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If you are on a quest for success in your personal and professional life, you need a mastermind group.

The term was first introduced in 1937 in Napoleon Hill’s book, Think and Grow Rich.

Many successful people have used the power of the mastermind group including Henry Ford, Thomas Edison, and contemporaries like John Assaraf, and co-creator of Chicken Soup for the Soul, Jack Canfield.

I started my own business growth mastermind a few years ago and we meet every other week at my home. It has been a great source of creative ideas, honest feedback, and accountability.

One member, a good friend, is a memoir ghostwriter who has grown his book writing business from getting paid $5,000 a book to $100,000! Check out www.lathamshinder.com.

Mastermind groups can be paid with a coach or free with a peer group. Both accelerate growth. I’m in a speakers mastermind group that has a monthly payment but I’m also in a free local business development mastermind and a telephone speaker/coach mastermind group with members from all over North America.

Here are 5 tips for starting your mastermind group:

  1. Research, Google, and learn about mastermind groups from someone who has done it.
  2. Invite 5-9 people who offer expertise, a high level of success, or strengths that compliment yours. I find that having a variety of personalities and strengths in the group helps energize and catapult the group’s overall success rate.
  3. Choose a consistent time to meet every other week or month. You can meet at someone’s home (I enjoy having my local group sit around my pool cabana) or on a free telephone conference line that can be recorded (like www.freeconferencecall.com).
  4. Let the group evolve and choose how they want to meet. Some are more structured with topics and format and many are spontaneous and unstructured. Some focus only on business success though many focus on personal growth and business development.
  5. Share ideas and resources, successes and struggles, and be accountable. Build trust, share compassion, show stability, and inspire with optimism. Find a balance of giving and receiving with your mastermind group.

Coaching points:

  1. Who would you invite to your mastermind group?
  2. What holds you back from starting or participating in a mastermind group?

There are three kinds of people reading this blog: people with no dreams, people with little dreams, and people with BIG dreams.  Here’s the fifth of my 8 success strategies to help you dream big.

Discover what you want.
Release your strengths.
Energize your mind.
Adapt to challenges.
Make a dream team.

Big dreams are not achieved alone. They are realized when we learn and lean on a team of experts.

Who could be on your dream team?

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Friends

Someone once said, “You are the average of your top five friends.” List the positive and negative qualities of your top five friends and notice the dreams they have accomplished. Would you be thrilled to have a life like your friends? If not, reach out and build healthy friendships. My daily success script reads, “I am blessed with exciting, nurturing, and positive friendships in my life that God wants me to have.”

But sometimes friends cannot be objective enough and we need…

Coaches

Bob Nardelli, former CEO of Home Depot said, “I absolutely believe that people, unless coached, never reach their maximum capabilities.” I learned this early in my tennis career. I started tennis, hired several coaches and accomplished my dream by winning the state championship in just two years. Over the years I have utilized a business coach, a money coach, a heart coach, a relationship coach, a book coach, a speaking coach, marketing coach, and the list goes on. Success usually comes faster if you pay or barter for a coach.

Along with friends and a coach you will benefit from a…

Mastermind Group

About two years ago I invited a group of diverse business owners to start a mastermind group. We have a ghostwriter, a spa owner, an Internet marketing guru, a chiropractor, and myself. We meet on a Friday morning, have coffee, and sit out outside around my pool and cabana. We have seen the ghostwriter grow his business from $5,000 a book to $50,000 per project. Personally, I have received incredible feedback and support that has made my business more successful. A mastermind is usually no bigger than 5-7 people. Each group is unique and determines if they want a structured format or a more spontaneous free flow. The consistency of meeting every other week and the accountability are the keys for success.

Remember to stick with your strengths and delegate to…

Assistants

Hiring an administrative assistant has been one of the best decisions I’ve made in the past year. I researched virtual assistants but decided to go with a local person that I can meet with face-to-face. In the past, I tended to procrastinate on projects. Now I delegate projects and they are usually accomplished within a week. Ask around your community, send out resumes and find that faithful person that can become your Tonto.

Coaching points:

  1. Write a list of people you want and need on your dream team.
  2. Have an initial brainstorm meeting and quarterly meeting with your dream team.

Brent O’Bannon creates momentum for outrageous success. He is known as America’s Momentum Coach for individuals, couples in business, and companies. For more information go to www.brentobannon.com and www.marriedtoyourboss.com.