What is a Mastermind Alliance or group?
When the minds of two or more people are coordinated in a spirit of harmony and they share similar values and purposes, the collaboration that comes out is called Mastermind alliance.
The Riches are struck when the creator of an idea meets the seller of an idea.
Recently, during my work trip to Bahrain, I met with few retail stalwarts who are also my business associates (they have been always inspiring me in whatever I do) and we ended up discussing a couple of business ideas and then & there I realized the power of having a mastermind alliance and its importance in self-development and self-learning.
This article let me narrate you 3 steps to build your mastermind alliance through case studies or examples.
Let me narrate a story of Herb Kelleher (seller of an idea) – one of the founders of Southwest airlines and Rollin King (idea creator of southwest airline concept).
Herb Kelleher was a lawyer and Rollin was an investment adviser. Rollin ran an unprofitable air charter service between Texas cities.
Rollin got this idea from his own pain point wherein he never used to get a seat on flights that flew from one city in Texas to another, besides prices were too high.
His idea was to launch an airline that flew only between three big cities in Texas. Being an investment advisor, he quickly developed a business plan and raised $100,000 and then approached Herb Kelleher to create legal paperwork for launching Air Southwest Co. (later southwest airlines)
Rollin’s idea faced legal challenges from inception from governmental agencies wherein Herb used his legal skills into action and got Rollin an approval from the country’s civil aviation to fly after a long legal battle for over 3 years.
By this time Herb got enthralled with the concept of the airline that he gave up his legal practice and became a co-founder of southwest airlines.
One of his innovations was the peak and off-peak pricing and another was 10mins turnaround time for the aircraft.
The 10 min turnaround allowed the three plane airline to maintain a busy schedule and improve its cost efficiencies.
Their advertising slogan was “Now there is somebody else up there who loves you”.
Southwest began to climb its way up.
By 1978, it was the most profitable airline in the United States.
Herb Kelleher advice to wannabe entrepreneurs:
- Stick to your ideas
- Think of what the customers want and then give it to them
- Overcome obstacles by taking positive steps and breaking the bigger issues into smaller and solving them.
- Keep open to new opportunities and when they arise, grab them.
Say no to stay focus, learn why saying NO is important, click here.
Why do entrepreneurs need a Mastermind Alliance?
2. US steel corp by Andrew Carnegie.
The reason is simple, no one is perfect nor does one have the capacity to be master of everything.
Andrew Carnegie knew very little about making steel, yet he created the steel empire (US Steel corp).
Carnegie surrounded himself with the experts who could do all that he could not do, people who created ideas and men who put ideas into operation and made themselves and others rich.
His mastermind group consisted of over 50 men with whom he surrounded himself for the purpose of manufacturing and marketing steel.
Carnegie advises to entrepreneurs:
- There is never a favorable time or scenario.
- Be action-taker once the seed of an idea has been planted into your mind.
- Desires and imaginations combined with persistence are powerful tools for success.
We all can benefit from it and grow our powers to achieve success.
Learn about Persistence, read here.
Opinions are the cheapest commodities on earth.
Take no one into confidence except the members of your mastermind group and be careful in selecting your mastermind alliance.
You have a brain and mind of your own, Use it and reach your own decisions. Fall back or refer to your mastermind group in case you need some information to make sound decisions.
With Persistence will come success:
Those who cultivate the habit of persistence, no matter how many times they are defeated, they finally win.
Every failure brings with it the seed of an equivalent advantage.
Watch the audio video explaining this concept further in the voice of Napolean Hill.
(This article is my learning from the book “Think & Grow Rich” by author Napoleon Hill.).
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About the author:
Ritesh Mohan is a passionate retail professional with over 20 years in the Retail sector, handling some of the biggest brands in beauty, fashion and fragrances retail & FMCG sector. He has been instrumental in the growth of some of the regional brands as well in the Middle East region. Ritesh specializes in Retail management, Product development, and Brand Management, Retail Operations, Sales Management and Franchising & Business Management. He strongly believes in empowering business owners with his wisdom & experience of around two decades in the industry.