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Mastermind Groups and Accountability

by on August 24, 2010

Accountability is Key to Achieving Your Goals

Mastermind groups are gaining in popularity at lightning speed. 10 years ago, when I began facilitating mastermind groups, most business people had no idea what a mastermind group was.  Today, the self-employed, solo entrepreneurs and home-based business owners are seeking out mastermind groups, sometimes for the right reasons, and sometimes for the wrong reasons. 

A great business success group or peer group will certainly applaud your successes. Every time you meet a goal, they’ll be there to cheer you on. At the same time, however, a good mastermind group will not gloss over failure or ignore inefficiencies of group members. When you join a mastermind group or peer group, you are signing up to be held accountable to do what you say you’ll do, and to achieve your goals. 

Accountability is key.  When I wrote my goal setting book, every single successful person whom I interviewed had one thing in common: they are held accountable for achieving their goals by someone else.  That said, accountability starts with you: you must be accountable for the goals you set and your business practices. You must take responsibility for yourself and your business. 

Your peers in a mastermind group will not tell you you're doing a great job is your business is going south.

Your peers in a business success group will be supportive; they’ll be your cheerleaders. But if that’s all you’re looking for, get it someplace else other than a mastermind group. Your business success peers will not tell you you’re doing a great job if your business is failing. If your efforts are not well-directed, they will tell you. 

You can assert that you will earn $100,000 of sales within a year. That may or may not be a realistic goal. Peers in a good mastermind group will ask you if your goals are realistic. They will also ask: How will you reach that point? How are you going to measure your progress? What deadlines will you set? When you decide each of these factors, your peer group will hold you accountable, but first, you must hold yourself accountable for these metrics and goals. 

People in your mastermind group should help you take accountability. When you fail, they should acknowledge your failure and provide advice about how to avoid repeating it. If you are setting unrealistic goals, they should let you know that your plan requires some more pragmatic milestones. Be  open to feedback about your ideas. 

As a home-based business owner or solo entrepreneur, accountability for your success begins with you. Use your mastermind group to increase your accountability and with it, your opportunity for success. 

If you’re considering joining a mastermind group, please check out my virtual mastermind groups that combine the power of masterminding with goal setting and coaching.

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What is a Mastermind Group?

by on August 3, 2010

One could argue the original definition of a mastermind group, but when someone in business today refers a mastermind group, he or she means a group of like-minded individuals who come together on a regular basis to help and support one another to grow their respective businesses. 

Mastermind group, peer groups, and peer advisory board are all names for essentially the same thing.

The History of Mastermind Groups 

Mastermind groups have been around since the beginning of time: one could say the founding fathers of the United States were a mastermind group.  The Greek king, Alexander the Great (356-323 BC) had a group of advisors as have most world leaders in history; these groups of advisors can be considered mastermind groups. 

In 1727, Ben Franklin founded a discussion group called the Junta; it was essentially a mastermind group.  Andrew Carnegie, one of the most famous leaders of industry of the late 19th and early 20th centuries, and a Scottish immigrant who became the richest man in the world, believed participating in a mastermind group to be an essential ingredient for success. 

Most often we hear the name of Napoleon Hill – most known for his classic book, Think and Grow Rich – associated with mastermind groups. While Hill didn’t invent the idea, he can certainly be given credit for promoting the concept of a mastermind alliance.  

But enough about the history of mastermind groups.

What is Mastermind Group in the 21st Century?

Mastermind groupToday’s mastermind groups are a group of individuals who come together on a regular basis to brainstorm, assist, and support each other. Most often, mastermind groups are a group of business owners, each with the goal of growing his/her respective business.  These groups provide  inspiration, motivation, problem-solving, encouragement and support.  For solo entrepreneurs in particular, belonging to a mastermind group can  help with the isolation factor. 

I welcome your questions about mastermind groups: I’ve facilitated mastermind groups for over a decade and belonged to peer groups since the mid 1990′s. 

And now for my shameless commercial:  The Peer Success Group is a type of mastermind group. The Peer Success Group brings the concept of a mastermind group to the next level, combining masterminding with goal setting and coaching.  If you’re considering  joining a mastermind group, I invite you to check out The Peer Success Group.

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