How To Create Your Own Mastermind Group To Build Your Business

By Yvonne Bynoe, Senior Contributor

One of the key reasons why entrepreneurs don't achieve great success is that they're not associated with like-minded people.  One of the best ways for entrepreneurs to increase their knowledge-base and their income is to become part of a mastermind.

In the classic personal development book, Think and Grow Rich, author Napoleon Hill, defined a mastermind as: "Coordination of knowledge and effort, in a spirit of harmony, between two or more people, for the attainment of a definite purpose."

Think of a mastermind as your success team.  Working with other people will help you achieve your goals ... faster.

As I've said, who you have in your inner circle has a direct impact on your business.  Without a doubt, if you're surrounded by naysayers, it will be difficult for you to create the success that you desire.  Instead of championing your dreams, these people will feed your fears about why you can't prevail.  Similarly, as you seek to achieve bigger goals, you must associate with people who can expose you to different knowledge, experiences and perspectives. You can't solve new problems with old thinking.

A good mastermind allows you to hang out with other entrepreneurs who are on a similar journey.  As a success team, your mastermind can provide you with the brain power to help you to solve business problems when they arise.  It can also provide you with the motivation and the inspiration to stay on course when times become challenging.

There are no "rules" for creating your own mastermind, but here are some examples:

• Formal group coaching with 2-5 other entrepreneurs facilitated by a coach
• Monthly roundtable with other women entrepreneurs, who share their challenges with the group
• An accountability buddy who you talk to least once  a week to make sure that each person is moving toward her goals

It's important to select mastermind partners who will encourage you to stretch beyond your comfort zone--- in a respectful way.  Your mastermind partners also have to be willing to share information and resources.  The intention of the group should be that everyone benefit.  Lastly, you have to pick people who are committed not only to the success of their own businesses but also to the success of the businesses of other mastermind members.  The mastermind should be a place where you come together with trusted colleagues to brainstorm ideas for each other; support each other through the inevitable rough spots and to celebrate each participant's wins.

Yvonne Bynoe is a certified business and marketing coach. She mentors women entrepreneurs on how to use their skill and knowledge to create 6 figure businesses. She is the creator of Clarity, Clients and Cash, her signature coaching program combining proven 6-figure business and marketing strategy, and money breakthrough coaching. Follow Yvonne on twitter @YvonneBynoe. Find out about her upcoming FREE training call at: http://www.soulfulaffluence.com/free-sessions-secrets/

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