Napoleon Hill introduced the concept of the Mastermind in the early 1900’s after seeing the power of such groups among men with the last names of Ford, Firestone, Bell, Edison, and Hertz.
C.S. Lewis and JRR Tolkien are told to have been members of the “Inklings” a literary mastermind of sorts.
God has created our minds to be powerful assets within our lives, when those minds rally together in community, the results can be explosive!
Regardless of what you have heard about masterminds, I help walk you through the value of a mastermind, and why should either join one, or start your own!
If you desire stagnation, then this will likely not be the podcast episode for you.
If you want growth, development, and progress…listen along and TAKE ACTION!
Interested in a Business ON Purpose Mastermind? Stay tuned to virtualmastermind.mybusinessonpurpose.com
Business on Purpose Podcast, episode number fifty-nine. Well, it's time. It's
Scott Beebe, your host of the Business on Purpose Podcast. We are simply
here to help liberate the small business owner from the chaos of working in
their business, so that we can help you, the small business owner get your life
back. Hey, you may hear some background noise. This is the beauty of
podcasting. In this new app that we've got that we've been doing the Business
on Purpose Client Training Podcast with. That's called the BossJock App. It's an
incredible app. It gives me the ability to literally pull of to the side of the road.
I am doing this podcast in a local park. There's a road by, so you might hear
some background noise in the background. It's a pretty cool idea, neat thing
that we can do.
Hey, listen. We started the Business on Purpose Podcast, this podcast,
primarily to interview small business owners about how they integrate their
faith in their work. That podcast then kind of blossomed and bloomed into
what we know today as the Business on Purpose Platform where we have the
privilege of coaching small business owners, either one-on- one or in group
coaching in the Four Steps to Business Freedom coaching framework. All of
those ingredients, those primary ingredients of business that small business
owners rarely ever have time for, vision, mission, values, delegation, and
systems roadmaps, [work charts 00:01:28], job roles, meeting agendas, action
item sheets, etc., all those processes that are in your business, hundreds or
thousands of them. We help business owners build all of that so they can see
where their business is so they can spend less time working in it, more time
working on it, and empowering other people. That's what this podcast has
As the podcast itself has progressed, I realized that my work as a business
coach to these small business owners has provided and afforded me the
freedom and insight to gain some real pearls of wisdom from the heroic small
business owners that I get to work with. Every now and then, just like on this
episode, I take the liberty to discuss some of the topics that I see that are
impacting small businesses, frankly in a very real way.
Today, what I want to talk about is I want to talk about the priority. I'm using
that word intentionally. It's not the idea, not the topic, not the brilliant little
insight. I'm talking about the priority of Mastermind groups. I want to highlight
one thing before we dive into that topic today. We're actually soon gong to be
launching the Business on Purpose Virtual Mastermind Membership
Community. Essentially, the Virtual Mastermind is a place online where small
business owners can communicate directly with each other and directly with
me. It's not only a place of discussion and insight and discovery, but it's also a
place of real, high accountability.
Honestly guys, as I've been coaching small business owners, I've not found
that what's lacking is strategy, bright ideas, insight, etc.. What I've found that's
lacking is real, straight, accountability. Every time someone commits to do
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something in a Virtual Mastermind, they are then required to go submit their
action plan in the Action Plan Forum within the Virtual Mastermind platform
that we've got and are building right now online. Again, what I'm finding is
that business owners typically don't need more strategy, although strategy's
great. I wouldn't have a job without strategy. It's a priority. What I've found is
that the accountability is really where people need a lot of help. Just know
that that's going to be coming up here pretty soon, the virtual, the Business on
Purpose Virtual Mastermind. It's going to be an online forum, and I'll give you
more details as we progress down that path.
I want to dive into an idea that, and it's really what I want to discuss is that
priority, the importance of Masterminds or a Mastermind group or the
Mastermind concept. This is a concept that I just heard about, I don't know,
probably about a year and a half ago. I heard people talking about it on
podcasts. By the way, if you're not listening to podcasts, not just this one, but
other podcasts on a regular basis, guys at the end of the day, I rarely ever
listen to terrestrial radio anymore. Not that I'm opposed to it, but just the
opportunity to be able to learn, grow, build, develop through the podcasts,
these content that people are putting out is such a powerful, powerful way to
grow in your business, to grow personally, grow relationally, grow spiritually in
every element that we want to be able to grow in.
The podcast is an incredible platform for that, because you can do it while
you're running or changing the oil in the car or whatever, riding in an airplane,
riding down the road. It's a really great platform. With that in podcast, I'd head
a lot about the Mastermind Group and the Mastermind concept and idea. I
wanted to give you a little background into where that came from.
