DIY Mastermind Groups

November 13, 10:07 AMPhoenix Internet Business ExaminerCarma Spence-Pothitt

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Create Your Own Mastermind Group

If you've read Think and Grow Rich ... and you really should (It's quite easy to get a copy ... you could probably find one at your local thrift shop or used book store. Amazon carries it and I've seen at least a dozen or more Internet Marketers giving the ebook version away.) ... you've heard of the "mastermind" concept. Hill defined it as, "a coordination of knowledge and effort in a spirit of harmony, between two or more people, for the attainment of a definite purpose."

According to Hill, having a mastermind group can be the key to your success. "Analyze the record of any person who has accumulated great fortune, and many of those who have accumulated modest fortunes," he wrote, "and you will find that they have either consciously, or unconsciously employed the Master Mind principle."

But you don't need to leave it to chance or the meanderings of your unconscious. You can form a mastermind group of your own on purpose. Here are some tips to get you started.

Start Small
Find a handful of folks you respect and trust ... no more than eight ... to start out. Choose these people wisely. They should be successful, goal oriented, trustworthy, and focused on taking their business to the next level. Integrity and drive are key.

Set the Ground Rules
Everyone who joins the mastermind group must agree to a set of ground rules. These rules should address confidentiality and attendance. Also, if members don't respect each other, the group will fall apart. Mutual respect is very important ... and keeping what is discussed in the meeting confidential, as well as showing up to each meeting on time, is an important part of showing that respect.

Determine Meeting Venue and Time
Will your group meet in person or virtually? Will you meet weekly? monthly? quarterly? How long will your meetings be? An hour? A day? Over a weekend? The needs and schedules of your group members will help you determine this.

Set Your Goals Early
Your first meeting should lay down not only the things discussed above, but also the goals of the group. Are you coming together for a very specific project? Or is this group something that will help all of you grow your businesses over time?

Open Up
Your meetings should foster creativity. Members should be able to brainstorm, generate and share ideas, solve nagging challenges and support each other's efforts. This can't happen if members keep everything close to the vest. That's why integrity is such an important characteristic of mastermind group members.

Be Accountability Partners
Remember, a mastermind group's purpose is to help members take their business to the next level. This means that you'll need to keep each other accountable for the actions each of you promise to take during a meeting.