by Terry Neese

As a small business owner, wouldn’t it be great to have your own hand-picked board of advisers, also fellow business owners, who you could share ideas with, offer suggestions as well as inspire and motivate one another? If this thought interests you then a mastermind group may be just the thing for you!

For nearly 70 years, mastermind groups have been providing entrepreneurs with an environment to test new business strategies and help small business owners share ideas in a creative and confidential environment. Where business associations and networking groups can provide great leads, mastermind groups are more selective in their membership. Normally a mastermind group is comprised of five to seven people from non-competing businesses who meet on a regular interval. This group can serve as an informal board of advisers for one another’s business as well as offer each member support, knowledge, advice, perspective and accountability.

A concept coined by Napoleon Hill, author of the classic business book “Think & Grow Rich,” mastermind groups have been in existence since Hill’s book was published in 1937. Successful motivational speaker Marjorie Brody, a member of two mastermind groups, recently wrote in Enterprising Women magazine that one of the biggest benefits of a mastermind group is the power of accountability and commitment.

“I personally feel like I’ve been given homework assignments to complete before we meet again,” she wrote. “But, after each meeting, I feel supercharged, knowing I must accomplish my stated goals or risk hearing about it at the next meeting!”

There are no fast or hard rules to setting up a mastermind group, but generally groups meet once or twice a month for 2-3 hours. Remember, the maturity of a business or type of business of each member is not important to the team but commitment to their business and especially commitment to the group is very important. Following are suggestions from Jim Rohrbach of Entrepreneur.com on how to start your own mastermind group:

Start with a self-assessment. Why do you want to create a peer network? What are you looking for from the group? What should your members get out of it, and what can they give back?

Develop your "30-second spot." Learn how to express what you do concisely, so others will be intrigued enough to join your network.

Act as if you're looking for a new job. Spin the Rolodex, figure out those people you'd like to know better and believe you could learn from. Choose up to five you think would be interested. Talk to them about it; ask them whether they know up to three more who might be interested. Max out at 25 people. Meet regularly online or offline. Get enough people involved that, if you're meeting regularly, enough people will show up to make it worthwhile.

Draft a team. Contact about six peers in non-competing fields. Make sure they're thoughtful, trustworthy, creative and inspiring. Keep the group small; larger groups tend to lose control, focus and intimacy.

Set a regular schedule. Pencil in a regular day and time to hold the meeting and shoot for monthly at least. If the meetings become too infrequent, their importance and power may be lost. Vary the location-and open with a game-to spur creative thought.

Prepare a game plan. Since each member gets some time to present and discuss his or her topics, bring a list of issues you need to cover (a new marketing or business plan, your Web site or collateral design, a new market niche you want to target, etc.).

Act. Once you leave, don't let the meeting's power subside. Sit down with your notes and put your partners' thoughts and ideas into action. Next time you meet, report on your success.

Find Your Place Where can you go to network, expand your knowledge, make allies and increase your professionalism? Try these resources:

Read the business section. Scan your local paper to locate meetings of networking groups, industry associations or other venues to share and learn new ideas.

Return to your roots. Ferret out your industry's associations or publications, peer groups and other professional organizations where people of similar backgrounds or interests meet and network.

Get academic. Call the local university extension service, the local SBA Women’s Business Center, Small Business Development Center, SBA or Service Corps of Retired Executives office to inquire about seminars.

Network online. Search the Internet using keywords associated with your industry or trade. Peruse Web sites and participate in discussion groups related to your area of interest.

Credit:
"Smart Business for Small Business"
"Smart Business" is a nationally-syndicated column that is a must-read for start-up entrepreneurs and entrepreneurs taking their business to the next growth level. The column features how to's, legislative information, and 21st-century strategies.

The column is written by Terry Neese, National Business Association Public Policy Advisor, entrepreneur, past national president of the National Association of Women Business Owners (NAWBO), and co-founder of WIPP. Terry founded Terry Neese Personnel Services, located in Oklahoma City, 25 years ago..

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Related Information:

NBA Strategic Partner - U.S. Small Business Administration

NBA Strategic Partner - Service Corps of Retired Executives (SCORE)

NBA Public Policy Advisor - Terry Neese