Peer groups, sometimes referred to as mastermind groups, can be incredibly helpful and effective at moving you along the path to achieving goals. Personally, I’ve been involved in peer groups for more than 12 years. In my former role as an executive director of a family business center, I put together 18 different peer groups for NextGen and NowGen business leaders. Today, I run a group on goal setting, and soon I’m launching the first Successful Generations’ peer group focused on wellness and leadership. In summary, this is a tool I know and believe in.
I love peer groups because they are like having a trusted sounding board available to support, challenge, advise and cheer you on. And in return, you do the same for the other group members. The group’s success is based on each member’s success, so time and participation are required.
In this solo-episode, I do a deep dive into peer groups—giving you some definitions, sharing my experiences, and explaining what they are and what they’re not. I leave you with a checklist and an exercise to help you identify if a peer group is right for you.
Topics discussed in this episode:
- Defining peer groups (1:35)
- What’s the difference between a peer and mastermind group? (3:09)
- How I gained experience and expertise in this area (3:58)
- It’s all about value! (6:38)
- A peer group is not… (12:47)
- Checklist: 5 ways to determine if a peer group is right for you (15:45)
- Costs (19:35)
- Reflection: Why do you want to join a peer group? (20:40)
- Wrap and resources (22:55)
Notable & Quotable:
The group is for the group. The peer group’s success is based on each individual’s success, commitment, and participation. —Ellie Frey Zagel #successfulgenerations
In a peer group you know not your not alone. There are other people grappling with the same issues you are. —Ellie Frey Zagel #successfulgenerations
Peer groups require a high level of trust, confidentiality and engagement. —Ellie Frey Zagel #successfulgenerations
Resources mentioned in this episode:
The Success Alliance and Napoleon Hill
Books: The Law of Success and Think and Grow Rich, both by Napoleon Hill
YPO (Young Presidents Organization)
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If you are the next generation of family business, philanthropy and wealth, and have a topic you think we should discuss, let us know at Ellie@successfulgenerations.com.