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The Power of a Mastermind Group

By on November 14, 2008 in Mindset

I have recently joined a mastermind group and am finding it a great way to personally learn and grow. You may not have ever been part of a mastermind group and I am getting so much value out of this one that I thought it would be a good idea to tell you a bit about mastermind groups.

So what is a Mastermind Group?

In simple terms it’s a group of people who meet to share ideas, encourage one another and hold each other accountable.

The mastermind concept first became popular when Napoleon Hill talked about it in his book “Think and Grow Rich” which was published in the early part of the twentieth century.

He referred to the mastermind principle as:

“The coordination of knowledge and effort of two or more people, who work toward a definite purpose in the spirit of harmony”, he also said “No two minds ever come together without thereby creating a third, invisible intangible force, which may be likened to a third mind.”

The mastermind group I have joined is a group of people from all around the world who are learning about the whole new world of social media marketing.

We are exploring the rapid development of social interaction online and what this means for our businesses reaching the market place of the 21st century.

The world we live in is changing rapidly. Traditional means of marketing and communication are becoming less and less effective, and business people who fail to adapt quickly to the new mediums will get left behind.

This particular mastermind group meets entirely online using an interactive webinar room, a Wiki, a Google group and email.

In recent weeks I have discovered Feedly, Twitter, Flickr and a number of other rapidly growing and thriving online communities.

If you don’t have any idea what these things are then can I encourage you to find out more about them… because these things, and others like them, are having massive impact on the way we communicate, interact with each other, and do business together and this impact will increase and not diminish in the future.

You can find out more here.

In my next post I will outline for you the characteristics that make up a good mastermind group.

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Make sure you know what you’re doing around finance

By on November 7, 2008 in Mindset

I read a couple of things in the press recently which confirmed my long held thought that in the finance area it is dangerous to think that someone is actually out there looking after your interests. Long gone are the days when you could rely on your bank manager to advise you.

How about these thoughts from Andrew Lahde, a hedge fund manager from Santa Monica in California.

“I was in this game for money,” Lahde, 37, wrote in a recent two-page letter in which he said he had come to hate the hedge-fund business.

The low-hanging fruit, i.e. idiots whose parents paid for prep school, Yale and then the Harvard MBA, was there for the taking. These people who were (often) truly not worthy of the education they received (or supposedly received) rose to the top of companies such as AIG, Bear Stearns and Lehman Brothers and all levels of our government.

All of this behavior supporting the Aristocracy, only ended up making it easier for me to find people stupid enough to take the other sides of my trades. God Bless America.’

How about these thoughts from Warren Buffet…

A simple rule dictates my buying: be fearful when others are greedy and be greedy when others are fearful.

Most certainly, fear is now widespread, gripping even seasoned investors. But fears regarding the long-term prosperity of the nation’s many sound companies make no sense…

These businesses will indeed suffer earnings hiccups, as they always have. But most major companies will be setting new profit records five, 10 and 20 years from now.

Just goes to show that you need to have financial acumen coupled with some good old fashion common sense.

Remember the golden rule: If you don’t understand it… Don’t do it, buy it or sell it!!!

The second Golden rule:  Slow down… anything done in a hurry without the correct thought is an opportunity for someone else, NOT YOU.

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How to be a Winner and Not a Loser in the Current Economic Turmoil

By on October 7, 2008 in Mindset

In the last couple of weeks I have been talking to you about issues I will be addressing at our Business Summit on 17th of October.

This week I want to give you a sneak preview into some of the gems you can expect from our other two keynote speakers.

In the current turbulent economic times there will be winners and losers. One key to ensuring that you are a winner and not a loser is to approach issues with the right mindset so you see the opportunities and not just the problems. Lindsay Galt will be addressing this topic at the Summit.

Today I have asked Lindsay to give you a sneak preview into some of the gems he will be sharing with us.

From Lindsay’s Desk

Life is full of choices and the sum of these choices determines your destiny. To be able to make the right choices you need to be able to make good decisions. This is one trait successful people have – an ability to make effective decisions.

One of the biggest barriers to effective decision making is fear. It may be fear of failing, fear of getting it wrong or perhaps, surprisingly, some people even fear success.

When it comes to making decisions there are four impediments that need to be addressed to overcome the fear of failing, or making a mistake. These are:

  • Doubt
  • Over Caution
  • Worry
  • Procrastination

The way to overcome fear is to deal with each of these four impediments that support it.

Here are four steps to help you overcome fear.

  1. Do your own due diligence; read, learn, and get informed about the key facts and issues affecting this decision.
  2. Consider intelligently the risks, and build in contingencies to counter them.
  3. Don’t over-stretch yourself. Take things one step at a time. Make decisions that will challenge you and cause you to grow personally or expand your resources, but make sure each step is still achievable for you.
  4. Seek the opinion and advice of wise, supportive counselors who have proven knowledge and expertise in the subject matter.
  • Step one will allow you to replace doubt with confidence.
  • Step two will allow you to replace over-caution with prudence.
  • Step three will let you replace worry with peace of mind.
  • Step four will give you the support and encouragement you need so you can replace procrastination with taking action.

—Lindsay

At the One Sherpa Summit, Lindsay will be sharing a bunch of other insights and keys to assist attendees on their journey to success. Amongst them will be 10 steps to effective decision-making.

I hope to see you there.

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