Chapter 4 of THE POWER OF PEERS begins Part 2 of the book, The Five Factors For Peer Advantage. Chapter 4 is on the first of these, “Select The Right Peers.”
Surrounding yourself with the right people is essential to peer advantage. Peer advantage doesn’t come cheaply, but if you’re in the right group where you share strong values, set clear goals and commit yourself to the other members by giving and receiving — there’s no limit to what you can accomplish.
“How will I identify which peers can really help me?” is the question you must ask and answer. You should look beyond mere credentials and titles. Think about how you approach hiring an employee. You look for people who have certain skills, but you’re also critical of how well they’ll fit into your culture. The same thing is true of your peer group. Good groups share a set of beliefs in pursuit of common goals. There are 7 shared beliefs that are essential for a successful group.
The group is smarter than any one individual. 
You may not be the smartest person in the room, but if you’re the boss you may be treated that way. The collective experience in the room is greater than any individual in the room.
You may diminish your team if you always think you have to be the smartest guy in the room. Once you believe in the collective knowledge of the group, you can stop judging and start learning.
Leaders benefit from insightful questions and advice from their peers.
Hard questions can be asked in a group setting. Your fellow members care about your success, but without skin in the game they’re free to ask unfiltered questions, offer impartial advice and share experiences. Great questions and unfettered advice and feedback help members build trust and extend their relationships beyond the group meetings.
Leaders, regardless of industry, share aspirations and challenges. 
Common practices in one industry might be unheard of in another one. Sharing ideas and practices across industries can be powerful for CEOs and business owners.
People prefer to implement their own solutions.
There’s a difference between what you get from a consultant and what you get from a group of peers. Both can be valuable, but when you get recommendations from a consultant you’re left to implement their ideas. When you get insights and experiences from a group of peers you’re challenged to learn from your colleagues and make a commitment to develop and implement your own solutions. CEOs and business owners who own a particular strategy and implement it are more committed to be successful with it.
Success is often the best teacher. 
When something works, you’re more inclined to adopt it or stick with it. Until then you may not trust it.
Success can fuel our willingness to change. Listening to and engaging in a peer group can fuel success when people are open to the strengths found in others.
Peer accountability is a powerful force.
This is a force we all experienced from the time we started school. Teachers understood it, too – what with their carrot and stick approach. Teachers shined a light on the good students while punishing poor behavior. In business, admission of failure to colleagues that you failed them is the toughest admission of all. The respect of your colleagues is your greatest currency. You want to be regarded as somebody will do what they say. It’s a culture of accountability found in a peer group.
Shared beliefs are necessary if the group is going to engage in open and honest exchanges, creating a confidential and safe environment for sharing. If you have what it takes, then you’re on your way to realizing the peer advantage.
Shared goals are also important. What do you want to accomplish? If you want to run marathons you know to surround yourself with others wh...