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?
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