One could argue the original definition of a mastermind group, but 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. 

Mastermind group, peer groups, and peer advisory board are all names for essentially the same thing.

The History of Mastermind Groups 

Mastermind groups have been around since the beginning of time: one could say the founding fathers of the United States were a mastermind group.  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. 

In 1727, Ben Franklin founded a discussion group called the Junta; it 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 – most known for his classic book, Think and Grow Rich – associated with mastermind groups. While Hill didn’t invent the idea, he can certainly be given credit for promoting the concept of a mastermind alliance.  

But enough about the history of mastermind groups.

What is Mastermind Group in the 21st Century?

Today’s mastermind groups are a group of individuals who come together on a regular basis to brainstorm, assist, and support each other. Most often, mastermind groups are a group of business owners, each with the goal of growing his/her respective business.  These groups provide  inspiration, motivation, problem-solving, encouragement and support.  For solo entrepreneurs in particular, belonging to a mastermind group can  help with the isolation factor. 

I welcome your questions about mastermind groups: I’ve facilitated mastermind groups for over a decade and belonged to peer groups since the mid 1990′s. 

And now for my shameless commercial:  The Peer Success Group is a type of mastermind group. The Peer Success Group brings the concept of a mastermind group to the next level, combining masterminding with goal setting and coaching.  If you’re considering  joining a mastermind group, I invite you to check out The Peer Success Group.