In today's podcast, John explains the power of the mastermind principle. He recounts the history of the discovery of the Mastermind Principle in 1939 attributed to Napoleon Hill, author of Think and Grow Rich. 

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Mastermind Principle Updated

A mastermind meeting typically lasts about an hour. During that time, the member in the hot seat presents a major challenge, and the remaining members probe to clarify the challenge and ask pointed questions to explore previous efforts to resolve it. Ultimately, possible solutions are generated and the hot seat member commits to following up with those ideas.

John, however, prefers using his “10-minute mastermind” approach for those pursuing job transition and advancement. This concept was adapted from “The 8-Minute Mastermind” by Brad Hart.

Meeting monthly, these sessions involve 5 to 10 clinicians each taking a turn on the hot seat. John currently holds these meetings on a Saturday morning or Wednesday evening. The sessions are recorded, and each participant receives a copy of the audio recording.

John also shares the “chat” record, with suggestions for experts and coaches, books, articles, podcast episodes, and other useful resources mentioned during the meeting.

Benefits of a Mastermind

The participants in this session have had outstanding success in selecting, pursuing, and landing nonclinical jobs.

Benefits of joining a Mastermind include:

• a source of encouragement and support,
• accountability,
• networking opportunities, and
• brainstorming.

They've been shown to help entrepreneurs and business leaders advance their careers and improve the performance of their organizations.

And for someone looking to change careers, it's great to learn about what others have tried, get support and encouragement, develop different approaches to your job search, and maintain accountability. As a result, you will progress steadily to your next position or career.

Your Own Mastermind Group

Start your own mastermind or join one that already exists. John has created a short worksheet called “Starting a 10-minute Mastermind” that you can download for free. It covers the initial steps to building a group and the outline that John uses to run his 10-minute masterminds.

To join one of John's masterminds, you can sign up at nonclinicalphysicians.com/mastermind.

Summary

For anybody wanting to accelerate their career transition, or to build success in whatever they're doing, leveraging the mastermind principle is the way to go. Done properly, there is no better way to develop a network, build confidence, overcome challenges, and maintain accountability.

In fact, being a member of more than one mastermind is not a bad idea. And if you can't find one to join, such as the Nonclinical Mastermind, you should get a few colleagues together and start your own. To learn how to do that, download our one-page worksheet and get started.

NOTE: Look below for a transcript of today's episode. [Also: the book links above are Amazon Affiliate links, so we receive a small commission when you buy using these links.]

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Links for Today's Episode:

• Start your own Mastermind 
• Sign Up for John's Mastermind 
• NewScr!pt

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Today's PNC Podcast Transcript

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Transcription PNC Podcast Episode 267

Why You Should Embrace the Powerful Mastermind Principle

John: Today, I want to discuss a topic that many of you might not be familiar with. In the world of career transition and in business this is a concept called the mastermind or the mastermind group. I define the term mastermind group in episode number 208 called "How do I choose the best coaches, mentors, and masterminds for me?" I included a little description of masterminds then but today I'd like to dig deeper into the concept of the mastermind group and try to convince you to figure out a way to participate in one of them.

First, let me tell you a little story from my history. I served as the CMO for a small community hospital for over a decade. The senior management team includes all the C-suite people, the CEOs, the CFOs, CMOs, CIO. There were also some VPs in there. There were about 10 or 11 of us most of the time. And I was the CMO. We met weekly either to discuss operations or strategic planning, follow up on our management goals, and so forth.

There was a coach that the CEO had hired and who he was employing for quite a while. And he made his coach available to the VPs and the CIO and all of us on that senior management team to work with him and meet with him on a regular basis if we wanted to. And as part of that, that coach would come to one of our meetings every month or two and he would lead us through a process designed to help one of us, one of the VPs, overcome a challenge in their division.

We would meet for an hour or so and one of us would describe a challenge we were facing. Then the other members of the group would ask questions to help clarify the problem. And we called this being on the hot seat or being in the hot seat, however you want to phrase it. Even though I used the term hot seat. That was not a negative because when we had a challenge, which we all did, we were working in healthcare, which is constantly experiencing new challenges, less payment, more regulations, difficulty hiring, finding good people, you name it. We actually look forward to being on the hot seat so we could leverage the expertise and experience of the rest of the group to help solve a problem. The thing was, once you were in the seat, you would then be questioned and queried by the other members as the first step. And it was a critical step because identifying the real problem often actually reveals the solution in many cases.

So let me give you an example. I thought that an uptick in the number of sentinel events, those are serious patient safety issues that come up in any hospital. I thought it was due to staffing issues, and I couldn't see how we could increase staff sufficiently to reduce the errors. And these errors are important because they affect patients, but they're actually tracked by public health, the state health department and Medicare and joint commission.

And so, in this case, we really needed to come up with a way to reduce these sentinel events. And then by answering a few probing questions by the rest of the team, it became really clear to me that the issue was the one of the culture of the organization which needed to be addressed, that it really wasn't the fact that we didn't have enough staff, but that our staff looked at safety not as a priority at that time. Now, granted, they wanted to give the best care they could give and everyone tried their best. But the reality was that the issue of safety was way down below the top two or three or four things that our staff thought about when they were taking care of patients.

And so, as we were discussing this, it became more and more clear to me that it was a cultural issue. It needed to be addressed that way. And eventually then we took some time to discuss, "Well, how could we improve the culture of safety in our organization?" And then we also brainstorm side ideas and how to actually do that.

What typically we would do after clearing the true nature of the problem, the rest of the team would ask other probing questions such as "What have you tried so far to resolve this issue and what are the things you have considered and discarded and why?" And then like I said, we did a bro brainstorming session and the coach that was there would really encourage us to brainstorm any ideas. Normally when you're brainstorming, sometimes you will hold back because you'll think ideas might sound stupid or they've never been tried before. And so, you just don't even contribute those.

But the coach is there to promote and to say, "Look, nothing is off the table. Think outside the box. Whatever you come up with, share it, and then we'll talk about it." Over time, the suggestions could become more and more outrageous or extreme, but eventually we would have 10 or 12 potential tactics to consider to address an important problem. And I was always amazed by how many ideas would come up. Something that I wouldn't have thought would happen, that would just come up.

