Jay Fiset recently appeared on Reinvention Radio with Steve Olsher. Steve and Jay had a very interesting conversation about Masterminds.
Steve: Do you find that this whole concept of a mastermind is kind of played out at this point ‘cause it seems like everybody and their mama has some sort of mastermind that either they're a part of or they know someone who's in it and it's like... is this still alive and well?
Jay: So... great question. I actually think that this whole movement of masterminds has not yet even begun, Steve and the truth is...
Jay: Oh! We haven't even scratched the surface of it. We are truly entering the golden age of masterminds. Now, I wanna be really clear about something. You know, everyone and their dog, well this is gonna make a smart ass column but I won't...
Steve: No, please do.
Jay: Everyone and their dog do seem to have a mastermind but lots of the masterminds actually aren't. So one of the things about reinventing masterminds, I'd like to actually just spend a little time serving and supporting people to actually focus in on what a real mastermind is because, you know, 250 of your closest friends in a room that are marketed by somebody who says "Oooh! Join my mastermind" which is nothing more than premium coaching bullshit is not a mastermind. So we're going to see a fall away of things that position themselves that way and an explosion of things that really are genuine masterminds.
So, first and foremost is that, and I'm going to say something that I think not many people necessarily appreciate, but I think that the vast majority of masterminds that are out there in that world really sort of just got started a little bit like this... some of them sat down in a room in a mastermind and said, “Good God, they got 30 people here at 30 thousand dollars each, that’s a million bucks. I'm gonna run a mastermind” with about as much experience in that domain as flying to the moon. So, to me, if you're searching for a mastermind there are a couple of things to watch for. Let's find out is it actually group coaching? Is it actually a training program masquerading as a mastermind?
And here is the key thing, in a mastermind all of the members have the fundamentally equal opportunity to share their network, resources, and experience. The program is not oriented around the guru on the stage or a training process. It is actually about the intimate connection and the support of the group as usually somewhere between let's call it 8 and 16 people. I'm a member of a mastermind with Jeff Walker known as Platinum Plus and there's about 30 in there and he does a stunning job of actually creating that same kind of intimacy. I think it's about 26, I'm rounding up a bit. But for the most part you're looking for true access to other members, not sitting there listening to a teacher or a guru or a trainer, and that is one of the key distinctions. So what if somebody says they've got a mastermind with 250 people? It's like that's not really a mastermind most likely! Does that makes sense in terms of this foundational idea of what the hell is a mastermind because I think it's being... the name is being plastered on a bunch of things that simply aren't.
Steve: Yeah, it totally makes sense but Jay here's my main question then... is you could put a bunch of people in a room, you could facilitate having a number of smart people get together and just kinda brainstorm, talk about innovation, talk about what's new, put together challenges. Why are people actually paying for masterminds?
Jay: So why people pay for masterminds is I think really 3 fundamental pieces. Number one, access to the community because the truth of the matter is curation and this is one of the key pieces. We teach people in our mastermind program and in our live events that the number one job of a mastermind leader is not to sell a mastermind -- and that's, by the way, hint number one is if somebody is trying to sell you a mastermind you probably should run like hell. Your job is not to sell a mastermind, you just become a gatekeeper to a powerful, intimate community that there's only one way in and that is to qualify that you play at the level of this community and that you can up level the community. So you can't buy your way in, you can't bribe your way in, you can't kiss somebody's ass to get in, you simply must qualify on your own merits. So number one, you know, that whole piece is you're paying for curation and you're paying for the community. So that is the leading piece.
Now the next piece why you're paying for is that commitment rules, and just to be clear about this, I’ve been at it, you know, over 2 decades. I have never seen a group of volunteers, you know, let's just have a mastermind, let's get together and we'll share the leadership of it. I have never seen that last. If you truly want a sustainable long-term community it requires a leader, requires somebody to be number one, to guard it, protect it, lead it and make certain that it actually happens.
And then really the 3rd piece to this is about the commitment and what it means for people to show up by writing a substantial check to be in that room. I'm gonna do my damnedest to show up and to bring value and to up level that group and to truly, truly contribute and that's really where the, you know, the magic of what Napoleon Hill called the third mind occurred... is when you come in willing to share - like truly, truly share. Our network, our wisdom, our experience and our resources in the free flowing way. That's where that magic happens.
Steve Olsher a/k/a Mr. Bold. Our Reinvention Radio host, is the New York Times bestselling author of What Is Your WHAT? Discover The ONE Amazing Thing You Were Born To Do; founder and Chairman of Liquor.com; creator of The Reinvention Workshop; and 25+ year entrepreneur who has built several multimillion-dollar businesses.