I Believe the answer is when the set is closed in the sense of standard topology (we exclude $\mathbb{R}$) itself.
Examples:
Point sets have a minimum, and they are closed.
Closed interval also have a minimum, which is simply the lower bound $[a,b]->a$
If my guess is right, how do I prove it, else what is the correct characterization?
I'm guessing this has something to do with well orderedness. What I got so far from MSE: