One of the earliest mentions of the phrase mastermind can be found in Napoleon Hill’s 1937 book Think and Grow Rich. In it he says,
The Master Mind may be defined as: “Coordination of knowledge and effort, in a spirit of harmony between two or more people, for the attainment of a definite purpose.
While this is likely one of the earliest mentions of a mastermind in a book, the concept of a mastermind group can be dated back to as early as biblical times.
Throughout the centuries, seeking wise counsel has been the hallmark of motivated individuals who want to take their knowledge, skills, and expertise to the next level.
Modern-day mastermind groups are designed to offer the same benefits—a unique gathering of like-minded people coming together for the singular purpose of leveling up in life.
These focused groups have become increasingly popular over the last two decades as more people find new ways to do life bigger, better, and faster. For example, many of the traditional ways of building wealth have taken a back seat to the new ways of making money online, so many people are clamoring to find out the hows of online business success. Mastermind groups have been a way to harness that knowledge.
But what is a mastermind group exactly? Let’s take a look at the different types of groups you can join before diving into their benefits – and the top business mastermind groups out there today.
What is a mastermind group?
There are two main types of mastermind groups: peer-to-peer and coach-driven.
Peer-driven masterminds are often the smaller, more intimate groups where each member brings something of value to the table based on their personal experiences and expertise. The specific focus is on learning lessons from each member of the group.
Coach-driven masterminds (not to be confused with group coaching) are typically larger groups (think mastermind.com) where an expert or experts facilitate group learning. There’s still an opportunity to learn from other members of the group (e.g., forums, social media groups), but because of the large group size, one person or a small group of people sparks the conversations to move the momentum of learning forward.
Within the different types of masterminds are additional categories:
- Career-focused – groups that are focused on helping you achieve your career goals
- Entrepreneurial – for business owners who want to grow their businesses
- Hybrid – a combination of multiple categories (e.g., personal growth and business development)
- Leadership building – these groups focus on developing interpersonal skills across all industries and disciplines
- Personal development – groups that focus on personal well-being like mind, body, and spirit
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Mastermind group benefits
What is a mastermind group good for? Well, it’s one thing to take a course or watch a YouTube video on something you want to learn. It’s quite different when you can tap into the minds and experiences of others who are walking a similar path as yours or who have already been where you are now.
Joining a mastermind group gives you an opportunity in real time to bounce ideas off of each other and ask questions as they come up in the moment.
Here are some additional benefits of masterminds.
- Accountability – One of the hardest things about changing something in your life is not having someone to hold you accountable. Inner circles offer an opportunity to partner with with others to push each other forward.
- Clarity/focus – Sometimes you’re all over the place. Having someone who can take an objective look at where you are can provide a clearer path to your goal.
- Confidentiality – When you feel like you have a safe place to land, you’re more vulnerable. In the right group, this can open you up to deeper exploration and better answers.
- Relationship building/networking – As you share common goals and challenges, developing lasting relationships can be an added benefit.
- Faster learning – Learning time is shortened when past mistakes are removed from the equation. When someone shares with you what they’ve learned from their experiences, including mistakes, you are able to better develop an effective strategy to get you to where you want to go.
- Wisdom/experience – One of the greatest benefits of any good mastermind is the wealth of knowledge and experience to which you gain access.
The top business mastermind groups
A quick Google search for “mastermind groups” will provide lists of popular masterminds. Narrow down to a specific category like “entrepreneur mastermind” or, even more specifically, “entrepreneur masterminds for founders,” and you’re likely to come across a group that is the right fit for your current needs.
You can also search on social media like LinkedIn and Facebook for mastermind groups. Other places to consider searching are sites like Meetup.com. In the US, check with your local chamber of commerce or ask friends and colleagues if they have recommendations.
Here are ten top business mastermind groups, along with reasons why they are highly regarded:
1. Entrepreneurs’ Organization (EO)
EO is a global network of entrepreneurs with a focus on peer-to-peer learning. It provides members with access to a diverse group of successful entrepreneurs, offering invaluable insights, networking opportunities, and personal growth.
2. Young Presidents’ Organization (YPO)
YPO connects young CEOs and business leaders, offering a platform for leadership development, networking, and sharing of best practices. Members benefit from high-caliber peer support and exclusive educational resources.
3. Strategic Coach
Founded by Dan Sullivan, Strategic Coach focuses on helping entrepreneurs scale their businesses and achieve personal success through structured coaching, goal-setting, and accountability.
4. Vistage
Vistage provides executive coaching and peer advisory groups tailored to CEOs, executives, and business owners. It emphasizes actionable insights, problem-solving, and leadership development through regular meetings and expert coaching.
5. Mastermind Talks (MMT)
Created by Jayson Gaignard, MMT hosts high-level mastermind events featuring influential speakers and successful entrepreneurs. The group emphasizes deep connections, transformative experiences, and high-impact strategies.
