MFM Mini - The 5 Part Process to Networking Effectively

Do you like these mini episodes? Tweet your feedback to Shaan (@ShaanVP) & get more short stories like this on his newsletter www.shaanpuri.com. --------- * Want to be featured in a future episode? Drop your question/comment/criticism/love here: https://www.mfmpod.com/p/hotline/ * Support the pod by spreading the word, become a referrer here: https://refer.fm/million * Have you joined our private Facebook group yet? Go to https://www.facebook.com/groups/ourfirstmillion and join thousands of other entrepreneurs and founders scheming up ideas.

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:00Shaan Puri?

  All right, let's talk about networking. That is one of the most annoying buzzwords in the business world. Nobody wants to be a networker, or nobody I know at least, that I, nobody I like wants to be a networker. Right? When we think of networker, I see schmoozing, suit wearing, kind of like fake complimenting, business card handing out, or, you know, loves to be at a conference and just, you know, believes that the only way to send an email is to shoot it your way. Right? So, nobody wants to be a networker, but everybody, everybody wants badass network. And you've probably heard the phrase, "Your network is your net worth." And it's not true, but there's some truth in it, like all, like all cliches.

• 0:40Shaan Puri?

  And so, you know, I wanted to tell you about kind of the way I think about this stuff. And I used to have this thing, I wrote, I half wrote a book, like 10 years ago, of all the things I had learned my first year doing a startup. And I never published it, maybe I should someday. These are, it's turning now into, I guess, podcasts like this, or my newsletter. Go to SeanPerry.com, you should be subscribing. That's where I put out stories like this. But anyhow, the, the phrase I used was, I said, "Networking is like Noah's Ark." Right? You know, the, the old fabled story of Noah's Ark? So here's kind of how it's like Noah's Ark. You have the flood, and I would say for most business, most startup businesses,

• 1:25Shaan Puri?

  just assume the flood is coming, right? For a startup, by default, you're gonna fail. You have to like do something to get out of failure into success. And so the flood is coming, and your network is your best chance of surviving, because within your network, you're gonna find knowledge, expertise, capital, strategy, different things that you're gonna need in order to survive. Okay, number two, build it before you need it. So you don't want to try to build your network when you need a network, right? If you want to fundraise, that's not the time to build your connections with investors. It's, it's too late at that point. And it's very transparent, exactly what you're doing is very transactional. So you don't build a real network, you don't build real relationships.

• 2:07Shaan Puri?

  And so you want to be placing deposits into those bank accounts for months or years before you ever are trying to make a withdrawal. And so that's why, build it before you need it. And you want to build it with the intention of it being mutually beneficial, right? You want to be depositing so that they have something in their, their account from you, you're giving before you're, you're gonna end up asking for something. Number three, keep it kosher. So, you know, in the story of Noah's ark, God, you know, granted Noah and his followers the right to kill some of the animals and eat their meat, but, you know, it had to be done in a certain way. And it's the same principle with your network. You want to use, but don't abuse your network. Everybody hates that guy who's just constantly asking and constantly using the network, rather

• 2:52Shaan Puri?

  than it being a true, you know, friendship or, or sort of allyship where we'll help each other out and we'll, we'll know where the line is where you're asking for too much. Okay, number four, you want two of everything. So what I do when I build a network, and this is, I've never heard anyone else talk about this, but it's, it's made common sense to me, and I think you should do it too, is you want to pair up every member in your network with another. So often, when you're networking, you're going to people that are, let's say, more successful, more knowledgeable, more connected than you. That's very frequently the case. And so that creates a, the potential for kind of a one-way dynamic, right? And you've got to think, why would this, why would this person on the other side, if I'm gonna, if I know why I would want to be connected with them, because they're, they're

• 3:37Shaan Puri?

  smart and they're, they're experienced and they have capital and they have connections, why do they want to connect with me? Well, first, have some confidence. They want to connect with you because you're an interesting person doing interesting things, that you're fun to be around, that you're kind and you will help them, you know, without them even needing to ask. But the second thing is, when you're building a network, you don't want them all just to be connected to you. You want them to be connected to each other, right? So when I meet somebody, and I, I mean, I have two people in my network, I race to introduce those two dots to each other, right? I want them to connect with each other. And now I've added value to both of them, just by connecting them with each other. So that's how you want two of everything, just like Noah had two of every animal on the ark.

