Mastermind Group of Napoleon Hill applied to Product Launch Formula of Jeff Walker
When launching a new business or a new product, it is essential to have a team of diverse "star" players. A broad range of research has shown that startups with a talented cohesive diverse team of 5-6 core management team members has a substantially higher chance of success than smaller teams, yet larger teams gain little in terms of viability.
Harvard Business School has experimented with ways of increasing the productivity of its MBA students. A few years ago it mandated that each student be part of an administration-formed cross-section study group. (At HBS a section has approximately 90 people. Many classes take place by section. So, a cross section group enables each group member to speak up in class without their team members being present.) The HBS class has people with several types of work experience backgrounds such as finance industry, consulting, venture capital, and entrepreneurship. More than a third of the HBS class are women. Approximately a third come from outside of the United States.
So, for example, a seven member study group (typical size at HBS) would comprise:
* At least two women
* At least two non-U.S. citizens
* An average of 1.5 U.S. ethnic minorities
* At least one consultant
* At least two engineering backgrounds (maybe one as an Entrepreneur)
* One venture capitalist
* One to two Financial Services people
* 1 Healthcare/Biotech, Consumer Products, Non-Profit, or Military
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This is by way of analogy, we need to compose a set of reasonable Mastermind groups. Many people study the product launch formula as a way to scale a then solo business. The building of a diverse cohesive Mastermind group will substantially increase the effectiveness of such launches, as well as create a community around the product launch formula enhancing its stickiness.
As I lack statistics on the breakdown of the product launch formula community, I will use the HBS statistics as a proxy when possible.
Here are my brainstorms on who should be in each six person group:
* Two women
* Four men
* Two with engineering or software backgrounds
* Two with MBA background
* Two with internet marketing experience or SEO
- One SEO expert
- One Internet Marketing
- Two Software specialists with diverse backgrounds
- Two consultants
* Balance those who have already achieved substantial success with the product launch formula, and those who have yet to experience revenues through the product launch formula.
* Balance, people with significant business success but lacking the drive and motivation to methodically apply the product launch formula, with those who possess the dedication and burning desire to apply the formula yet may lack that level of business success.
I welcome your comments with both more accurate group statistics, and suggestions for composition of a mastermind group.
Tell me what skills you bring to my business, what you are willing to contribute, and what perspective is missing in your business.
As you read this, send an email to: productlaunchjourney@gmail.com, it could help your business grow to the next level, while earning a front-row seat to see a proven entrepreneur dominate a niche in which he has a broad web of relationships.
