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The Mighty Encyclopedia
Learn everything there is to know about running a
successful Mighty Network
What is a mastermind group?
A mastermind group is a gathering of like-minded people who meet up frequently in small groups to support, encourage, and learn from each other’s stories, experiences, and ideas and hold each other accountable to well-defined goals.
Despite the name, no one in a mastermind group is meant to have all the answers. It’s a place where the door is open to learn from both successes and failures. In a mastermind group, everyone stands to benefit from the collective wisdom of the whole—and from the outside perspective each member brings to the table.
The concept of mastermind groups might seem familiar if you’ve participated in peer support or accountability programs before—think of that, but with ideas, solutions, and issues exchanged among peers instead of between people with differing levels of experience. While participants don’t necessarily need to be in the same field, mastermind groups tend to be extremely effective when members share similar roles or titles and a common goal or intention.
Benefits of mastermind groups
In mastermind groups, you’re interacting with your peers and both give and receive advice. It’s also a forum that lends itself naturally to setting goals: You have the support of like-minded people, and it creates a space for a collective forum of wisdom. It’s also a space where others can hold you accountable for problem-solving and goals—and foster the creative and critical thinking to navigate them.
Another benefit of mastermind groups is that they’re also a great way to expand your network: By being in a mastermind group and surrounding yourself with peers, the collaborative nature of the group means that you’re also opening yourself up to experts and resources that others have found useful—and the more open you are about what you’re working on, the more likely it is that someone in your circle will have a resource for you.
Types of mastermind groups
There are many types of mastermind groups, and they’re usually organized between people who have similar lateral levels of responsibility within a company structure or who align to a particular identity. CEOs of similar businesses might meet up to discuss overarching strategy, while middle management might gather to discuss specific hands-on challenges (for example, helping employees shift from an office environment to working from home).
Mastermind groups can be ongoing events, or they might be formatted as a mastermind course, session, event, or class dedicated to thinking around a certain challenge or issue.
Where to find a mastermind group
Sites like Meetup.com and Facebook’s directory of events are great places to find out where mastermind groups take place in your local area. Of course, it doesn’t have to be a physical meeting, either: Mastermind group sessions can easily take place over Zoom or another form of conference calling.
You can also start your own mastermind group. Groups should be kept small for best effect (between four and six participants). It’s also recommended that members have a similar experience and ambition level to facilitate the most effective insights, discussions, and solutions.