October 10, 2022
 —  
Marketing

What is a mastermind group?

Josh Little
Co-founder & CEO

We’ve studied thousands of successful groups on Volley and personally interviewed more than 100 of the top mastermind group leaders worldwide–many of which charge six-figures per seat.  One group has an astonishingly high retention rate going over 8 years without losing a single member (each paying $1,000 per month).  Another is doing over $20 million in revenue from multiple groups.

In these interviews, we asked the tough questions needed to discover the secrets of what makes these top mastermind groups so successful.  We even joined a few of them ourselves to have a closer look.

What we found is that the top 1% of mastermind groups in the world closely follow a very similar recipe.  And we want to share that recipe with you so that you can achieve the same level of success.

But first, let’s start with some context about masterminds.

What is a mastermind?

Napoleon Hill first taught the concept of the “mastermind” in his book, The Law of Success, and expanded upon the power of a mastermind in Think and Grow Rich. He learned the mastermind principle from Andrew Carnegie, who hired Hill to document the strategies that turned him into a successful entrepreneur.

The Laws of Success by Napoleon Hill (1928)

The mastermind principle is simple.  In Hill’s own words, it’s “the coordination of knowledge and effort in a spirit of harmony, between two or more people, for the attainment of a definite purpose.”

This principle applies the old adage that “two minds are better than one.”  And if two are better, then what about three, or four, or ten?  That’s exactly the concept.  When driven people pool their collective intelligence and wisdom in a spirit of harmony, it creates a mind greater than the sum of its parts, a mastermind.

Imagine having the power of ten smart and creative people that you trust and admire helping you overcome the unique challenges of your business and helping you achieve your goals.  That’s the power of a mastermind.  And that’s precisely what we’re going to teach you how to create.

What a mastermind is not.

A mastermind is not a group chat, party, community, retreat, regularly scheduled call, or a waiting room in your funnel.  Often these things are incorrectly labeled “mastermind” to give them a false sense of purpose.  

Just because a group of people had a conversation about something they are passionate about doesn’t mean they participated in a mastermind.  And just because someone asked you a thought-provoking question while on a retreat, doesn’t mean you participated in a mastermind.

As we said before, the top mastermind groups in the world follow a specific recipe that makes them a powerful vehicle for transforming the individuals who participate in them. 

Why launch a mastermind?

If you've made it this far, then you're likely very interested in launching a mastermind. The upside to using a mastermind as a vehicle for teaching is that it's fairly quick to get started. Unlike a course or a book, you don't have to spend the next 6-months to a year slaving away in a dark room by yourself. Modern communication tools, like Volley, allow you to monetize your experience faster than a course, Youtube channel, book or an in-person event.

Launching with Volley also allows you and participants to engage asynchronously on your own schedules. So while it is still a lot of work, we think it's the best option available for entrepreneurs, coaches, consultants, and creators to monetize their experience and help others find the type of transformation you've already unlocked.

This is part one, in a four-part series on creating your very first mastermind program. Stay tuned for future posts covering the basics of building your very first paid group program or mastermind community including the following topics:

Part I: What is a mastermind group? (above)

Part II: How to start a mastermind group.

Part III: Members, Pricing, & Launch Plan

Part IV: How to run a mastermind group...successfully.

Josh Little

4x Founder, Tinkerer, Tenor, Brinemaster. CEO of Volley.

About the Author

Josh Little started his career as a teacher then moved into sales training and education roles at three Fortune 500 companies before making the leap into entrepreneurship. Over the last 15 years, Josh built four successful tech companies (Maestro, Bloomfire, Qzzr, and Volley) that have improved the lives of hundreds of millions of people and been able to consult with some of the top brands in the world. He has a firm believe that a great conversation can change your life and with Volley he's making them easier to have anywhere, anytime.

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