What is a Mastermind Group for Business Owners?

Shannon Clark
June 09, 2024 | 5 mins

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What is a mastermind group?

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 can be dated back to as early as biblical times. 

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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. 

What are the different types of mastermind groups?

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
What Is A Mastermind Group - Colleagues Participating In A Group Meeting

Mastermind group benefits

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. This 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. 

How to find a mastermind group

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.

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.


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.

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