• 4:19Shaan Puri?

  And, and by the way, I used to feel this weird sense of like, I don't know, jealousy, because I would introduce two people that were in my network, and all of a sudden, they would become best friends and they would do business together. And often, they wouldn't even be including me in that stuff. And I used to think, oh, man, maybe I shouldn't, maybe I should be trying to keep everybody to myself. But obviously, that's a naive, short-sighted way of thinking about it. It's a natural human reaction, but it's not the right response. The right response is to say, hell yeah, I want all the people around me to be winning. And I have so much abundance in my life of success, of connections, of all this stuff. You know, I couldn't even use anymore. My cup is overflowing. And so if they're having a great time together, they're doing business together.

• 5:01Shaan Puri?

  Fantastic. That's a win for me. Those are two people in my network who are winning because I was able to connect those dots. And the last piece, number five, do the work. Building the arc was a lot of work. And you gotta do the work yourself. You gotta Google stalk everybody. You gotta find common ground. You gotta make time. If they like hiking, then you better lace them up and you better meet them on the trail at 6:00 a.m. Right? Don't be lazy and don't suggest generic coffee meetings and that stuff. This is more like dating. It's courtship, right? You gotta figure out what the other person's into. You gotta speak their language and you gotta help them out. And you're not doing it just to schmooze with them, right? You're doing it because that's just the decent, friendly thing to do is to think about what the other person's interested in and try to meet them where they are.

• 5:44Shaan Puri?

  And so if you want to build a great network, you gotta do those five things. Let's recap them. Prepare for the flood. Number two, build it before you need it. Number three, keep it kosher. Don't use, but don't abuse your network. Number four, get two of everything. Pair your people in your network to each other. Everyone who you meet, you should introduce to another person in your network. And number five, do the work. Don't be lazy. And so yeah, networking, it can be schmoozing if you're sort of talented list, if you're sort of talentless or callous about the way you go about it. But I think it's different. It's maximizing one of the most valuable resources around you, the people that are in your orbit. And it's a renewable resource. It's in your control.

• 6:27Shaan Puri?

  You're able to build it and it's sort of the gift that keeps on giving once you build it. So that's it. Noah's Ark for networking. If you like this, this little story, you should sign up for my newsletter. I put out stories like this once or twice a week. And I do a lot more of these written than I do in audio. So if you like this stuff, you should join. It's just my name, seanpurie.com. And go sign up. I think there's like 30,000 people on there now. We want to get that to 100 by the end of the year. All right. Enjoy.

• 6:56Speaker 01

  Hey, my first million listeners. This is Steph again from trends.co. Now, most of you probably know trends as the idea newsletter, because that's what we do. We send you business ideas weekly, and then we show you how to capitalize on them. But anyone that's run a business before knows that ideas only get you so far. In fact, if you've ever heard of Derek Sivers framework, ideas are worth almost nothing, and execution is everything. Great execution can take a brilliant idea from being worth $20 to $20 million. That's exactly why we're investing in making trends a product for not just idea generators, but operators. And we've built a new feature called Trends Deals. Trends subscribers now get exclusive deals that make it easier and cheaper for them to run their businesses. We launched this month and already have around 100 deals in the pocket. So let me share a few highlights. We've got a deal of the month from Send Eats, which is actually a trend

• 7:40Speaker 01

  success story. They raised our Series A at a $17 million valuation, and they do e-commerce fulfillment. So they're basically e-comm as a service. They're offering trends members free storage fees for life, which means thousands of dollars a month saved. We also have one of Sean's very own unicorns, Deal, D-E-E-L. They have a deal of the month coming up, but for now, they're letting trend subscribers manage contractors for three months free, and then 20% off, and 20% off full-time employee hires. We all know Sam loves a good cold email. One of the best tools I've used is hunter.io, allowing you to source professional email addresses, and they're giving you 30% off. We also have Toucan, an investment of Sam's and my own. They are giving six months free of premium. We've got up to $50,000 in segment credits. And of course, we have a great HubSpot deal on the way. So if you

• 8:23Speaker 01

  want in on these deals, all you got to do is go to trends.co/mfm. Trends.co/mfm, we've got a special deal for you, 50 bucks off at trends.co/mfm. You can try all of this out for a buck. We'll see you on the inside.