Mastermind.fm is my first foray into podcasting, and it’s been a great ride for a number of years now.

I think podcasting is as popular as blogging now if not more so.

Podcasts have become one of my favorite ways to consume new information and keep updated on my chosen subjects. While I still love reading and will always treasure books, podcasts make it possible for me to make even better use of my time.

Before the advent of podcasts, my time at the gym and walking/traveling around was mostly dead time. Now, I just have to pop in a pair of headphones and continue consuming the best podcasts (and even audiobook versions of my favorite books).

Should You Start a Podcast?

No doubt one of the challenges with podcasting is that it is still quite a challenge to create a podcast. You need to invest in some equipment (I use the Audio Technica ATR-2100 or  Rode Podcaster microphones which are both great entry to mid-level picks) as well as software (Audacity, Garageband etc).

Perhaps more than equipment and software you will need to invest a lot of time in learning how to podcast properly and how to use that hardware and software.

When I started the podcast we decided early on to outsource the production of the podcast and that has been one of the most important decisions for us. If we were doing the production ourselves I’m sure we wouldn’t have made it so far, because it is very time-consuming and frankly it’s not a job I’d look forward to doing every week.

Choosing a good topic and niche to cover is also crucial. My podcast is an extension of my blog, in that it enables me to talk about the topics that I write about in greater depth with some of my favorite experts. That, in turn, fuels more writing and thinking.

The deep connection that forms between the host and the listener is also extremely rewarding. I’ve attended several conferences where people walk up to me and introduce themselves as listeners of Mastermind.fm. They usually follow by mentioning something specific that they learned from the show. It feels great to know that you have helped people. When I compare the effect on the listener of podcasting to the same with blogging (which I have been doing for far longer), the former one is definitely more powerful.

Adding on to that, a podcast can give you more exposure within your community or line of business. That can be important if you’re looking to land more clients, speaking engagements, etc. Personally, this wasn’t one of my main motivations since my blog was already doing very well, but people seem to attach more credibility to someone who not only runs a blog but also a podcast (YouTube channels have a similar effect).

Podcast monetization is not easy at all. You need to have a sizeable audience before being able to attract any sponsors for the show. Affiliate links don’t really work well as listeners are unlikely to follow any of those through clicking links in the shownotes or using your referral codes. That leaves you with having to work for many months for no payment in the hope of attracting a sizeable audience, then being able to convince a brand to sponsor you.

Sponsors are not a great solution to monetization either, as listeners are typically annoyed by ads and frequently fast forward through them, which means that your sponsor won’t be getting much out of it. The only way to nail this monetization source is if you can weave the mentions into the course of your show. Mixergy and What Bitcoin Did do this well.

If you can do without sponsors, it’s even better. In that case, you’d probably rely on memberships or Patreon donations. I haven’t reached that level yet and I’m not sure my podcast will ever get that big, but who knows.

Given the many other benefits of podcasting, however, monetization need not necessarily be the main goal for you. You could very well have a successful podcast and never earn a single cent directly from sponsors and affiliate links, but it would still have been rewarding in other ways and perhaps even profitable by helping you attract more clients, becoming well known etc.

My Podcasting Experience

I’ve always considered myself a decent writer, however, speaking was a much bigger challenge. Throughout my childhood, I’d always been labeled as quiet and introverted and encouraged to speak more. Of course, things are never that simple. I like to think a lot before declaring an opinion, and that’s perfect for writing when you have all the time in the world to get comfortable with an opinion and formulate the right words. However, when speaking in the context of a group discussion or podcast, you need to be very fast in your thinking and persuasive in your speech.

Hence Mastermind.fm presented a huge challenge for me and a great opportunity to improve this weakness in my skill set. I’m quite satisfied with what I’ve achieved so far, although there’s still a long way to go and many more improvements to be made. I’ve also had some sessions with an accent coach who has been helping me on eliminating some Maltese English peculiarities in my pronunciation which can be a stumbling block when speaking to an international audience. I would wholeheartedly recommend such coaching if you’re not a native English speaker. Podcasts in English are dominated by American hosts and so you need to be able to make yourself understood as a basic first step. Again, a podcast is less forgiving than a blog in this respect.

I would highly recommend that you start a podcast, but only if you know you can commit enough resources to it. I see too many shows fizzle out after a few episodes and that’s a shame. You need to establish a schedule and stick to it religiously. Compared to a blog, a podcast audience is way more sensitive to changes in your publishing schedule and quality of episodes. Two or three delayed or sub-par episodes and you will most likely lose a big chunk of your audience.

With blogging your content is more evergreen as Google does a great job of serving older content to people every day, while there is no search engine for podcast content yet. Moreover, you can always go back and updated old content on a blog, but you can’t do the same with a podcast.

If you like how it sounds so far and want to take the plunge with podcasting, read on for some learning resources and recommended equipment.

