7 Tips To Harness The Power Of Your Own Mastermind Group - Insurance News | InsuranceNewsNet

InsuranceNewsNet — Your Industry. One Source.™

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading InsuranceNewsNet Magazine
Topics
    • Advisor News
    • Annuity Index
    • Annuity News
    • Companies
    • Earnings
    • Fiduciary
    • From the Field: Expert Insights
    • Health/Employee Benefits
    • Insurance & Financial Fraud
    • INN Magazine
    • Insiders Only
    • Life Insurance News
    • Newswires
    • Property and Casualty
    • Regulation News
    • Sponsored Articles
    • Washington Wire
    • Videos
    • ———
    • About
    • Meet our Editorial Staff
    • Advertise
    • Contact
    • Newsletters
  • Exclusives
  • NewsWires
  • Magazine
  • Newsletters
Sign in or register to be an INNsider.
  • AdvisorNews
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Exclusives
  • INN Magazine
  • Insurtech
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Video
  • Washington Wire
  • Life Insurance
  • Annuities
  • Advisor
  • Health/Benefits
  • Property & Casualty
  • Insurtech
  • About
  • Advertise
  • Contact
  • Editorial Staff

Get Social

  • Facebook
  • X
  • LinkedIn
InsuranceNewsNet Magazine
InsuranceNewsNet Magazine RSS Get our newsletter
Order Prints
October 1, 2021 InsuranceNewsNet Magazine
Share
Share
Post
Email

7 Tips To Harness The Power Of Your Own Mastermind Group

By Bill Cates

If there is one book responsible for creating more millionaires than any other, my guess it would have to be Think and Grow Rich by Napoleon Hill. One of the many concepts Hill covers is the power of the mastermind. Hill wrote, “When two people get together to brainstorm solutions to problems, it creates a third mind.” This third mind can create ideas that wouldn’t happen for an individual on their own.

Many people call this a “study group.” Regardless of what you call it, do you have one? And it is bringing you the results you set out to achieve?

Harness Its Power

I’ve been using the power of the mastermind for more than 20 years. I currently belong to three mastermind groups. Each one has a different dynamic based on the members and overall purpose of the group. If I weren’t getting value from these groups and the relationships, I would have stopped long ago.

1. Who should be in your group? Your group can be made up of people just like you, in your same line of work, or it can be made up of folks from other industries. One of my groups contains two people who have businesses similar to mine and two others in businesses that are indirectly related. By having people from other industries, we all get fresh ideas that don’t just reinforce the “industry speak.”

2. How many should you have in your group? I have found five or six to be ideal. (I know others like slightly smaller or slightly larger groups.) We almost never meet unless everyone can attend (because we value everyone’s unique perspective) since we want to have plenty of energy and creativity and still be able to “go deep” with each person’s situation.

3. Do you have to meet in person? There is no question that in-person meetings are the best.

As you might imagine, you can see visual clues that might cause you to go deeper with parts of your discussion. I suppose that Napoleon Hill would argue that an “energy” is also created that won’t be happening if you aren’t meeting in person. Prior to the pandemic, one of my groups conducted quarterly in-person meetings (traveling from different parts of the country) with monthly check-in phone meeting in between. Of course, the more members you have in your group, the harder it will be to coordinate meetings — especially with in-person meetings.

4. What do you talk about? Most of our meetings consist of the following items:
• Sharing recent wins and challenges and what we learned from them.
• Sharing our revenue actual numbers and compare them to our goals.
• Brainstorming solutions to problems.
• Setting goals for the year (or quarter, etc.).
• Setting specific actions to be accomplished between meetings.

5. What else do you discuss? From time to time, we have brought in “guest experts” or created a special theme for the meeting that dominates a good portion of the meeting. Bringing in a guest or creating a theme can bring out ideas and perspectives we might not normally tap into.

Sometimes we have given one of the members time to expand on one aspect of their business that is truly working for them.

6. How long are your meetings? When my local group met in person, it met for about seven hours per day — not counting 30 minutes of “warm up” time over a continental breakfast. The meeting host covers this light breakfast and a more filling lunch. We spread the meetings around and figure that if we didn’t have to drive 60-90 minutes to the meeting, we can spring for the meals.