And the thing about the coach that he did in which I try to do now in most of my meetings is not let the stronger personalities take over the conversation. It's very common to be in a committee meeting of six to eight or 10, 12 people, and find that only one or two people dominate the conversation, even when the chair is trying to elicit responses. But this coach was great and I've learned to do the same thing of saying, "Okay, we've heard what you said, Dan. Now, Susan, can you please tell us what you're thinking? You haven't spoken up yet." And so, that's a good strategy in any committee or any team, but that's what happens in a hot seat. You're encouraged. You're trying to encourage everybody to ask questions and then do some brainstorming.

I'll give you another example. Our COO and our VP for strategic planning, both had been with the organization for a long time. And they were always the first ones to jump in with a solution any time the CEO brought something to our regular meetings. And my style was to spend more time considering possible solutions before speaking up. And sometimes that meant I wouldn't even respond during this meeting. I would come back a week or two later to another meeting and say, "Hey, I was thinking about some things we were talking about last time." And I wanted to do it back in that meeting context, because that way I would share it with everybody instead of just going to the COO or going to the CEO. And then we could have a short conversation and maybe others had thought of ideas. So, I think it was just something that happens often in any senior management team.

Anyway, at the end of this conversation, our coach would ask the person on the hot seat, "Which of the ideas seemed to be worth exploring further and get us to commit to what we would do of those ideas, which would we follow up on?" And then there would be a timeframe. So this is the way you maintain accountability.

I would say, "Look, this has been fantastic. You've given me some great ideas." Let's say, for example, we're talking about the culture of safety. "I'm going to look into what the best practices are for creating a culture of safety in a hospital and I'll report back. I have done some research in the past, and I know that doing a survey is a part of that. So I will bring back some examples of cultural surveys for employees, specifically those for a culture of safety." And then at some point, two, three, four weeks down the road, we would follow up and it'd be on the list of things that the CEO wanted to talk about would be my follow up or we would do it if we were doing a series of let's say mastermind groups every two or three months.

What I've described here is a mastermind session. When you use the term hot seat and particularly when you're talking about a group getting together and solving a problem, it's often one of these mastermind sessions. And a lot of business people have been using these for years and years, but you don't hear about them being used a lot for career transition. They can really be used for any kind of group getting together to support and encourage one another to make progress in whatever it is they're talking about.

Any collection of people going through this kind of process is called a mastermind group, or more simply just a mastermind as a shorthand. It's a process that's been around for a long time. Some people believe it was started by Napoleon Hill who may have coined the term in the 1930s. He was a self-help author and was known for his book "Think and Grow Rich", which was published in 1937. And I think it was in this book that I found this topic, this quote from the book. And let me just read it to you now.

"Here are some interesting facts about the mastermind, which will give you an idea of how important it is and how necessary that you embrace this principle and make use of it in attaining success in your chosen occupation. First of all, it is the principle through which you may borrow and use the education experience and influence, and perhaps capital of other people in carrying out your own plans in life. It is the principle through which you can accomplish in one year more than you could accomplish without it in a lifetime if you depended entirely on your own efforts for success."

That's the end of that quote, but you can kind of get the idea. You have to form a group and you learn and work with that group and you accomplish a lot more by working in a formal mastermind type situation. He originally called it a Mastermind Alliance. Later was shortened to mastermind group, or more simply a mastermind.

So why am I belaboring this topic? Well, because I believe that the mastermind is an awesome tool that you can add to your arsenal to enhance your growth and to succeed. Even if you're doing clinical medicine and you're in a group and you want to progress in the group, believe me, if you get together with a group of similar such physicians and talk about how you can progress in your practice clinically and administratively, you'll move much quicker than those that don't do such a mastermind session.

Here's some characteristics of a mastermind. Mastermind groups help like-minded professionals get peer support, brainstorm ideas, and create accountability. Those are three of the big parts of it. They're typically goal oriented and success driven. And some people have even used the term personal board of directors to refer to a mastermind group.

The thing is the members of the group are committed to the success of one another to the success of the other members of the group. There is a belief that you're basically the sum of the five people you spend the most time with. In other words, your success in life, your happiness, your advancement in a job are related to the people that are around you because you learn from them and they begin to expect certain things of you and you of them. That's just in general. Well, that's why we call a mastermind a personal board of directors, because it's just like that, but in a more organized and committed fashion. It's overt.

Another important component of a mastermind are resources and connections. Actually the people in a mastermind have been known to support one another financially. Now not to form a co-op or something but to make referrals, to use their products, that sort of thing. And the other thing is when you're in a mastermind, you can learn what other tools people have used to get their advancement to progress. Or a lot of times in the online world of courses and coaching and so forth we learn from our cohort, our colleagues in the field and particularly those in the mastermind group, "Okay, what electronic tools do you use and what professional societies do you belong to and where did you learn how to podcast? Where did you learn how to use email and what products are you using?"

Resources and connections are really important. Some masterminds lead to business partnerships. And even it can go so far as to learn skills which can be shared and learned in some masterminds where someone actually takes an hour and lectures the rest of the group. Although that's not the core part of a mastermind, the core part is this process of questioning and digging and encouraging.

Now, let me give you a list of just some of the famous people going way back who actually attributed their success to being members of a mastermind. That includes Andrew Carnegie. They're writers including C. S. Lewis, J. R. R. Tolkien, Charles Williams, and Owen Barfield who were in masterminds. President Theodore Roosevelt attributed some of his success to being in a mastermind. And one of the more famous masterminds ever was one that included Henry Ford, Thomas Edison, President Warren G. Harding, and Harvey Firestone. They were all members of the same mastermind. And you can imagine that they were all buoyed up by each other's success and learn from each other as they were sort of progressing in the early industrial revolution in this country. Now the original masterminds obviously met in person but now it's easy to have meetings remotely with online conferencing.

And not every mastermind follows the exact same, outline or same way to approach things. People have taken masterminds and done them in different ways. There's such a thing as a face to face one or two hour mastermind section, like I talked about with our CEO. And the person on the hot seat might spend a whole hour on the hot seat during that time. And then there might be a second person on the hot seat.

