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Master
Mind Frequently
Asked Questions
What is
a Master Mind Group?
What can I expect to get out of participation in
a Master Mind Group?
What are the Master Mind Group Member
requirements?
What will be expected from me, the participator?
Are there people for whom this type of group
does not work well?
What are the logistics of the meetings?
What are the
costs?
How can I justify spending this kind of money?
What's the next
step?
Q.
What is a
Master Mind Group?
A.
To quote Napoleon Hill’s definition in his classic
book Think and Grow Rich, “The Master Mind may be
defined as, coordination of knowledge and effort, in
a spirit of harmony, between two or more people, for
the attainment of a definite purpose." In our application, the purpose is to bring together 6-8
small business owners who want to share the journey
of running their company with other similar owners.
Q.
What can I expect to get out of participation in a
Master Mind Group?
A.
It
will be a "think tank" atmosphere where you can
present challenges and opportunities to one another
and receive seasoned, practical advice from other owners.
You will be able to share your concerns about where
your business is headed with other people who have
had the same problems. You will have a sounding board
for ideas and receive practical business advice and
realistic solutions you can use immediately.
A structured
agenda for group sharing will be provided.
Providing of leads or referrals is not the
purpose of the group. Occasional sessions may include bringing in an
industry expert on a specific topic for group
education (an additional cost may apply).
An experienced
facilitator will run the group meetings, helping
everyone stay on track and receive the most benefit.
Session monopolizers will coached to balance their
giving and receiving!
One individual
coaching session for each business owner is included
in the monthly package. In this session, we’ll go
more in-depth on implementing strategies that come
out of the group sessions.
Q.
What are the Master Mind Group Member requirements?
A.
There are certain requirements for the business
owner to meet:
-
Been in
business for at least one year
-
Is the
primary owner or
51% partner of the business
-
The business is
in good standing with BBB
-
Is non-competing and
has no supplier-vendor
relationship with other participants
Q.
What will be expected from me, the participant?
A.
There are several things that will be asked for:
-
Preparation of
a summary dashboard sheet for each
meeting, summarizing progress since the last meeting
and highlighting new areas for focus at each meeting
(will require about 15 minutes of preparation).
-
Openness to
receive suggestions from other people.
-
Willingness to
give advice when asked for by other owners.
-
A commitment to
attend each monthly meeting during the 6 month
period. After that, it’s up to the group if it
continues.
-
Respect for
other’s time by being fully present and engaged in
all meetings.
-
A positive
attitude, offering constructive comments.
-
Desire to
participate in group interactions.
-
Holding of all
information confidential.
Q.
Are there people for whom this type of group does not
work well?
A.
This type of setting may not be right for everyone,
such as:
-
People who don’t like to speak up in groups may be
uncomfortable with being expected to contribute.
-
People who are
threatened by ideas from others that may be
outside their regular way of doing things.
-
Business owners
who are in auto-pilot mode in their business.
-
People who
don’t like to set goals and be asked how they
are doing in hitting them.
-
Owners who
believe that advisors have to be experts in their
industry to be able to offer them counsel.
Q.
What are the logistics of the meetings?
A.
For 6
months, the group
will meet once per month for 2-3 hours during
regular business hours. Each participant
will receive 20-30 minutes of focus on their issue
of the day. The meeting
will be held in a neutral conference room setting in
the greater DC area. The specific location will be
selected based on the make-up of the group and
what’s closest for all.
Q.
What are the costs?
A.
The cost
to participate in our Master Mind groups is $250 per
month. This includes the
monthly meeting and 1 one-hour telephone coaching
session with Alpha Business Coaching between
meetings.
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