Understanding the power of the Master Mind
"Analyze the record of any man who has accumulated a great fortune, and many of those who have accumulated modest fortunes, and you will find that they have either consciously, or unconsciously employed the 'Master Mind' principle." -- Napoleon Hill, Think & Grow Rich
Good economic times or not, these are the days of our lives. Those of us who wear the hat of entrepreneur and small business owner can spend our precious time whining, but honestly, who is listening? Usually just other whiners! During times of uncertainty, we need to take those lemons and make the best dang lemonade possible. In fact, many a successful entrepreneur has risen to the top during difficult financial times despite the economic constraints they face.
The first recession I unknowingly participated in was in 1985, the year I decided to start my first business at the ripe age of 27. Thing was, as green as I was, I didn’t even know the word recession existed. Nor did I know, that if I had asked certain people whether I should start a business at that moment in time, they would have screamed a resounding “NO!”
So, without knowing any better, I did start my first business smack dab in the middle of a recession. It was my business school so to speak, and I ran that business through ups and downs over the course of 16 years, eventually selling it for a nice profit. Undoubtedly I had many lessons to learn along the way – many! Even today over 25 years later I feel that each day brings another learning opportunity ripe for the taking.
Perhaps the greatest of those lessons along the way have allowed me to make it through good times and bad, all the while being very mindful of the company I keep. That's the reason I am such a proponent for the concept of the Master Mind process and created my first Master Mind group in 2006 – calling it a Victory Circle.
The idea of the Master Mind process was first penned by Napoleon Hill in 1936 in his classic book, Think and Grow Rich. He shared how the great business leaders of his time, Andrew Carnegie, Henry Ford, Thomas Edison and Harvey Firestone to name just a few, came together to learn and grow.
These men and others over the course of many years together weathered the storms of the Great Depression, the world at war and a time of great change in our country. Was it much different than our times today? As I see it, their particular circumstances were just different - yet a great challenge all the same.
I am often asked, “What does it take to create a Master Mind?” What I have found to be true after using this model for the past six years, three components are mandatory.They are mindset, and the mastering of our mind – no small, “quick” task to be sure; coming together with like-minded people for the common good; and moving forward with clear, concise accountable intentions to make a difference.
Embracing the Master Mind Principles outlined by Napoleon Hill in his Laws of Success is a great step forward in working on the mindset piece.
1. Definite Chief Aim
The ultimate mindset that ignites your passion and drives you forward.
This crucial fear buster can take you, from the inside out, where you need to go.
3. Honoring Time
Now Napoleon’s principles didn’t cover this, one of our most precious commodities. Consistently finding self-control with your time to best serve your goals.
4. Creating the habit of self control in saving money
Keep in mind through down times it those people with “savings” that are best equipped for the rainy day. The habit of putting away and planning for it is essential.
How we lead others is the entrepreneurial asset that allows our strength and fortitude to shine.
Our creativity as an entrepreneur is our lifeblood.
7. Your Unique and Pleasing Personality
Sharing our own unique imprint with the world in a way that attracts others to us.
8. Accurate Thinking - Our greatest ideas brought strategically to life are our greatest assets.
9. Concentration – This mindset tool actually allows thinking to be implemented.
10. Cooperation – No entrepreneur is an island, we need others to get our ideas to come fully to life.
11. Profiting forward from Failures
Hockey great Wayne Gretzky said, “You miss 100 percent of the shots you don’t take.”
12. Fully Giving
The law of attraction in action! During times of less is when we really need to give more.
Traveling it alone, as an entrepreneur, serves no one. Bottom line: the company you keep, along with your clarity, passion and purpose around these principles, will bring you to great victories along your way!