More recently there's been something that was touted as the eight minute mastermind, which I have adopted as a 10 minute mastermind, but there's a book written by Brad Hart. I have a copy of the book over here called "The 8-Minute Mastermind" in which he describes his success with doing this kind of mastermind. And I found it so compelling that I just started my own 10 minute masterminds committed to career advancement and career transition.

There is another type where you might spend an entire weekend or even three or four days together, and get together with people where each person during that weekend gets to spend several hours on the mastermind hot seat. So, if you had let's say 10 people, and you might have this interspersed with some lectures, but then in between, you're getting together and attending number one gets to spend an hour on the mastermind and attending number two gets to spend an hour in the hot seat, I should say. And so they can be constructed in different ways.

Anyway, I mentioned that I created a 10 minute mastermind. And so, let me explain to you how I run my mastermind groups. I recruited a group of physicians to meet once a month using Zoom. Pretty straightforward. We limit the time in the hot seat to 10 minutes. Now that's a little tight, but the advantage of doing 10 minutes is that every time we meet, we can all get 10 minutes on the hot seat. Usually I don't get on the hot seat personally, sometimes I do if we have time, but I devoted to the other members.

And so, let's say that we have seven members. We've got a little bit of time at the front and at the back end, starting up and closing. And so, with seven members, we can spend 70 plus or minus minutes each one getting on the hot seat for 10 minutes. And during that time, they go through this process, it's very focused. And this is how I've been running mine and I really like it and the members have really liked it. And in this way, also, you get everybody on the hot seat at every meeting. Everybody feels they're making progress.

Now I will say this. If you attend a mastermind meeting and you run out of time, you just decide not to share. That's fine because you know what? You learn so much by listening to the challenges and the problems of others in the group. And that was even true when I was back as a CMO, where I was not on the hot seat, but I was participating, I was learning a lot.

It's the same thing. I can't tell you how many times I've had physicians who've participated in one of these meetings and they had to drop off, or we just had too many people to fit in in a 90 minute meeting and they said they learned so much. Because as you're brainstorming for other people, there's a lot that overlaps with what you might need.

So let me walk you through the process that I follow and maybe something that you can do on your own forming your own group. I facilitate the meetings and once we're all together, I actually record them. We run them on Zoom and the first one in the hot seat spends 30 to 40 seconds introducing themselves. Obviously they can't go into a very long step by step what they did during their whole career and their education and training, but they just introduced themselves. And the thing is, since these meetings are recurring, over time, we really get to know each other, even though we're only spending 30 to 60 seconds introducing ourselves.

Then I ask everybody to describe something that they're grateful for or that they're celebrating.

We like everything here to be on a positive note. We're all here to encourage one another, to help each other advance and to find success in their lives, in their profession, maybe even their personal lives.

And so, we all start by talking about something. Maybe like "My daughter got married last weekend, it was fantastic." Or "I just got a new puppy." Or "I just got this new job. I was promoted in this job I'm doing in my practice and it gives me a chance to do some new things." Any of these things are positive. You've got the intro, you've got the thing you're grateful for or celebrating. And then you have to describe the challenge that you're bringing to this meeting.

Again, we're not going to focus on something like, "Well, I'm not sure if I should leave my practice or not." I mean, we can, but that's not a very focused challenge. Now, we might move forward, but we might ask for someone to be a little more specific. So we try to find an individual challenge for that meeting, for that month. And we'll have multiple challenges.

So it's not necessarily going to be what you'd expect, but it should be focused, but not too focused. And then we learn over time as we meet over and over again how to do this, but here's one. "I'm really unhappy in my job, but I don't know whether I should look for another job or leave medicine altogether." That's a pretty big challenge. We could take that on. But if possible it should be a little more focused like "I've decided I want to pursue a job in pharma, but I'm not sure where to start." That's a little more focused. Or here's another one, "I'm a hospitalist and I work a few hours per week as a part-time medical director, but I'd like to figure out how to become a full-time medical director or chief medical officer." Okay. Still pretty broad, but a little more focused. How about this one? "I need to work from home and I've narrowed my options down to medical writing or medical communications with an agency and I'm not sure how to decide which direction to go." Now we're getting down to a choice between two.

But it could be even something as specific as "I've been working in medical communications as an associate medical director, but I need to learn how to advance in my job. So, I'd like to get some support and some help from the group on how do I prepare myself and position myself to advance in a job that's already nonclinical."

At that point, there'll be a lot of clarifying questions. That's the next step. The other members ask the person in the hot seat clarifying questions. It's interesting because sometimes in clarifying the question, the question is actually something else, something behind the first iteration of what you say about a question. And by simply clarifying it, you sometimes achieve the solution, you find the solution to it.

We spent a lot of time, probably it might be 2, 3, 4 minutes of other members asking questions to try and clarify the question, and then they'll ask more probing questions such as "Well, what have you tried? What's worked or what has partially worked? What hasn't worked?" And then as we think about similar situations for us, we'll ask them more leading questions. "Well, I tried this in a similar situation. Have you ever tried that?" And then you might move on to, "Well, if you haven't tried it, what do you think of trying it? How would it look if you were to try it?"

Sometimes we'll ask the kind of questions a coach would typically ask. Sometimes we'll say something a little cheeky like, "Well, I know this seems like a difficult problem, but if it were easy, what would it look like?" And so on and so forth. There's thousands of questions you could potentially ask. But usually people start to have "aha" moments and they start to get insights and others starts making suggestions like "I have a friend who did UM and they told me that the way they got over this hump was by doing this" or "The way that I found the experience I needed to advance in my group was I started volunteering for things" or "I know I was having a hard time getting a job in pharma till finally I figured out I needed to have the name of someone that I could get in touch with and let them know I was submitting an application and a resume. And I got a lot better response than just sending it online to just this black box of where resumes go to die." So, there's all kinds of specific feedback you can get.

And usually at the end, I will ask somebody before we close on their 10 minutes, "Okay, now, number one, what have you gotten and what are the two or three things you are going to follow up on for the next time that we meet?" Now, we don't always ask at the next meeting for them to dictate or to list everything that they said they were going to do and did they do it and what did they find out. We're all professionals. We expect people are going to listen and then follow up on things that are pointed out but sometimes we will, and sometimes people will just naturally do that at the next meeting where they'll say, "Oh yeah, I was going to check out this recruiting firm. I was going to check out this article or buy this book" or something like that.