There is a guy named Napoleon Hill. He's no longer living. He wrote a book a
long time ago called Think and Grow Rich. Now I'm going to be honest with
you guys. I heard about this book, again about a year and a half, two years
ago. When I heard about it, my immediate response was, "I'm not really
interested in reading that book." The reason is is because we work in a part of
the world in Nigeria that has been really, really overrun by the Health, Wealth,
Prosperity Gospel. If you don't know me, you probably need to know that I'm
not a huge fan of it quite honestly. I've seen it directly, face-to- face, I've seen it
really, really give a lot of false hope to a lot of people who frankly need real
hope. If you know me of any time, you realize that the Business on Purpose
platform is built on a faith platform, of my faith. Walk with Jesus Christ, and
that's why we built some of the business the way that we built it.
Now, we work with Christians. We work with Jews. We work with Muslims.
We work with Atheists because a lot of the principles that we work through
that I've gotten from my Judeo-Christian background, from my direct
relationship with Jesus, these principles have worked into what we're doing.
That's why we have the privilege of working with so many people. I love it
because I get to see perspective that way. At the same time, this Health,
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Wealth, Prosperity thing … I know I'm getting off on this a little bit, but the
reason I bring it up is because when I read the title Think and Grow Rich, I
thought, "[Isf 00:06:28] I don't … I don't know. I don't know if I want to get
into a book like that." It's written by a guy named Napoleon Hill. Napoleon Hill
wrote in this Think and Grow Rich it's really more of a mindset book.
Now I'm using that word hesitantly because there is a movement called
Mindset that's going on right now. I don't know enough about it to talk
intelligently about it. Some of what I've heard about it's interesting. Some of
what I've heard about it seems frankly a little kind of creepy and kooky. Just
honestly. I don't know want to say that it is. I just don't know enough to talk
about it right now. That's the sense that I get from this book is that it's more of
a book about mindset. It's more a book about kind of training your mind to
think differently about business, about life, about money, about relationships.
One of the major concepts that he writes about in the book Think to Grow
Rich is the concept of the Mastermind. If you've not read this, you can go find
it on Amazon. You can find used copies or whatever. Go check it out. He talks
about this concept of the Mastermind. What in the world is a Mastermind?
Well, put very simply, let me give you a couple of big figures that you would
know: Henry Ford and C.S. Lewis. Henry Ford was a part of a Mastermind, a
group of guys. Now did they call it that? No, not necessarily. I think Napoleon
Hill put a term to it. Henry Ford would get together with guys like himself. I
can't remember specifically who was in that Mastermind with Henry Ford. It
would have been something like a Vanderbilt, these big names, a Rockefeller,
these big names that you've heard about before.
That would have constituted maybe a Mastermind like group that Henry Ford
was a part of. In fact, it was Henry Ford, Thomas Edison, Dale Carnegie, Harvey
Firestone, Charles [Rigley 00:08:25], William Hearst, and Graham Bell were all
in a private Mastermind. In some of the research that I've looked up is every
few weeks they would go away together for a day or two and just kind of take
different concepts, different struggles that they were having, different … Even
shiny objects, but they had a place for those shiny objects. They would get
together, and they would walk through and discuss those things. Because they
were somewhat like-minded in what they were doing, even though their
industries were very, very different, they were all at a similar kind of level of
whether you want to call it success or industry or whatever, where they could
They started to walk through and diagnose or uncover or talk about things to
get perspective. One of the biggest things that we lose when we get into the
entrepreneurial world or small business world or organizational leadership
world, when you get into a leadership position regardless of where that is,
what you necessarily begin to lose, not gain more of, but lose is perspective.
Now there is some perspective you do gain. You know, the higher you get on,
let's say a monument, the farther you can see. You also lose perspective of the
059- Why And How You Need To Be In A Mastermind Group Page 4 of
things that you need to have the ability to be able to see very up close and
A lot of times what a Mastermind can do is that Mastermind can start to peer
into your situation and can sometimes look at you and go, "That's really the
dumbest thing I've ever heard of," or give you perspective on saying, "Hey, I
like the idea. Have you thought about this? Have you thought about this?"
Normally bring situations that people are thinking about.
I want to walk through maybe some situations you might be going through.
For instance, you've got an employee that you might need to promote
because you feel like you're going to lose them. Well how do you do that?
Perfect topic for a Mastermind. You've got an employee that you might need
to separate, terminate. How do you do that? Perfect topic for a Mastermind. I
just, before doing this podcast, left one of the Mastermind groups that I'm a
part of. What did we talk about? Well, one of the business owners talked
about creating a new physical structure for his business. What should he do?