With five people, seven hours is usually plenty of time. Each person ends up getting about 50-60 minutes of time devoted to their issues at hand. Members are expected to bring issues or questions to have the mastermind address. If the member does not bring enough fodder for conversation, we ask them questions to make sure they are handling things that we know to be important to them.

For my two groups where we travel (on a long drive or by airplane), we devote about 24 hours to the meeting — meaning we travel in the morning of the first day and travel home the afternoon or evening of the second day. We have working lunches and a working dinner. No, we don’t read bedtime stories to each other.

7. Do you give referrals or do any business together? Sometimes. We definitely have referred business to each other over the years. And we have even hired each other a few times for the other’s expertise. Usually, we just help each other out, but when the “project” becomes more involved, we’ll pay the other person a fair price for their help.

Just about nothing in our business or personal life that’s worth accomplishing can be done alone. Asking for help is a sign of strength. Find ways to bring people into your life to continue your education, brainstorm ideas and hold each other accountable.

Bill Cates

Older

Medicare At 55: Consumers Need Expert Advice

Newer

The Watchdog — With Andrew Mais

Advisor News

  • Can your advisory firm survive without you?
  • I started using AI, but what now?
  • How to support an entrepreneur client with multiple businesses
  • Could a narrower focus help grow your practice?
  • U.S. debt hits $40 trillion: how to support concerned clients
More Advisor News

Annuity News

  • MassMutual Expands Lending Options With New Secured Credit Line
  • Corebridge Financial Introduces Progressive Trigger, a First-of-Its-Kind Index Annuity Strategy Designed to Turn Missed Years into Future Opportunity
  • Insurer proposes $1.1M deal to resolve CA teachers’ annuity fee lawsuit
  • IMOs get frustrated with slow carrier adoption of faster technology
  • New class-action lawsuit targets Delaware Life over annuity disclosures
More Annuity News

Health/Employee Benefits News

  • Transparent Medicare Advantage guidance: Putting consumers first
  • Legislators hear report on thin hospital margins, advance prior authorization reform
  • Hawthorne School Budget Faces New Pressure As Health Insurance Costs Jump Nearly 34%
  • Half the Coverage: What the TLC's Rideshare Insurance Cut Means for Queens Riders
  • Answering questions on Medicare open enrollment Terry Savage: Your questions answered on Medicare open enrollment
More Health/Employee Benefits News

Life Insurance News

  • Virginia orders Atlantic Coast Life to halt new business Nov. 1
  • AM Best Affirms Credit Ratings of China Taiping Insurance (Singapore) Pte. Ltd.
  • AM Best Upgrades Credit Ratings of Fidelity Life Association, A Legal Reserve Life Insurance Company; Affirms Credit Ratings of Industrial Alliance Insurance and Financial Services Inc. and Its Life/Health Subsidiaries
  • 777 Partners founder pleads guilty to $500 million fraud scheme
  • AM Best Affirms Credit Ratings of Luen Fung Hang Insurance Company Limited
Sponsor
More Life Insurance News

NEWS INSIDE

  • Companies
  • Earnings
  • Economic News
  • INN Magazine
  • Insurtech News
  • Newswires Feed
  • Regulation News
  • Washington Wire
  • Videos

FEATURED OFFERS

Press Releases

  • Benefits Studio Launches to Fill the Missing Middle of Benefits Navigation at $49/mo
  • Lauren Sinnott Named to Ragan’s Top Women in Marketing Awards, Class of 2026 
  • Classic Car Insurer OpenRoad Insurance Expands to 40 U.S. States in Two Years
More Press Releases > Add Your Press Release >

How to Write For InsuranceNewsNet

Find out how you can submit content for publishing on our website.
View Guidelines

Topics

  • Advisor News
  • Annuity Index
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • From the Field: Expert Insights
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Magazine
  • Insiders Only
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Washington Wire
  • Videos
  • ———
  • About
  • Meet our Editorial Staff
  • Advertise
  • Contact
  • Newsletters

Top Sections

  • AdvisorNews
  • Annuity News
  • Health/Employee Benefits News
  • InsuranceNewsNet Magazine
  • Life Insurance News
  • Property and Casualty News
  • Washington Wire

Our Company

  • About
  • Advertise
  • Contact
  • Meet our Editorial Staff
  • Magazine Subscription
  • Write for INN

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter
© 2026 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • InsuranceNewsNet Magazine

Sign in with your Insider Pro Account

Not registered? Become an Insider Pro.