability system. The best results come from touching base with a ‘partner’ several times each week. Both people have the goals of the other to assure tasks are being met on time.
7. Develop values of integrity, honesty, and compassion. When you are trusted over time and you do what you say you will do by when you say you will do it, you are developing character and real authenticity.
Interesting Facts About Masterminding
Did you know that Andrew Carnegie (1835-1919) considered the greatest industrialist in the United States attributed his entire fortune to the power accumulated through his mastermind?
Entering the steel business in the 1870’s, “In 1901, he sold the Carnegie Steel Company to banker John Pierpont Morgan for $480 million.”
The personal proceeds he received for the sale of his company was equivalent to about one per cent of US GDP at the time. In proportionate terms that would make Carnegie richer than America‘s two wealthiest men, Warren Buffett and Bill Gates, combined today.
According to Napoleon Hill, author of Think and Grow Rich, the best selling self-help book of all time, mastermind is defined as the “Coordination of knowledge and effort, in a spirit of harmony, between two or more people, for the attainment of a definite purpose.”
Hill, Napoleon (1936). Chapter 10, Power of the Master Mind, The Driving Force in J. Ross Cornwell (Ed.) Think and Grow Rich! The Original Version, Restored and Revised. 2007 (177). Chula Vista, CA: Aventine Press.
Thornhill, John (2014) The story of Skibo, Andrew Carnegie‘s Scottish estate.
Financial Times www.ft.com
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