The last thing we close with at the end is I usually ask them if they feel like they've been supported because in a group at a minimum the members of the group support and encourage one another. And usually there are very actionable things that come up, whether generated by the person in the hot seat themselves or solicited from the people on the call. And then this whole process goes with the next person, the next person, the next person. Over time, you become very good at doing it.

I've seen many times where we've had just one little nugget or one little referral to a company or two, a website or a podcast episode or anything, will have solved the person's problem and overcome their challenge and they'll come back and they'll be just so happy. These breakthroughs don't happen for everybody at every meeting, but the whole group keeps progressing and progressing at each meeting. It's very rewarding and very positive.

So, that's my experience with masterminds. And again, I would think we should all be in some kind of a mastermind. It's a useful and powerful tool for advancing your business. If you're in a small business, advancing your career. It's used all the time for people that work in business outside of healthcare and I think we need to bring it into the healthcare situations more than we have in the past.

The other thing is for business owners is a great way to connect and build relationships, learn new skills and keep up with new developments in the field because it's an automatic way to network and communicate. And for someone wishing to switch careers, it's awesome for hearing about what others have tried, to get encouragement and support, to brainstorm new ways to approach your job search and maintain accountability. So you move forward consistently to that next job or that next career.

My advice at this point after going through all of that is to implore you to either join an existing mastermind or to start your own. I've prepared a short worksheet called "Starting a 10 minute Mastermind", and it describes how to start your own mastermind. And it includes the outline that I follow for the 10 minute nonclinical masterminds that I run. There'll be a little bit of an overview, what are the steps to finding people and getting together. And then also the little outline that I use to actually run my 10 minute mastermind. You don't have to do yours that way. You can follow one of the other formats, but I thought I had to put at least one way to do it. And so, if you can just reach out to six or seven people that you know and start doing this in person somewhere near your home, or even online using Zoom. Most of us have access to Zoom. And in most groups, I send the Zoom meeting announcements to my groups personally, but somebody else in a group could do it if they needed to in my absence.

Anyway, to get that worksheet free, obviously you can find that by going to nonclinicalphysicians.com/mymastermindstartup. Now I'll give you another option. If you can't find a mastermind among your colleagues, or if you can't put one together for whatever reason, or you don't want to start your own, then you should consider joining one of mine. They're structured as a monthly group that meet on Wednesday evening or Saturday morning once a month. And for my masterminds it is a very low fee to join. It will be going up in October, but if you join now, it's locked in for as long as you stay in the mastermind. But it is an annual type of thing. So, it's 12 meetings over a year. We record the meetings and everyone gets a copy of the recording.

I keep track of some of the resources. We communicate in the chat also which I download and share with everybody as well. We do everything we can to make sure everybody has access to all the resources that come up during the meeting. And they also can go back and re-listen to it if they like.

I'll put a link to that. To access my mastermind, you'll go to nonclinicalphysicians.com/mastermind and it should take you right to the page where you can sign up. Sometimes I turn that off and I just collect names rather than have the sign up, but for now, I'm actually signing people up. Again, nonclinicalphysicians.com/mastermind.

And you can find that link and the link to the startup worksheet that I talked about a minute ago in the show notes of today's episode at nonclinicalphysicians.com/powerful-mastermind. Just go to the show notes, everything is in there including a copy of transcript of today's episode. That's always nice to go through if you kind of have questions about what I talked about today instead of listening through the whole thing. This will also be posted on YouTube most likely.

All right. So, that's all I have for today.

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The post Why You Should Embrace the Powerful Mastermind Principle – 267 appeared first on NonClinical Physicians.

In today's episode, I describe how coaches mentors and masterminds can support your career transition.

Our Sponsor

We're proud to have the University of Tennessee Physician Executive MBA Program, offered by the Haslam College of Business, as the sponsor of this podcast.

The UT PEMBA is the longest-running, and most highly respected physician-only MBA in the country. It has over 700 graduates. And, the program only takes one year to complete. 

By joining the UT Physician Executive MBA, you will develop the business and management skills you need to find a career that you love. To find out more, contact Dr. Kate Atchley’s office at (865) 974-6526 or go to nonclinicalphysicians.com/physicianmba.

What Is a COACH?

Coaching is generally a more formal situation. Characteristics of a business or career coach include:

• Paid service
• Formal relationship
• Regular schedule
• Less directive
• Goal-oriented

What are the differences between a mentor and a coach?

• Growth-oriented vs. goal-oriented
• Unpaid vs. paid
• Intermittent and infrequent vs. regularly scheduled
• Ongoing vs. time-limited

What Is GROUP Coaching?

• Similar to coaching, but with multiple clients
• Less costly to purchase
• Ability to reach more clients and have a bigger impact

Coaches Mentors and Masterminds

My first experience with a mastermind group grew out of my experience with executive coaching. Every month or two, all of the senior executives at the hospital where I was CMO would dedicate one of our scheduled meetings to a special session. During that session, one of the C-suite executives would take the metaphorical “hot seat.”

Once there, the facilitator/coach would start by asking the subject to describe the major challenge in their job that they wanted to discuss. Then the rest of us would spend the next 20 to 30 minutes asking questions to obtain clarity about the problem. Then we’d explore what had been tried already to resolve it.

We would ask probing questions. Ultimately, the subject on the hot seat would define the next steps based on insights and ideas inspired by the group.

It was amazing how often this erudite and accomplished person could find solutions through the mastermind that they had previously been unable to discover on their own. The mastermind never failed to generate new ideas and instill a level of accountability that was otherwise not attainable.

Characteristics of a mastermind group:

• A concept described by Napoleon Hill and others since the 1940s
• Used mostly by business leaders and entrepreneurs to create breakthroughs and accelerate their success
• It requires a facilitator
• It can be done in a variety of formats
  • Monthly meetings for months to years
  • Weekly or biweekly for a shorter duration
  • Larger groups over a weekend retreat
  • Face to face or online
  • Some are free – many are paid 
• Benefits
  • Peer accountability
  • Brainstorming
  • Support
  • Networking
  • Real-time education
  • A catalyst for success

Summary

Coaches, mentors and masterminds can be used to accelerate career transition. Each has its strengths. And there is nothing wrong with using all three. In fact, they can be complementary to one another.