Well, he was barreling ninety miles to nothing down one direction, and
because of the Mastermind concept getting feedback insight from other like
people, not necessarily in his industry, but people away, he totally put the
brakes on that, and he's changing directions. He's spent money. He's spent
time putting all this stuff together, but he was willing to do that because he
had a question.
What about if you're looking to buy a business? In one of the other
Mastermind groups that I'm a part of, we had one of our members about four
or five months ago was going to buy a business for around a hundred sixty
thousand dollars. The two days before we met, he was going to write a check,
but something happened where they weren't able to meet. He was going to
write the check the next day after our Mastermind, decided, "You know what?
I'm meeting my Mastermind Group. I might as well throw this out there,"
thinking we were all going to jump in.
Boy, within about eight minutes, and that's not a lie, within about eight
minutes, he had put his checkbook back in his pocket, and the deal was off,
just because of a couple of questions that his Mastermind asked him. Literally
the Mastermind Group not only saved this guy the hundred sixty grand he was
going to buy the business for, but probably saved him another five years of
headaches, just from asking two or three questions.
What about a product change? A shift in your product or service offering?
Perfect for a Mastermind. What about personal issues that are going on?
Again, in one of the Mastermind I'm a part of, we're talking about marriage
things. We're talking about kids' things. That's not all were talking about.
There's a lot of business stuff that's going on in it as well. It's a platform to be
able to come. This is not a Bible study. I want to be very clear. For those of you
from faith backgrounds, this is not a Bible study, although the Bible is
059- Why And How You Need To Be In A Mastermind Group Page 5 of
discussed periodically. In some cases, other people's faith backgrounds are
discussed in that situation.
This is not a best practice exchange, although best practices are exchanged.
This is not just a sit around and him-haw and hang out together, although that
can happen sometimes. What this is is this is away for people to come
together, take the collective minds around the group, and say, "You know
what? We want to bring mastery to a certain subject through the collective
minds around the table."
Let me give you another insight on this. You know, it's said that at a Canadian
ox pull, at a Canadian ox pull, one Canadian ox can pull somewhere around
eight thousand pounds. When you put two Canadian oxen together, you
would think, "Well, that's … They can pull, you know, somewhere in the
neighborhood of sixteen thousand pounds." It's not true. Two Canadian oxen
together can pull around twenty-six thousand pounds. The power of the
Mastermind is putting minds together so you can get far more done in a group
than you can by yourself.
I don't need to tell you guys this. Any of you have every been involved in team
sports, it's that way. You get this. The reality is when you're a small business
owner, an organizational head, we tend to isolate ourselves instead of
surrounding ourselves. Here's the other beauty and value of a Mastermind is
things that you simply cannot bring up at work. I don't care how transparent. I
don't care how open you tell me the culture is at work. There are certain
things that you simply cannot bring up at work. In a Mastermind, you can bring
those up. Not only can you bring those up, but you're going to get valued,
valued feedback back from your Mastermind group and perspective that you
otherwise would not have had.
I thought it'd be helpful if I actually walked you through what a Mastermind
looks like. I am in … I'm a member of two Mastermind groups. One is a online
Mastermind group, where there's guys all over the country that we meet with
here in the US from all different industries. There's twelve of us in that group.
We've got one facilitator. His name's [Aaron Walker 00:14:20]. He's my
business coach. [Aaron 00:14:22] facilitates that group. We kind of follow a
flow, and sometimes we don't. We usually have a man in the middle. We
usually start the call off with some big wins, but we can get off on a topic if
[Aaron 00:14:37] determines that that topic is going to be kind of a value to at
least a few guys.
Then guys there are sometimes where we totally get off topic. One time we
had a man in the middle. One of our members was having a really hard time
with one of his sons and just needed some insight and perspective. We spent
the entire hour on a father-son relationship. It was powerful, very, very
powerful. Nobody feels slighted or anything. It's a powerful time.
059- Why And How You Need To Be In A Mastermind Group Page 6 of
That's one of my groups. We meet every week. I schedule around that. That is
a nonnegotiable. I've met with that group when I was in Nigeria twice. I've met
with that group when I was in Paris. I've met with that group when I'm on the
road. Out of fifty-two weeks a year, I've probably missed two meetings with
that group. I prioritize that meeting, because it's important to me. I need … In
order to serve you, in order to serve you who listen to this podcast, in order to
serve my clients well, I need that time. That's time that I've got to get my
batteries recharged. You need that time. You've got to have something like
Let me telly about another group that I'm a member of. It's a very informal
group. We get together every few months. We give each other about forty-five
minutes to an hour. We talk about whatever topic we need to talk about. In
fact, I just left that group. Whenever we're together, we're actually going to
increase the frequency of that group. It changes the game. I am potentially
making a significant service shift just based, I mean based on a lot of prayer
and insight and perspective and planning. Don't get me wrong. I just spent the
last four months planning this. With their insight in forty-five minutes, I'm
willing to make significant changes to that plan and what that looks like.
