What is a Mastermind Group?

Definition of a Mastermind Group in the 21st Century

One could argue the original definition of a mastermind group, but 9 times out of 10, when someone in business today refers a mastermind group, he or she means a group of like-minded individuals who come together on a regular basis to help and support one another to grow their respective businesses.

The History of Mastermind Groups

Mastermind groups have been around since the beginning of time:  the founding fathers of the United States were essentially a mastermind group; likewise Jesus and his disciples. The Greek king, Alexander the Great (356-323 BC) had a group of advisors as have most world leaders in history; these groups of advisors can be considered mastermind groups.

You may have heard of Benjamin Franklin’s Junto. (Junto is a Spanish word which means “council.”)  Ben Franklin, an individual committed to self-improvement, in 1727 founded a discussion group called the Junto that evolved into the American Philosophical Association and helped establish the first U.S. lending library as well as an academy that evolved into the University of Pennsylvania. The Junto was essentially a mastermind group.

Andrew Carnegie, one of the most famous leaders of industry of the late 19th and early 20th centuries, and a Scottish immigrant who became the richest man in the world, believed participating in a mastermind group to be an essential ingredient for success.

Most often we hear the name of Napoleon Hill associated with mastermind groups. While Hill clearly didn’t invent the idea, he can certainly be given credit for promoting the concept of a mastermind alliance. Napoleon Hill was an American author, one of the first to write on the topic known today as personal development. In 1928, Hill published a study course called The Law of Success, based on his interviews (at the suggestion of Andrew Carnegie) over the course of 20 years with some of the country’s most successful men. One of the lessons contained within The Law of Success is… you guessed it… a mastermind group. Nine years later, Hill continued to expound on the topic of the mastermind alliance in his best-selling classic, Think and Grow Rich.

A Mastermind is a unique concept that leverages the collective power of the group, creating a Third Mind. –Napoleon Hill, Author of Think & Grow Rich and The Law of Success

One could argue that the modern day Alcoholics Anonymous is a type of mastermind group. AA was founded in 1935 and today has more than 2 million members worldwide.  PT Barnum, the great showman, went to a mastermind group; author Tom Peters touts the idea in his book, In Search of Excellence; Zig Ziglar said “You can get everything in life you want, if you’ll just help others get what they want.”

But enough about the history of mastermind groups.

What is a Mastermind Group in the 21st Century and How Can it Help You?

Today’s mastermind groups are sometimes called peer groups or peer advisory groups.  These are all names for essentially the same thing. They are a group of individuals who come together on a regular basis to brainstorm, assist, and support each other. These groups are increasingly being used by business owners for inspiration, motivation, and problem-solving. Belonging to such a group provides encouragement and support. It helps with the isolation factor faced by so many solopreneurs, and can help you to take your business to the next level of success.

The Peer Success Group is a type of mastermind group. The Peer Success Group uses the concept of masterminding as one of its three components. The Peer Success Group combines masterminding with goal setting and coaching.

Masterminding on its own is powerful.

Goal setting is known as the master skill for success.

Coaching is the secret behind the success of many famous entrepreneurs.

Mastermind Group + Goal Setting + Coaching = SUCCESS!

Each on its own is powerful… together they are an unbeatable combination!

Intrigued?  Find out how The Peer Success Group is different.

In a mastermind group, you can admit anything because everything stays within the group. We live in our own blind spots. Mastermind groups allow us to accurately locate reality. –G. Ralston, Consultant