Mastermind groups are often spoken of highly by various influential figures, and they’re often credited for the success of personalities ranging from billionaires, to presidents, and even modern-day influencers. But what is a mastermind group, how does it work, and how exactly can it be so fundamental to the success of an entrepreneur, politician, or thought leader?
This article will take you on a trip through time to examine the origins of the mastermind as we know it today, explore exactly what a mastermind is (and what it isn’t!), and help you understand how and why mastermind groups are so useful.
What is a Mastermind?
A mastermind, or mastermind group, is a collection of like-minded people who meet regularly to exchange experiences and ideas and to support and encourage each other. It’s quite common that mastermind participants also share something in common, such as a goal, philosophy, profession, or even organizational roles.
The term’s origin is widely credited to one of the most successful self-help books of all time, Think and Grow Rich (1937) after being floated in The Law of Success (1925). However, their author, Napoleon Hill, is a figure whose legacy is often contested.
The term mastermind group may have been coined by one of history’s most controversial writers, but in practice, members do a whole lot more than sit around and fantasize. Hill defined it as “coordination of knowledge and effort…for the attainment of a definite purpose.” The success of a mastermind can be boiled down to those two phrases, and the benefits of communication of knowledge and effective coordination of effort are plain.
It’s also clear that mastermind groups bring together like-minded individuals on an even footing, so there’s no outright hierarchical leader. The group may be facilitated or nominally chaired by one member, but the benefits come from the knowledge and expertise that each member can bring to the table.
There are also guidelines for the mastermind group to follow, and joining it isn’t without obstacles—generally, mastermind groups feature a quite significant fee, substantial enough that members take participation seriously and don’t trivialize the group.
What is a Mastermind Event?
A mastermind event refers to occasions when the mastermind group in question meets, either virtually or in person. These meetings are generally attended by a majority of members, and the interaction at these events tends to provide the bulk of the value offered by mastermind groups.
Types of Mastermind Groups
We’ve already mentioned that mastermind groups tend to feature members sharing knowledge in the pursuit of a common goal, but this can be organized in plenty of ways. While we’ve credited Hill with the definition of the term itself, Masterminds have existed in form and function if not name for centuries.
Here are some of the most common types of mastermind groups, although the definitions for each are broad, the scale can vary, and plenty of overlap can be expected:
- Leader masterminds
Very few people can truly be considered great leaders, and there’s not all that much room at the top. A leader’s most valuable resource can often be other leaders, although learning from each other may not always be the name of the game. There are plenty of groups you may have heard of (and probably a lot more that you haven’t) which see leaders come together and attempt to plot the course of entire industries or countries. - Entrepreneur masterminds
Much like the above entry, entrepreneurs often need other entrepreneurs to learn and develop their own skills with a view to achieving success. Many entrepreneurs credit others of their ilk for finally striking it big, and becoming part of an entrepreneur mastermind is a great way to stack the deck in your favor. - Career masterminds
This one’s on the list because it’s not just entrepreneurs who can get ahead by learning from their peers. Navigating a career path successfully (and climbing the ladder quickly) is often a matter of learning certain skills and knowing how to handle certain situations, and masterminds can often be the answer. - Industry or technical masterminds
Professionals often come together in mastermind groups focused around their particular area of expertise, seeking to share knowledge and develop their mastery of their skills as well as the future of their industry. - Finance masterminds
There are plenty of excellent mastermind groups focusing on investing and personal finance, helping participants share their financial skills and knowledge and exchange ideas for building wealth. A lot of them add various educational formats on top of mastermind events, such as classes, live sessions, and on-demand resources.
6 Examples of Mastermind Groups
Mastermind groups have existed in various shapes or forms throughout history, so let’s look at six examples of groups that can be considered Masterminds, starting with the first ever masterminds and ending with a few that you can actually join today:
#1. The Knights of the Round Table
First appearing in British literature in the 12th century, this chivalric order was dedicated to ensuring the peace of King Arthur’s kingdom and, later, to the mythical quest for the Holy Grail. Within the Arthurian prose, several elements of today’s mastermind are distinctly present—one such is the unified goal and direction of the group, and another is the equality of all members signified by the circular nature of the famous table at which they sat.
#2. The Inklings
From fiction to some of the greatest exponents of the art, The Inklings was an informal literary discussion group at the University of Oxford in the ‘30s and ‘40s. While Napoleon Hill was busy coining the phrase and scheming to get rich, the likes of J.R.R. Tolkien, C.S. Lewis and Charles Williams were actually putting the theory into practice, getting together and discussing their then unfinished works—now regarded as creative masterpieces that will no doubt be looked upon with enduring fondness by countless generations.
#3. Daily Masterminds
Returning to the realms of relative normalcy, Daily Masterminds was a group of aspiring YouTubers who would spend time together every day analyzing each other’s channels and videos, study successful content creators, develop an understanding of the platform, and brainstorm ideas. The biggest success story that came out of this group? Jimmy Donaldson, better known as MrBeast and one of today’s most successful and influential entrepreneurs.