If you'd like to join my next Nonclinical Mastermind Group, you can learn about it and join the waiting list at nonclinicalphysicians.com/mastermind.

NOTE: Look below for a transcript of today's episode.

Links for Today's Episode:

• Why Both a Coach and a Mentor Are Vital to Your Career
• Unlock Leadership Through Coaching
• Top Reasons Why Coaching Is So Essential for Healthcare Leaders – 197
• Why You Need to Get an Executive Coach Now – 102

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Right Click Here and “Save As” to download this podcast episode to your computer.

Podcast Editing & Production Services are provided by Oscar Hamilton

Today's PNC Podcast Transcript

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PNC Podcast Episode 208

How Do I Choose the Best Coaches Mentors and Masterminds for Me?

All right, I want to get on to today's topic, which is near and dear to me. And it entails coaches, mentors, and masterminds. I think it's important that we distinguish each of these and use them properly during our career transition.

This topic has come up several times in recent email requests for listeners looking for a career coach. I'd like to spend this episode doing Q&A about this topic. So here we go.

Now, remember, there's a lot of overlap between these terms potentially. And on the paid side of things, we might even include a consultant and coach interchangeably. In other words, if I am coaching you about how to open a practice while you could easily say, that's also a consultation where I'm teaching you or facilitating your opening your office. But when we talk about coaches, we're generally talking here about one-to-one relationships, either focusing on health, wellness, business career, things like that.

So, let's go back to the title. And the first topic is mentors. Now my first mentor was an internist that I met as a result of a long string of events. Let me try and explain the short version. I came into the hospital that I was working at clinically as a new physician with two other partners. And I had some free time on my hands, obviously while I was building my practice. And so, I use that time to go to a lot of committee meetings and do things in the hospital medical staff, probably more than the average physician just because I had the time and I was still learning.

I was attracted to the CME activities and I started to volunteer on the committee to help support the CME activities. And then the long-time chair was nearing retirement and so, then I took over as chair. Shortly thereafter, we had a survey by the state medical society, which was the organization that certified intrastate sponsors of CME. And we did a pretty good job. And I guess they thought that I was pretty interested in up-to-date on the requirements.

And so, they later had me appointed to the state committee on CME accreditation, which meant that I was on the committee now that would look at the applications and then help decide if they should be approved and for how long.

Well, as a result of that, I began interacting with other members of the committee, and the former chair of the committee and I would meet occasionally at annual meetings. His name was Don and he was an internist and he was working at one of the largest standalone hospitals in the state of Illinois. And over time we worked on different projects having to do with CME.

And I came to find out at some point that he was not actually practicing. I thought, "Well, what does that mean? How can a physician not be practicing?" And I asked him about that and it turned out he was the first chief medical officer that I ever came across. I hadn't come across that in my residency training. CMOs were not that common at the time in hospitals.

He became an informal mentor. If you were to ask him, I'm not sure he would even know that he was my mentor, but every once in a while, every three or four months I'd run into him and I'd ask him about he was doing, did he like it and what should I do if I might want to do similar things. And he was pretty receptive because he saw that I would volunteer for a lot of these nonclinical things like chairing the committee and being a surveyor for CME and so forth.

So, I would ask him questions. He would point me in a direction. I think he was the first one that told me to join the American College of Physician Executives, which is now known as the American Association for Physician Leadership. And that I should do this and do that, go to this meeting and so forth.

That's what a mentor is to me. Let me just kind of summarize what Don was to me. A mentor is usually an informal relationship, that mentorship. It's usually a volunteer or a non-paid situation. It's usually informal. It usually occurs infrequently. Although you could meet with a mentor on a regular basis. But usually, with a mentor, you don't want to be a big burden on them. Again, not like a coaching relationship, which I will discuss in a moment. And it's usually a self-selected relationship. So, I sought him out or he became available to me as opposed to being appointed to me by let's say my boss, which we'll talk about in a minute when we get to coaches.

The mentor is usually dedicated to the mentee's growth and development over time and not necessarily focused on a particular type of outcome or goal. In other words, you could be a coach, let's say, coaching in the athletics arena. You could be a serving coach for tennis or a sprinting coach or just a track coach, I suppose. But usually, there's something specific you're trying to learn, and it's very focused if you're a coach in that setting.

Even in the business end, in the entrepreneurial setting, a coach is usually trying to get you to that next level. And a lot of times the coach will drop off after you've achieved it. So, we'll talk about that again in a minute.

A mentor is able to give you specific advice and point you in a direction and also help you to avoid big mistakes or what I would call landmines in whatever you're doing. And so, as I look back, I've had other mentors, actually the CEO of my hospital was a mentor and there have been others.

We can often have multiple mentors depending on what we're trying to achieve. And as far as me, now I've become a mentor. I do mentorship. In a way, this podcast is a form of mentorship, although it's pretty informal or impersonal. But I have been mentored to specific listeners and also people in my nonclinical career academy where I'll offer some free advice. People contact me all the time by email, asking me questions that I sometimes talk about here on the podcast. And I will send them resources. I would point them in a direction or maybe even point them to a coach. So, I'm definitely a mentor.

Now, coaching is another story. I first experienced formal coaching when I was a senior VP and chief medical officer at the 300-bed hospital, south of Chicago that I eventually grew into. That situation. It was the same hospital I'm talking about where I was doing the CME, but over time I became more and more involved. They took medical directorships and ultimately, I became the CMO.

And the chief executive officer, the CEO of our hospital, had been getting some direct I think it was biweekly or monthly coaching. And after he'd done that for a year or so, he thought it was so helpful that he brought the coaching into the hospital. He offered the coaching to the senior executive team, the C-suite basically, all the VPs and the chief this and that.

And we got some group coaching and we had different programs that we would do together. And then we also had the ability to have individual coaching. So, I would meet with this coach, which was also the CEO's coach, and we would have a conversation for an hour. And that was my first exposure to formal coaching.

Now the thing about coaching, this kind of coaching is it's usually costly. It's a paid service and the people doing the coaching are very well-trained and usually quite experienced. And so, you can imagine, it costs hundreds of dollars per hour generally. And so, it's not an informal sort of situation. It's very formal most of the time. It is almost like therapy in the sense that rather than giving advice or pointing you in a certain direction, a coach is usually facilitating your progress and helping you by asking questions.

