Your Network, Your Net Worth

Welcome to the 10 Minute MBA. I'm your host, Scott D. Clary. On the 10 Minute MBA, I give you tools, tactics, strategies, and insights that you can use to start scale, grow, and 10x your business. Let's get into it. Today, I am going to reframe the way that you look at your network. We all know your network is your net worth, but I'm going to give you a few different ideas on how to properly build a network. One, it's actually useful way before you need it. So today, we're going to talk about how networking is a skill, but it's not one that they teach you in school. They don't give you lessons on how to build genuine connections, how to give before you ask, or how to curate a personal board of directors. I'm going to teach over my personal playbook that I've developed to network better, which includes becoming a talent scout, curating a personal board of directors, and becoming a reverse mentor. We're going to talk about how your entire career and life can change the moment you stop seeing networking as a chore and start seeing it as a strategic advantage. So I'm sure you've all heard the saying, don't call me unless you need something. That is the exact opposite of how to build a powerful network. Here's a thought. The strongest relationships are forged in the fires of mutual support, not the desperation of last minute asks. Let me share a story. Back when I was first starting out, hustling to get my podcast off the ground, I had this mentor, Sarah. She was a powerhouse in the industry. She was someone who I deeply admired, but here's the thing. I didn't just reach out to Sarah when I needed funding advice or a warm intro to one of her contacts. I grabbed coffee with her when I didn't need anything at all. We catch up. I'd share my small wins and setbacks just to give her perspective and over time, a real friendship blossom. It turns out I didn't need anything at all for about three years. And guess what? When the time came that I did need something, a crucial connection, a sounding board for a tough decision. Sarah was there in a heartbeat, not out of obligation, but because we had built a genuine bond. Think about it. When you reach out to somebody only when you're in need, it's like waving a giant flag that says, I'm using you. It feels transactional, even desperate. Nobody likes to feel used. But when you reach out genuinely to offer support, share insights or just say hello, you're building something far more valuable. Trust. You're signaling that you value the relationship for its own sake, not just for what you can get out of it. Trust is worth its weight in gold. It's a currency of a powerful network. One, that will have your back when you need it most. So don't be that person. It only shows up when they want something. Be the person who invests in relationships before they need them. Now, have you ever been caught off guard by a professional setback? Think about it. Maybe a dream job fell through a project got derailed or a client suddenly went dark. It's in those moments that it's very easy to feel isolated and overwhelmed. That's when you need people. That's also when you can't reach out to people. Tap into the best of us. We wish we had a network of people we could turn to for support for advice or even a new lead. But that's the power of strategic networking. You have to build that network that can support you before you need it. So how do you do that? Well, here's a system I developed to network better. Build relationships before you need them so that you're never starting from scratch when the unexpected happens. This is the networking system that I've developed. It's three strategies to build true ties. Now, the first strategy is to become a talent scout. There's a saying it says bet on the jockey not on the horse. And the same goes for your network. Don't just collect business cards, invest in people. So you want to scout out the rising stars, the ones with that fire in their eyes. They're the future CEOs, disruptors, game changers, spot the talent, the drive, and the vision. Be their champion. Mentor them. Share your hard one wisdom. Open doors. They didn't even know existed as they rise. So do you see building a network isn't about quantity. It's about quality. And when you bet on the jockey, you'll win the race. The second strategy is to become a reverse mentor. You've just scouted new talent. Now it's time to tap into wisdom and experience. So the concept of the reverse mentor is that mentorship isn't a one way street. It's a two way exchange of knowledge and perspective. So you want to flip the script and become what I call reverse mentor. So you don't just seek wisdom. You offer yours in return. And the caveat is you'll offer yours before you need help. So your fresh perspective on emerging tech, digital trends, innovative solutions. This is gold to those people who hold power. You're going to find the problem in somebody's life who is steps ahead of you and help them solve it. How do you do this? We're going to pinpoint your power. What unique skills or insights do you have that a senior leader could benefit from? You're going to target the right players. You're going to look for open minded leaders who value diverse perspectives. You're going to make your pitch show them how your knowledge can solve their problems or drive their goals. And you're going to start the conversation. Don't be afraid to reach out and offer your expertise. You're going to become the trusted advisor. You're going to build cross generational bridges and you're going to accelerate your own career. Remember the student can become the teacher. And the third strategy is to build your own personal board of directors. Jim Rohn famously said you are the average of the five people you spend the most time with. You want to elevate your average. Hand pick your board of directors. Not just mentors and colleagues, but your trusted advisors. You're going to seek diversity, experience skills, perspectives. You're going to surround yourself with those who've been there done that and those who challenge you to think differently. You're going to invest in these relationships. You're going to be present. You're going to be supportive. You're going to be the kind of friend to these people that you wish you had. And when failure strikes, this is your 18. They're going to offer you guidance. They're going to give you diverse perspective. They're going to give you unwavering support. Your board of directors isn't just a network. It's your life line. So I want you to stop chasing connections. I want you to start cultivating relationships. Ditch the transactional mindset and embrace genuine connection. Invest in people, not just business cards. Remember the strongest networks aren't built on desperation. They're built on mutual support, trust and shared ambition. This isn't just about climbing the ladder faster. It's about building a community around you that will catch you if you fall. Push you when you hesitate and celebrate with you when you win. Your network isn't just a safety net. It's your launch pad. This is how you network properly. That's it for today. I hope you enjoyed. I hope you got some value out of that. Make sure you come back tomorrow for another business lesson on the 10 minute MBA.