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.
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I just started a Mastermind group in my area! Our second meeting is this month!
Hi Erin, Keep me posted on how it’s going. I’ve been facilitating mastermind groups for over a decade. If I can answer any questions for you, let me know.
Valerie, The Goal Diva´s last blog ..What is a Mastermind Group
Hey Valerie! I’d love to know what format you suggest we follow. I’ve been struggling with that! Also, any suggestions you have would be much appreciated!
Erin, The “typical” mastermind format is to first go around and have everyone share successes. Then everyone should have floor time to request brainstorming/advice from the group. Third, everyone makes a commitment(s) on what s/he will complete between this meeting and the next. That’s the basic format and it can be added on to from there. (i.e. a topic of the week or month can be put up for discussion, sometimes a speaker is brought in, etc.) Hope this helps.
Thank you for this valuable insight on the benefits and reasons to start a mastermind group. After I read a book by John Assaraf called "the Answer" of "the Secret" fame where I first discovered the benefits of using a mastermind group…I began a quest to develop a network just for those who with to meet online for their mastermind group meetings. http://imindlive.com was born.
Thanks again for your great article Valerie…which by the way is my wonderful mothers name! Regards, Dan
This a great a great article. Mastermind group consists of two or more individuals dedicating themselves to a specific goal. Thank you for this valuable insight about mastermind group in the 21st century or in our generation.
Mamie Saunders´s last blog ..The Quit India speech by Mahatma Gandhi August 8th 1942