And the idea is as a coach to find out what your challenges are, and kind of walk you through a series of questions that will put the onus on you to discover possible solutions. And that's why I say it's very therapy-like in a sense. So, when you're in psychotherapy, again, your therapist does not tell you what to do or how to think but walks you through a process where you have certain "a-ha" moments and insights that take you down a path to become healthier.

Now, coaching is not therapy because there's no illness involved but you're using similar techniques. Usually, the coaching is formal and so, you have a regular schedule. It could be weekly, biweekly, it could be monthly. It could be face-to-face. It can be online. It's definitely less directive, but it is goal-oriented most of the time. So you're being coached in order to improve your leadership skills, or you're being coached to advance your career. And it's become quite common for physicians to hire another physician coach as a career coach. I've done some limited coaching. And when people now ask me, I know many coaches, I've interviewed many. There are some directories available now.

I will say coincidentally today's episode sponsor is the Physician Coaching Alliance as you heard a few more minutes ago from Erin Weisman. So, that's a resource for coaching, if you are looking for coaching.

Now I have tended to stay away from coaching. I'll talk a little bit more about that in a minute, for certain reasons, but what are the differences? Let's just go through the differences between a mentor and a coach. I've sort of already mentioned them, but basically, a mentor is growth-oriented versus a coach who is goal-oriented. A mentor is usually unpaid versus a coach who is paid. A mentor can be quite infrequent, very informal, versus their regularly scheduled meetings with a coach.

Mentorship sometimes can go on for years. Now it is true that you can have new mentors. As you progress, you might sort of catch up with your mentor in terms of what they're doing and how they can help you. You might need a new mentor. It would be quite common for someone like myself early in my career, going to the director of the pharmacy to get some mentorship about getting better at medication safety.

But once I become quite good at it, then maybe the next mentor might be the CFO or the COO or the CEO of the hospital, as opposed to coaching which usually is going to be somewhat time-limited in part, because it's quite expensive.

Now there's a version of coaching called group coaching, which is just like what it sounds. It's very similar. The process is very similar. Many coaches take on group coaching because basically you can only get paid so much doing one-on-one coaching unless you continue to raise your rates. And it becomes onerous to the coachee to keep paying more and more.

So, doing group coaching allows a highly successful and in-demand coach to offer their services to a larger group without raising the rates exorbitantly. And at the same time, keeping it actually less costly to the coachees. So, you can imagine a situation where instead of paying $200, $300 an hour for a coach, if you get in a group situation, you might be paying $100 an hour, but there might be five, six, or seven coachees in the group. And so, the expert coach is making it enough to make it worth their while.

In group coaching you still have the regular meetings. You still have the fact that it's less directive and more therapy-like. And basically, it's more reach for the coach and less costly to the coaches.

Now, my first experience with a mastermind group grew out of my experience with the coaching that I mentioned a minute ago when I was the CMO. The other thing that we did was every month or two, all the senior executives at the hospital where I was working would dedicate one of our scheduled meetings to a special session. And during that session, one of the C suite executives would take the metaphorical hot seat. So, the hot seat is just a term used to apply to the person who is going to be the center of attention for this part of that meeting. And the way we were doing it, we would probably have at least two people take the hot seat, sometimes only one.

And once you're there on the hot seat, the facilitators/coach would start by asking the subject to describe the major challenge in their job that they wanted to discuss that day. Then the rest of us would spend the next 20 to 30 minutes asking questions to achieve some clarity about what the problem really was. It's funny, but if you've gone through this process, you'll often find that sometimes it's difficult for the person in the hot seat to articulate what the problem really is, or in a way that is clear.

So, the whole process of just being on the hot seat and being questioned helps to really clarify the problem. Sometimes when you clarify the problem, the solution becomes self-evident and that's the end of the process. But we would normally explore what this person had already tried to resolve or to solve the problem or the challenge.

And eventually we might ask some leading questions - Has she tried this or that? And we would ask the person in the hot seat whether he would define the next steps that he was going to take based on the conversation with the group.

It was really amazing how often this erudite, experienced, and accomplished person would be able to find solutions that they were unable to devise on their own with weeks or months of effort prior to being on the hot seat. It's very interesting to watch, and it's consistently a very successful process.

The mastermind never failed to generate new ideas and instill a level of accountability that was otherwise usually not attainable. Let me go into a little bit more about what a mastermind is. This is a concept that was written as early as the 1940s by Napoleon Hill. I think there were others at the time that latched onto this, so I'm not sure he was the absolute first. And it's usually used by business leaders and entrepreneurs to try to experience breakthroughs and accelerate the pace of their success in their business.

It always requires that at least one person be a facilitator that can rotate, or it can be the person who puts together the mastermind. It can be done in a variety of settings and formats. It could be monthly meetings for months or years on end. It could be weekly or biweekly for a shorter period of time with an end date. I've heard of masterminds getting together over a weekend or maybe one and a half to three days where these larger groups each go through the hot seat multiple times and try to come up with a lot of plans to take back home.

A mastermind can actually be done face-to-face or online summer free if you just get together with 4 or 5 people, 6, 7, 8, whatever number that have issues similar to you, maybe you are in a similar business at a similar level. You can just do a free mastermind together and you'll rotate the facilitation of it. But many are paid and some can be quite expensive. And even $10,000 to $20,000 per year can be on the low end. There are masterminds with very, very well-known gurus and people that are leaders in their fields. It can be quite expensive, but there are people out there that want to do that because they are so successful.

And part of the reason why they're successful is just not the obvious process of being on the hot seat, but they offer peer accountability. When you're done on the hot seat, you're going to declare what your next steps are. And then you can be held accountable to that during the next meeting. It's a lot of brainstorming. It's a lot of support between the members. You all get to know each other usually pretty well, particularly for those that are ongoing. There is a lot of networking that happens. So, some of the success that comes from this is networking and then sharing or referring outside interest, the networking cohort with the others in your network, in other words. And that's the way that you can become successful and others can become successful by having you refer to them. So, there's real-time education that goes on. There are usually people in any group that are sort of semi experts in certain things that they share during the process. And the bottom line is it's a catalyst for previously unattainable success.

