Starting and Participating in a Mastermind Group

I recently discovered the eMoms at Home blog where they were discussing starting and participating in Mastermind / Productivity Groups.

This group meets once per week on Fridays at 5:00 AM. Some suggestions they have for running a successful Mastermind Group include:

1. Keep them small so that conversation can flow. We have 4 people in our group. I don't think I would want more than 8 total.
2. Include a range of skill levels in your group. You want people that can mentor you as well as people you can mentor - keep in mind the Latin Proverb, "By learning you will teach, by teaching you will learn."
3. Use the power of leverage. If I don't follow through on my commitments, there is a price to pay. I make it painful enough to ensure I do what I say I will do.

Their meeting structure is simple and efficient:

1. We meet weekly at a certain time - if one of us is late, that person is buying breakfast for everyone.
2. Each person has the floor for a certain period of time - which gives everyone an opportunity to share successes and ask for help or guidance.
3. We sometimes hand out 'assignments' to each other. A few months ago, I was knee deep in working on blasting out my limiting beliefs about money. One of my group members suggested that I ask for money from someone every day for a week. Wow, it was hard, but I got SO much out of it.