Wealth expert Napolean Hill coined the term "mastermind alliance" many years ago in his now classic Think and Grow Rich. He studied what the world's weathiest people had in common with each other. One thing they all did was belong to a mastermind group. Hill says that:

"The coordination of knowledge and effort of two or more people, who work toward a definite purpose, in the spirit of harmony... No two minds ever come together without thereby creating a third, invisible intangible force, which may be likened to a third mind."

What is a mastermind? It's a group of people dedicated to helping each other out by providing advice and resources. Often people within a mastermind do business together and form partnerships or joint ventures.

• Mastermind groups meet on a regular basis or online they may have a private discussion board
• Members of the group pledge to help each other in a "one for all, all for one" fashion
• Members regularly help each other by giving advice in areas of expertise
• Members' personal networks multiply by each member of the group as connections are made

• Members must be honest and open with each other for the group to be effective
• Members hold each other accountable to goals which are set by each other, which improves the effectiveness of each individual

• In some cases, the existence of the group is to be kept secret, or at least not publicly referred to as a mastermind group (it does seem a little over the top)

A mastermind group begins simply when one person initiates it by inviting others into a group. In order to be truly effective at helping each person and the group as a whole, members of the group should each have something unique to contribute. Members should ideally belong to various industries and fields, because of the powerful synergies that can happen across unlike enterprises.

However, members who are all in the same industry together can form powerful partnerships that multiply each individual's effectiveness in the marketplace. A strong group of people or companies can totally dominate a market.

There is no question that mastermind groups work. When a group of people work together, amazing results can be achieved. There is truly a positive group dynamic at work. This isn't happy talk psychobabble. The power of an alliance is one of the oldest powers on earth. Why do you think animals form herds and people form tribes?

A mastermind group is like a modern day tribe, one that you can meet with over the internet! I am in a mastermind group and it has been one of the most positive growth experiences of my career as a business blogging consultant.

Do you have a mastermind group? Tell me about in the comments below. How has it helped you? Would you recommend mastermind groups to others? What would you caution people against?