These are three methods or techniques that you can use to accelerate your career transition. Definitely you want to use mentors. It's free, it's informal. It should be a given that you should have multiple mentors as you're trying to advance your career. And there's no reason not to use a coach if you can afford it. And there's a process for finding and selecting the right coach. But again, these different things are actually complementary to one another.

And then the mastermind is another one that I think if you can get into a mastermind, and commit to it and show up and be accountable, they can really speed things along.

So, now the question becomes, "What do I offer? Well, I certainly provide a fair amount of free mentoring. I mentioned that earlier. If you just send me an email with a question, I'm happy to share my wisdom such as it is, my insights, my knowledge. I'll send you a free list of nonclinical careers or a free list of different resources for different things.

Coaching I've done to a very small extent. I've avoided coaching primarily for two reasons. I don't have that much time. And so, I'd have to really charge a super high fee to make it worth my while. And I don't feel like I have the best skills as a coach. I feel I'm better at being a mentor and offering resources.

But I have been intrigued by the idea of developing a mastermind group for physicians interested in nonclinical careers for a long time, because I think it offers a lot of great advantages and, again, could complement the other process that you might be going through.

So, I took the leap and I started a paid mastermind group with five listeners like you about three months ago. We've been meeting biweekly every other week for the past three months. And I must say, I'm really impressed by how well the physicians have taken to the process because I really don't think that we're generally exposed to this kind of a process during our training or at other times. As far as I know, none of them have been involved in a mastermind group before.

We've had some major breakthroughs and the members are very pleased with the way things are going. So, we're still going, we're still meeting. Our next meeting will be a week after I'm recording this. And I plan to start another group of up to 10 members in September. So, I haven't really gone out and started looking for those members.

But for those of you who are interested, you can join a waiting list to find out more and definitely with no obligation, of course, at nonclinicalphysicians.com/mastermind. It will require a short interview at some point in the process just to answer your questions and to be certain that you're appropriate for the next group.

I'm going to have some constraints on it. I probably won't take residents in, for example. I definitely will not take people that are just simply burnt out and need more of a burnout coach or something like that.

But for those that are interested in going from a clinical to a nonclinical career and wanting to get together with peers who are doing the same thing, even if it's in vastly different fields of careers pharma versus hospital versus insurance company and so forth. I think a group of physicians together can really work and make some great progress and breakthroughs.

Again, I am looking forward to sharing this process with more of you as time permits. Again, if you want to check it out, you can definitely go to nonclinicalphysicians.com/mastermind. Right now, it's just a waiting list, but because we're getting close to September, I'll be sending out more information to the people on that list very soon.

Well, I think that should do it for today's episode. I hope you've enjoyed it. If you have any questions about today's content, you can email me at john.jurica.md@gmail.com. As usual, I'll put my links in the show notes, which will be at nonclinicalphysicians.com/coaches-mentors-and-masterminds.

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Many of the links that I refer you to are affiliate links. That means that I receive a payment from the seller if you purchase the affiliate item using my link. Doing so has no effect on the price you are charged. And I only promote products and services that I believe are of high quality and will be useful to you.

The opinions expressed here are mine and my guest’s. While the information provided on the podcast is true and accurate to the best of my knowledge, there is no express or implied guarantee that using the methods discussed here will lead to success in your career, life, or business.

The information presented on this blog and related podcast is for entertainment and/or informational purposes only. I do not provide medical, legal, tax, or emotional advice. If you take action on the information provided on the blog or podcast, it is at your own risk. Always consult an attorney, accountant, career counselor, or other professional before making any major decisions about your career. 

The post How Do I Choose the Best Coaches Mentors and Masterminds for Me? – 208 appeared first on NonClinical Physicians.

Before we get started, I want to thank our sponsor, the University of Tennessee Physician Executive MBA Program offered by the Haslam College of Business. You’ll remember that I interviewed Dr. Kate Atchley, the Executive Director of the program, in Episode #25 of this podcast.

The UT PEMBA is the longest running and most highly respected physician-only MBA in the country, with over 650 graduates. Unlike most other ranked programs, which typically have a duration of 18 to 24 months, this program only takes a year to complete.  And, it’s offered by the business school that was recently ranked #1 in the world for the Most Relevant Executive MBA program, by Economist magazine.

More About PEMBA Students

University of Tennessee PEMBA students bring exceptional value to their organizations by contributing at the highest level while earning their degree. The curriculum includes a number of major assignments and a company project, both of which are structured to immediately apply to each student’s organization.

Graduates have taken leadership positions at major healthcare organizations and have become entrepreneurs and business owners. If you want to acquire the business and management skills needed to advance your nonclinical career, contact Dr. Atchley’s office by calling (865) 974-6526 or by going to vitalpe.net/physicianmba.

Alright, let’s get to today’s episode, in which I describe some simple tactics you can implement to help hasten your career transition.

My Story

I was working full time as a family physician, with a fairly busy practice. Other clinics and committees sought my help. In the early years of my practice, I joined the CME Committee at my hospital. And I filled in at the family planning clinic. Later, I began to cover a few shifts at the hospital’s new occ-med clinic.

Later they asked me to provide part-time administrative support. This included developing policies and procedures, supervising a PA or NP, and doing a walk-through of a local factory.

As the demands on my time increased, I cut back my clinical duties. I made these changes over several years without any specific plan.

Management is Challenging and Fun

I really enjoyed the management work, and looked for more opportunities to do it.  Thinking it would help with my occ-med work, I pursued a master's degree in public health.  I finally started to seriously consider a full-time career in hospital management 13 years after residency.

The tedium of daily practice, increasing paperwork, and declining reimbursements partly fueled my desire to make the shift. But most of it came from a passion to work in teams, participate in projects, improve quality of care, and bridge the communication gap between my physician colleagues and the hospital C-suite.

How to Expedite Career Transition

Looking back, the process could have been a lot more intentional. I’ve since learned simple tactics that can expedite the search for a new career. Entrepreneurs developed these tactics to accelerate business growth. But they certainly apply to career transition, also.

I can think of 5 simple tactics that I could have used, or used more effectively, to expedite my career pivot.

Who Best to Use These Methods?

