Have you ever wondered what the difference is between an accountability group and a mastermind group? Some people consider them the same thing and in some ways they are similar but there are some major differences.
The premise of the mastermind is that many heads working together are better than one. The main tool of the mastermind is the “hot seat.” A “hot seat” is where all the attention is on you and you get share a particular challenge or struggle that you’d like help with from the other people in your mastermind. This is where it helps to be in a mastermind with people in similar fields and especially helpful if they have a greater level of success and experience than you do. Each person gets a chance to share and then receive feedback from the other members of the group. You usually leave the mastermind with at least one action item that you intend to follow through with by the next meeting. Masterminds meet regularly, typically once a month or once a quarter but some meet more or less often. Some masterminds don’t have one particular leader and others are led by a coach or organizer that has experience in the area that the mastermind is focused on. There are masterminds for artists, online marketers, fitness experts, you name it there is a mastermind for it. Masterminds can be self-organized and free of charge or led by an expert at a particular cost. Depending on the level of the mastermind it can get extremely expensive. The most expensive one I’ve heard of is over $10,000 per month.
The premise of the accountability group is that observation changes behavior. An accountability group is set up to achieve particular goals. Once you’ve determined what you want to work on you decide what you are able to commit to getting done that’s going to get you one step closer by the next meeting. In this way commitments are your tool for chipping away at a larger goal over smaller increments of time. Meetings include feedback between all the members so in this way you learn from each other. Meetings are typically held more often and for a shorter period of time than a mastermind. Being part of a group of like-minded people is important but specific areas of expertise or levels of success are less so than in a mastermind. Accountability groups can be organized by area of interest however they are usually less specific than a mastermind. They can be self-organized and free of charge or led by an expert for a fee. The most expensive I’ve heard of is $1800 per month.
Masterminds are great for people that want to up level their business and meet people that are in similar fields. You are going to leave your mastermind with some great ideas to take back and implement and that’s always a good thing.
Accountability is great for implementation. This is where you work on the habits, consistency, and staying focused on your end goal.
Personally, I do both. For example, my last mastermind resulted in the action step of hiring help with some advice on how to do that. So I hired one person to help develop my course site and another to help with marketing. This week in my accountability group, I’m committed to exercising, getting up early, completing my thought experiment, and working on my course. So I am committed to doing things that support my long term business goals as well as the habits that make me feel the best. I might go months or years without being part of a mastermind but I’m always practicing accountability. Clearly! That’s why I do this work. I love it – a lot.
I hope that helps clarify the differences. Big ideas for your business and connections with people that are in similar businesses – mastermind. Consistent focus on hitting goals, finishing projects, and creating good habits by sharing with other motivated and likeminded people – accountability group.
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