6. The Advisory Board
The Advisory Board offers personalized mastermind sessions and advisory boards for business leaders. Members gain strategic guidance and insights from experienced professionals and industry experts.
7. Mindvalley Business Masterminds
As part of the Mindvalley network, this group focuses on both personal and business transformation. It combines cutting-edge personal development with practical business strategies and networking.
8. The Collective
The Collective focuses on collaboration among entrepreneurs and business owners. It provides a platform for exchanging ideas, strategic planning, and mutual support in a growth-oriented environment.
9. Small Business Mastermind
Tailored for small business owners, Small Business Mastermind offers a collaborative space for discussing business challenges, sharing strategies, and receiving actionable advice to drive growth and overcome obstacles.
10. GrowthLab Mastermind
Founded by business strategist Ramit Sethi, GrowthLab Mastermind focuses on helping entrepreneurs accelerate their growth. It combines mentorship, strategy sessions, and networking to help members achieve significant business milestones.
These groups are highly regarded because they provide a combination of peer support, expert guidance, and structured frameworks that help members tackle challenges, set and achieve goals, and grow their businesses effectively.
How much do mastermind groups cost?
Costs for masterminds vary. Some are free and attached as a benefit to a program, while others, like Joe Polish’s Genius Network, can cost between $25k-100K yearly. Whether it costs a lot or a little, a mastermind group is always an investment of your time. Before selecting one, make sure that the return on your investment is worth it.
How to create your own mastermind group
When you author a book, you do more than just share knowledge; you etch your name in the realm of subject-matter experts.
This leap from a business professional to a recognized thought leader is monumental. Your book becomes a testament to your expertise, a tangible proof of your depth of knowledge and experience.
In the eyes of your readers, and consequently potential mastermind group members, you are not just another entrepreneur but an authority who commands respect and attention. This transition is pivotal, as it lays the foundation for the trust and credibility essential for a successful mastermind group.
The authority you garner from your book is not merely about perception; it directly translates into the ability to lead and influence.
A published book under your name provides a strong, persuasive argument for why individuals should seek your mentorship through a mastermind group. It’s a showcase of your ability to not only understand complex topics but to convey them effectively – a skill paramount in leading a mastermind group.
As you position yourself as an expert through your book, you naturally attract an audience that is more willing to invest in your guidance, advice, and the exclusive community a mastermind group offers.
The structure of your mastermind group is crucial to its success.
It needs to reflect the essence of your book while offering additional value that goes beyond its pages.
This balance is key to creating an engaging, sustainable mastermind group. The structure should not only facilitate learning and growth but also foster a sense of community and collaboration among members.
Here are five tips to help you structure your mastermind group effectively, ensuring that it resonates with your audience and maximizes the impact of your book.
Try these five ideas for an effective mastermind group:
- Regular Meetings: Set a consistent schedule for meetings to maintain engagement and momentum.
- Diverse Formats: Incorporate various formats like workshops, guest lectures, and open discussions.
- Actionable Goals: Set clear, actionable goals for each session to provide direction and purpose.
- Member Contributions: Encourage members to contribute content or lead sessions, enhancing engagement.
- Progress Tracking: Implement a system to track and review the progress of group members.
How to monetize your mastermind group
Your mastermind group should offer excellent value to those who join it – meaning you should expect to receive revenue in exchange.
Let’s take a closer look at the details of doing so.
Related: Our Honest Mastermind.com Review
How to price your mastermind group
Value-Based Pricing: Consider the value your mastermind group offers and set prices accordingly, ensuring they reflect the quality and depth of the experience.
Tiered Access: Offer different levels of access or membership, such as basic, premium, or VIP, each with its unique benefits and price points.
How to generate additional revenue
Complementary Products: Develop and sell products related to your book and mastermind topics, like workbooks or online courses.
Affiliate Marketing: Partner with relevant businesses for affiliate marketing opportunities within your mastermind group.
One-on-One Coaching: Offer personal coaching sessions at an additional cost for those seeking more personalized guidance.
Takeaway
Throughout history, we have many examples of leaders who’ve used mastermind groups for strategy and to improve their chances for success. From Andrew Carnegie and Henry Ford to Walt Disney and others.
Before you think that these gatherings are only for the top “one-percenters” who meet at exclusive private retreats on remote islands, know that masterminds are for authors (and everyone else), too!
Well-known writers like C.S. Lewis and J.R.R. Tolkien gathered together regularly in their mastermind group called the Inklings to share their stories and get input. These writers were obviously talented, but don’t discount the impact that getting together with other writers had on improving their craft.
Masterminds are for anyone who wants to improve an area or areas of their life. They offer community, structure, and a place to test ideas and get feedback. The best mastermind groups meet you where you are and give you a safe space to not only learn and grow but to push you to be the best version of yourself.
If you are an author looking for a supportive community to learn more about writing and publishing books, selfpublishing.com offers an active Facebook mastermind group with a robust community (4.3K members) of eager and active writers. It’s one of the benefits of joining the selfpublishing.com family to publish your book.