These tactics are best used once the following conditions have been met.

• You're committed to changing careers;
• You have narrowed your new career to one or two fields;
• You’re frustrated by the slow progress you’re making.

5 Simple Tactics

Here are the five simple tactics that I’ve found to significantly expedite the process. I know they would have helped me immensely if I had used them from the beginning. And they’ll help you to pursue almost any nonclinical career or side hustle, not just the one I chose.

1. Develop a WRITTEN PLAN

Think about and write down your personal career-focused mission, vision, and goals. Use SMART goals [specific, measurable, attainable, relevant and time-limited] when developing your PLAN. Start with the broad brush and answer these questions for yourself:

• What is the mission and vision for my career?
• What is my ultimate goal?
• Which steps should I take to get there?
• Can I define deadlines to shoot for?

More Intentional Goals

Here is what mine might have looked like if I had been more intentional:

• My mission is to work in hospital management at the executive level.
• My vision is to pursue a career that provides more freedom, while allowing me to express my passion for quality improvement, continuing medical education, and medication safety.
• The CME Committee will select me as it's chair later this year.
• Next, I'll join the American Association for Physician Leadership, and complete at least three management courses this year.
• I'll prepare a resume, and schedule interviews for a hospital management position at least once a quarter.
• By the end of next year, a hospital will hire me for a management job.

One of the benefits of writing down your mission and vision is that it helps to make decisions about new opportunities. It will help direct you to what your next steps should be, and also to what you should say “NO” to.

You can determine if additional work is aligned with your mission, vision and goals, using your plan. Then, you can eliminate those that aren’t! I recall volunteering for several committees that took me down a rabbit hole that delayed my career transition.

Write dow the PLAN and review it regularly. By doing so, you'll stay on track to your ultimate goal.

The remaining four tactics are helpful for assuring accountability, while the final three also add guidance and advice.

2. Get an ACCOUNTABILITY PARTNER

Choose somebody who is also interested in pursuing a nonclinical job. You can meet weekly or biweekly and discuss your plans, your accomplishments, and your challenges. You’ll also follow-up on your commitments, so that you both keep making progress.

Remember the mantra for accountability: Doing what you said you would do, when you said you would do it, how you said you would do it. Your partner will help you keep the commitments you make, and thereby expedite your transition.

3. Find one or more MENTORS

A mentor is someone who's a step or two ahead of you, has succeeded in the career that you’re pursuing, or has needed expertise. I believe that mentorships don't have to be formal arrangements.

The mentor simply needs to be willing to answer a question and point you in the right direction from time to time.

I’ve had several mentors over the years. I’m not even sure they knew they were mentors. One was a physician working as a full time chief medical officer. I occasionally called him, or cornered him during a break at a conference, and asked his advice.

The other was the CEO of my hospital. At the time, I didn’t report directly to him. But I would occasionally get his advice on how to advance my career.

The thing to remember is to use mentors sparingly. Don’t burden them too much by trying to make them responsible for your career success.

4. Create a MASTERMIND GROUP

It’s been said that you're the average of the five people you spend the most time with. A mastermind group is like an accountability partner on steroids.

To create such a group, identify 2 to 5 colleagues who are all striving for a similar goal. Meet on a regular basis, perhaps monthly. For the first meeting or two, you’ll get to know each other, including each other’s career goals and steps you’ve already taken.

Photo by rawpixel.com from Pexels

Then each meeting should focus on one or two members. The other members ask questions and keep the person in the “hot-seat” accountable, and encourage new insights. A good description of mastermind groups can be found in the book by Aaron Walker, The Mastermind Blueprint or on Wikipedia.

By getting together regularly, you’ll help each other think of new approaches to advancing your careers, and accelerate the pace of change.

Mastermind groups don’t typically cost anything to join. A knowledgeable expert or coach sometimes creates a paid mastermind group. None are devoted to physician career transition, however.

5. Hire a CAREER COACH.

This may be the most powerful way to expedite your search for a nonclinical career. The other methods generally don’t involve any cost. But coaching is going to require a financial investment.

By working with a coach, you're going to have access to someone who has devoted their career to helping you. A coach will help you to identify your strengths and weaknesses, and define your interests. She'll help clarify your goals, and work through self-limiting beliefs.

A career coach will provide practical advice about where to find jobs that align with your career goals, vision and mission. In some cases, they might have relationships with recruiters or companies that hire physicians for nonclinical positions.

I’ve spoken with many physicians who have been delighted with the outcomes of coaching. In many cases, they consider it to be the turning point in their career journey.

Summary

Let me summarize the five tactics that will expedite your search for that new career:

1. Develop a PLAN, complete with your career mission, vision, and goals
2. Get an ACCOUNTABILITY PARTNER
3. Find one or more MENTORS
4. Create a MASTERMIND GROUP
5. Hire a CAREER COACH

You don't have to use all five of these tactics. But the more that you use, the more likely you're going to shift gears and find the fulfilling career that you've been looking for.

Developing a PLAN is the most important step to expedite your search. The other tactics add accountability. And several add expert advice and guidance. I’m sure my career transition would have been much smoother, if I had used these simple tactics.

I want to sincerely thank the University of Tennessee, Physician Executive MBA program, again, for sponsoring the show today. It’s an outstanding, highly rated, MBA program designed for working physicians. It might be just what you need to prepare for that joyful, well-paying career. You can find out more at vitalpe.net/physicianmba.

Thanks again for listening. I hope to see you next time on Physician NonClinical Careers.

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Disclaimer:

The opinions expressed here are mine, and my guest's, where applicable. While the information published is true and accurate to the best of my knowledge, there is no express or implied guarantee that using the methods discussed will lead to success in your career, life or business.

The opinions are my own, and my guest's, and not those of any organization(s) that I'm a member of, or affiliated with. The information presented is for entertainment and/or informational purposes only. It should not be construed as advice, such a medical, legal, tax, emotional or other types of advice.

If you take action on any information provided on the blog or podcast, it is at your own risk. Always consult a professional, e.g., attorney, accountant, or career counsellor, before making any major decisions related to the subject matter of the blog and podcast.

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The post 5 Simple Tactics That Will Hasten Your Career Transition – 060 appeared first on NonClinical Physicians.