#4. Team Bull Trading
Team Bull Trading is an extremely well-established trading community that’s all about helping traders improve every single day. The group has all sorts of educational resources and daily sessions to offer members, and also runs scheduled mastermind events all about stock trading.
#5. RakeTrades
RakeTrades is a community formed on the back of mastermind events led by professional day trader Jake Ricci. It’s all about educating people and giving them the confidence and skills needed to become serious day traders in their own right, and you can check the community out for free before signing up for full access or the mastermind events.
#6. Stock Dads
Stock Dads was formed by a group of professionals, traders, and analysts, and it combines individual membership and the availability of licensed professionals with general trading education. The group has conducted mastermind events on Whop, so it’s well worth checking out for all things trading.
Why are Masterminds so Popular?
Mastermind groups are extremely popular for several reasons, not least of which being the benefits to each individual member. If you were an author in a bygone time, could you imagine spending long evenings with J.R.R. Tolkien, discussing your unfinished manuscript and getting feedback from such illustrious peers?
The group dynamic of a mastermind filters out bad habits and cultivates good ones, and the community element can foster an environment of development, support, and accountability. You can learn, but you can also share, with the comfort of everyone being in a level playing field.
The Benefits of a Mastermind
Let’s try and distill the popularity of mastermind groups down into a list of key benefits:
- Solitude no more
Life can feel very lonely sometimes, especially if you’re on a journey like personal improvement or entrepreneurship. A mastermind group can ensure that you no longer feel alone, and better yet, it puts you in the company of people who have a lot in common with you. - Exclusivity and community
Alongside the community aspect of a mastermind, there’s also a sense of exclusivity which makes it meaningful. You can’t just walk into a mastermind group, there’s generally an entry barrier of some sort—meaning that everyone who gets in is taking it seriously. - Networking and collaboration
While it isn’t the main reason to join a mastermind, there’s a natural benefit in terms of networking and the possibility of finding people to collaborate with. It’s very possible that you’ll develop some valuable contacts, and plenty of mastermind participants have found business partners this way. - Learning and development
Everyone in the mastermind has their own set of skills and unique experiences, and sharing is not just encouraged but facilitated. This ensures that everyone in the mastermind can benefit, and there’s an incredible amount of value to be gained. - Accomplishment of goals
Mastermind groups are always created with a certain purpose or goal in mind, with all members working towards something whether it’s international cooperation or the advancement of their professional skills.
How to Find a Mastermind Group
If you haven’t come across too many of them, you might be wondering how to go about searching for a mastermind group. Not to worry, though! It’s not too hard once you know where to look. Here are a few tips to get started:
#1. What Exactly Are You Looking For?
The first step is to figure out what type of mastermind you’re looking for. Are you looking to improve a certain skill, or are you looking for personal development help? Are you looking for a mastermind for entrepreneurs, or one for leaders? This’ll narrow your search parameters dramatically, as will a few practical considerations such as whether you want in-person or virtual events, what days and times you’re available, and so on.
#2. Check Online
Depending on whether you’re looking for local in-person masterminds or virtual ones, you might be able to check sites that specialize in these. Websites like Meetup.com can work for local groups, and digital marketplaces like Whop have tons of virtual options across a range of categories.
All you need to do when you land on Whop’s home page is scan the categories at the top. If one of them matches the topic of the mastermind you’re looking for, just click on it and take a look!
#3. Google it!
If you still haven’t found the perfect option, power up that search engine of yours and get to work. Search times like “mastermind group near me” can help, but the more detailed you can be–such as adding the topic of the mastermind you want–the better.
#4. Phone a Friend
Or a colleague, relative, gaming buddy, or whoever else. Don’t neglect your own social network, there might be someone you know who can point you in the right direction. Six degrees of separation, and all that!
#5. Local Community
Everything’s digital now, but your local community might be a resource worth tapping. The local library is usually a place where local masterminds will be advertised, and the same goes for community centers and schools. If you’re looking for a professional or entrepreneurial mastermind, don’t forget to check any nearby trade groups or even the Chamber of Commerce.
#6. Start Your Own Mastermind!
If you can’t find a local or virtual mastermind that quite fits your needs, start one yourself! You can take responsibility for a lot of things, such as the dates and times of meetings and topics, and if you were looking for a group and didn’t find one, it’s a safe bet there are others in the same boat who’d happily join you.
Do You Want to Launch Your Own Mastermind?
Mastermind groups are an excellent way of learning, developing skills, and elevating your proficiency in just about anything, professional or personal. We’ve known the benefits of group-based learning and development for a long time, and masterminds help uniquely thanks to how they put all members on equal footing and allow for learning through sharing.
Whop is a great place to find virtual mastermind groups across a selection of categories, so it’s the place to be if you want to learn how to become a better trader, a more confident salesman, or a successful entrepreneur. As a hub for so many masterminds, it’s also the best place on the internet to start your own—so either browse the marketplace or start creating your own mastermind on Whop today!