You need that. You need something like that where you can go to an objective
setup, bring salutation that you're going through, and offer insight. That's the
other value of a Mastermind is you're not only the coachee, but you're also
the coach in those meetings as well. You get to hone in those skills of
coaching, because you need to be coaching your team. That gives you great
practice on how to coach your team.
Okay, two other types of Masterminds that I lead myself. Those two I'm
members of. These two that I'm about to tell you, I am the facilitator leader.
One is a very, very stringent, very strict [agendad 00:17:00] coaching
Mastermind. I follow my Four Steps to Business Freedom Framework. It's a six
month termed Mastermind. Those other two Masterminds I told you about do
not have a term. These are six month Masterminds front to back. We walk
though the Business on Purpose Four Steps to Business Freedom coaching
program. It's a very action/accountability oriented group. There's homework.
We meet every week for a month, and then every other week for five months.
There's a lot of homework in that group.
I'm taking these business owners on a journey from where they're at today,
most of them are in business. Some of them are not yet in business, but
they're designing their business. We design it, either from the ground up or
while the business is actually going. We go back and retrofit everything that
they need in order to spend and to liberate them from working so much in
their business. We want to help give their lives back and build some margin
into their life. That's one type.
The second type of Mastermind that I lead is a more fluid, one hour, once a
059- Why And How You Need To Be In A Mastermind Group Page 7 of
week. We get, again virtual. We get on the horn together. We rotate man in
the middle, but we talk about various topics that I bring to the table, that I've
seen that are going on, trends that I'm seeing, anything that's happening. We
do have man in the middle, but we also talk about trends. That's also
structured in that we start the Mastermind with a big win. We always want to
celebrate what we're doing. Then we move to an action item. Then we move
to man in the middle. Then we move to our topic as time permits.
At the end of every single Mastermind I have guys, if you don't remember
anything else about a Mastermind group, remember this. Number one, there's
a definite time to the Mastermind. Do not let these things go on and on.
Create a sense of urgency and come back next time. Number two, action items
and accountability. Action items and accountability, I'm going to say it again,
action items and accountability. If you do not have action items and
accountability, do not waste your time on a Mastermind, because you've got
to see things that are happening. People's time has to be valued. How do we
value people's time? It's not only about the presence of being there, but it's
also by the action we take on the backend.
Guys, sometimes the action may be nothing at all. Maybe guys take this week.
I just want you to sit, and I want you to have some reflection time. I want you
to take thirty minutes to just simply do nothing. Sometimes that's the action
item you need. In fact, some of you are listening to that going, "Wow, I could
use some of that as well." The Mastermind is a must for you. Again, it's not a
Bible study, although you may study the Bible. You may study somebody else's
faith background. It's not a just kind of a haphazard group, although there may
be that time. It's not a family topic time, although you will talk about family.
It's not devoted to any one of those things. What a Mastermind is is to get
these minds together, and for you guys to grow together and hold each other
accountable to whatever it is that you're talking about.
All right, so that some insight into the Mastermind. I've given you some real
specific things that you can think through as you develop a Mastermind. Do
you need to be certified to have a Mastermind? Absolutely not. You do not.
What you need to be able to do is facilitate a group, and you need to be able
to have some authority in that facilitation quite honestly. Here's what you can
do. Do you want to lead a Mastermind? If so, the fist thing I would recommend
you doing is putting together a simple, bullet pointed agenda of exactly how
you want that meeting to flow. I would write down the names of ten guys who
you could see to get together. Put a price tag on it. Some of you are thinking,
"Do we put money to our Mastermind?" Without question.
As my buddy [Dan Miller 00:20:50] says, "When people … " How does he say
it? "If they're not paying, they're not paying attention." Put a dollar figure on
it. Make people put skin in the game. I'm a part of Masterminds that are
anywhere from two-hundred fifty to five hundred dollars a month. I'm just
going to put that out there. You will, I promise you, you will pay that back in
059- Why And How You Need To Be In A Mastermind Group Page 8 of
spades by the investment you put in, as long as you show up and follow
through with what the action items and accountability are. If you want to lead
a Mastermind group, don't lead it unless you're willing to put some money to
it. It could be fifty bucks a month, a hundred bucks a month, three hundred
dollars a month, whatever it is, put dollars to it. That's the only way people are
going to see value in it. Do not give your stuff away for free.
