Lisa Nirell, founder of EnergizeGrowth LLC, strategy advisory firm in Bend, OR and the author of EnergizeGrowth NOW: The Marketing Guide to a Wealthy Company. (Wiley, 2009), has formed and joined six mastermind groups over the past eight years. Living in a remote part of Oregon, Nirell says she uses mastermind groups because there are not enough resources locally to provide the strategic input she needs for her business.

Over the years she has learned key lessons about succeeding with mastermind groups:

1. The group must share the same values about business.
2. People must be supportive yet tough when needed.
3. Accountability and "skin in the game" (time commitment, membership dues) trumps socializing and buddy gatherings (e.g. golf outings).
4. The most effective groups have fewer than five members.
5. Groups can be effective for as long as five years, or for a short six month timeframe. It depends on the purpose of the group.
6. It is okay to confront a member who is not pulling their weight, and only uses the group for social benefit. She fired a member from a group, knowing full well that the group might disband. The member was not adding any long term value to the group, and contributed the bare minimum to new business flow.
7. The group must have a written purpose statement and some basic operating guidelines to be effective in the long term.
8. Celebration of key milestones is essential, not just a "nice to have."
9. Someone has to be the leader. Keeping things organized and on schedule maintain group integrity. When the group feels "stale," it probably is. Someone needs to monitor groupthink and encourage innovation.

1. Masterminds are not for everyone. If you are running a lifestyle business, dislike honest feedback, and do not believe in the abundance mindset, seek out another venue or hire a therapist.