Perhaps it is best described by the man who is famed to have first written about it in depth:
“….it is the principle through which you may borrow and use the education, the experience, the influence, and perhaps the capital of other people in carrying out your own plans in life. It is the principle through which you can accomplish in one year more than you could accomplish without it in a lifetime if you depended entirely on your own efforts for success…” Napoleon Hill – Think and Grow Rich
Example Mastermind Groups:
The Vagabonds: Composed of Henry Ford, Thomas Edison, Warren G. Harding, Harvey Firestone.
The Chicago 6: Six men who began with nothing and all became millionaires within a few years of starting the group. William Hertz and Charles Wrigley being the most successful members in this Mastermind.
The Junto Club: Used the principles of the Mastermind Group for the mutual improvement of all its members. It was formed in 1727 by the great Benjamin Franklin in Philadelphia. The aim of the club was to debate, amongst other things: politics, philosophy, and of course business. To learn more it and Benjamin Franklin visit The Junto Club.
Members of an Avajunto Mastermind Group look out for each other’s businesses in truly useful and objective ways.
They will leverage their combined skills and experiences to achieve well beyond what a single member can attain by him/herself.