I spent about fifteen years doing that. I realized I was not serving my client
well. I'll tell you a little story about pricing by the way. This is a real candid
story. I was going to be gone for a week for one of my coaching clients. I
reduced my coaching amount. He called me. He said, "I want to tell you, I'm,
I'm upset with you. Something you did really, really frustrated me." I'm like,
"Oh, my goodness." I'm very sensitive to people. I'm an i on the DiSC profile
first, then a C as a backup. I said, "Well, what happened?" He said, "You
discounted your invoice."
He said, "That, that reduces … It makes me uh think that you're reducing your
value to me." He said, "Scott, your value to me is not just showing up here to
have a face-to- face meeting." He said, "Your value to me is while you were
gone, you sent me training videos. You sent me training podcasts that you had
already pre-done. Uh, you you've put in place principles in my mind. I'm not
paying you to meet with me four times a month. I'm paying for what you know
and where you can lead me, whether we meet four times a month or not.
Stop thinking of your pricing as time for dollars. Even those of you who are not
doing Masterminds, I know this isn't a pricing thing. We need to do a whole
[nother 00:22:44] podcast on this. If you're looking to lead a Mastermind,
price your Mastermind. Put together an agenda. Figure out what the results
and outcomes are going to be. Find ten guys. Go ask them to be apart. Just go
do it. Go do it right now. Ask them to be a part. If you want to be a member of
a Mastermind, determine what type of Mastermind you want to be a member
Are you trying to grow an online business? Well there's online Mastermind
groups. Do you want to be in a Mastermind that is cross industry? There's real
value in that. Those are the types of groups that I lead frankly, because I see
huge value in a landscaper getting together with a structural engineer getting
together with an architect getting together with a dentist. Those business
owners being able to kind of feed off of each other in a Mastermind. I also run
a group with a friend of mine [Enik Seers 00:23:36] directly for architects. We
just do nothing but deal with architects in that Mastermind group.
Do you want to be industry specific, or do you want to be cross industry? If
you're looking for a Mastermind, you want to be cross industry, shoot me an
email, email@example.com. We've got a couple of spaces open
in our general Mastermind that you might be interested in being a part of.
059- Why And How You Need To Be In A Mastermind Group Page 9 of
Now, go back to what I said earlier. Do you want to be a part of a virtual
Mastermind in an online forum? I'm actually a member of one of those as well.
It has worked incredibly well. I'll tell you this, the value you get out of that will
be directly proportional to the effort that you put into it. You need to know
that right upfront. If you're going to be a part of a virtual Mastermind, a
forum-based Mastermind where you actually don't see people visually or talk
to them, but you're doing it in an online forum, and we're about to launch a
Business on Purpose Virtual Mastermind. I mentioned that at the outset.
Where you'll have access to other business owner, and you'll have access to
me, but it's all going to be in online forums.
Then in the Business on Purpose Virtual Mastermind, we're actually going to
offer a once a month live Q&A call, where I'll be facilitating the call. You'll have
access to me. Again, it's not just me. You're going to have access to other
business owners with things that are going on. All right guys. I hope that's
been helpful with how you can use and leverage Mastermind groups.
Hey, go check us out while you're up online at mybusinessonpurpose.com.
Dependent on when you're listening to this podcast, if you listen to this
podcast within a week or two of when this podcast is out, we may not have
the membership site up. If you're listening to this podcast later on, you can go
to virtual … I just forgot the URL. You can actually go to
virtualmastermind.mybusinessonpurpose.com. You can check out the virtual
Mastermind there and see what value and what benefit is in there for you to
be a part of a Mastermind. That might be a good entry point for you as well.
That's some insight on Mastermind groups. I'd love to hear your feedback.
Post some comments in the section on the blog post where this Mastermind is
posted. Give me your experience with Mastermind. I'd love to hear the
experience you've had with that and some things that you've gained and
gleaned and how it's changed the game for you.
All right, guys. Hey, thanks for joining me this week. As I mentioned, tons of
fun to be able to hear and to gain insight on this. We're going to be doing
more monologue podcasts as we go. We're also still going to have great
interviews. Make sure that you stick with us. Check us out. Be here right here
next week on the Business on Purpose Podcast.
Take action and find out your unique personality Business On Purpose DISC Assessment.
Do you need accountability so you can implement on something? Email Scott to join a Business On Purpose Mastermind Group! A new group is forming right now!
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