Equipment and software I recommend

• Rode Podcaster / Audio Technica ATR2100 – both are dynamic mics
• Audio Hijack / Ecamm Call Recorder for Skype (Mac) / Pamela for Skype (PC)
• Zencastr / Cleanfeed / Squadcast
• Skype / Zoom

Podcasting Learning Resources

If you’re new to the world of podcasting however it can seem a bit daunting as there are a lot of details you need to get right in order to make sure that your podcast is professional and successful. Here are the top learning resources I’ve found:

Podcast Answer Man

The home of Cliff Ravenscraft, a well-known podcast producer with tons of experience. You will find everything you need here, and Cliff also sells podcasting hardware packages, handy if you’re in the US and don’t want to spend time researching the different hardware options out there. His whole site is a podcasting resource, but you can start off with his dedicated set of how-to videos.

Pat Flynn’s Podcasting Guide

Perfect for those who are just starting out, Pat Flynn is absolutely killing it with his podcast, and he spells things out very nicely in this set of videos about how to get started with podcasting.

John Lee Dumas’ Podcasters Paradise

John Lee Dumas is one of my favourite podcast hosts and he amazingly releases one podcast a day. He has a free weekly webinar which you can join, and from there you can also subscribe to become a full paid up member of his podcasting community, where you can continue asking questions and learning.

Jeff Sanders’ Podcasting 101

This is a post containing some useful resources and Jeff’s journey in starting his podcast.

Recommended Podcasts For Entrepreneurs

Here are my favorite podcasts in the areas of business and entrepreneurship.

The Tim Ferris Show

This is my all-time favorite podcast as it never fails to be interesting. Tim has, of course, made a big name for himself with his 4 hour series of books and on the strength of that he has been able to consistently attract superb guests to his show.

He also comes across as a very down to earth person, somebody you can relate to. I’m sure many entrepreneurs and lifehackers will identify with the topics discussed on this show. While it is not always business-focused, it is most definitely always interesting.

Mixergy

Andrew Warner has been producing Mixergy for what seems like ages now, and his experience comes through in the quality and consistency that is provided in each and every episode.

In this podcast you will meet successful entrepreneurs who are coaxed by Andrew into revealing their methodologies and most important facts about their businesses and how they were able to be successful.

Startups for the Rest of Us

I had the opportunity to meet Rob and Mike at Microconf Europe. They’re both successful bootstrapped business owners, and in their podcasts they discuss topics related to starting and sustaining a business from scratch.

This podcast is especially good for those who own a SAAS product.

Entrepreneur on Fire

John Lee Dumas is a super prolific podcaster who also interviews successful entrepreneurs. He is a very successful entrepreneur himself, his main product being Podcasters’ Paradise, a membership site where people can learn how to create great podcasts.

John has an inimitable energetic style that will ensure you don’t dose off during his podcast episodes.

Bootstrapped Web

Brian Casel and Jordan Gal are the hosts of this podcast, which in a way is similar to Startups for the Rest of Us as it deals with topics faced by bootstrapped entrepreneurs. However, this should not discourage venture-backed entrepreneurs from listening to this podcast, as most of the concerns are shared after all.

Starting from Zero

Max Breckbill has started this podcast quite recently but it has quickly become one of my favourites due to his straightforward interviewing style and the fact that it takes us through the start and eventual success of businesses that are mostly very relatable to new entrepreneurs.

Max in fact tends to stick to interviewing solo founders and people who have built lifestyle businesses.

Tropical MBA

This podcast has been around for a long time and is very popular among digital nomads, especially those who are members of Dan Andrews’ Dynamite Circle community.

Tropical MBA’s content is more focused on bootstrapping and building a lifestyle business, but also contains a lot of useful content for any type of entrepreneur.

Smart Passive Income

Pat Flynn produces a very professional weekly podcast that is focused on generating passive income. While passive income is of course the official tagline, Pat talks about a lot of practical business topics and also has some great guests on board from time to time. Pat has become famous due to the fact that he shares his monthly revenue figures, and he also discusses his own business on this show.

Pat seems like a very friendly guy who is really genuinely interested in helping his readers and listeners, so this podcast is especially ideal during those times when you are feeling a bit down with the results of your business and need a pick-me-up chat with a friendly mentor. If you don’t have that kind of person in your life, Pat’s SPI Podcast can be a good substitute.

The Top Entrepreneurs in Money, Marketing, Business and Life

Monthly income reports have long been popular when presented on blogs. The Top brings those income reports in audio version. Shows are short and to the point and consist of Nathan Latka (the 25-year-old CEO at Heyo.com).

This is a fast-paced podcast that involves sharing real revenue numbers so you can have a good idea how your own business is doing in comparison. One of the most unique podcasts that provides a huge deal of inspiration.

Online Marketing Made Easy With Amy Porterfield

Amy Porterfield is an online marketing superstar and best-selling author. This is a very tactical podcast in which Amy shares the strategies she uses in her own product launches.

Building a great product is not enough, and I feel this podcast is one of the best places to dig for inspiration when it comes to marketing your work and build authority in your niche.

Best of the Rest

Here’s a list of other podcasts that I don’t regularly listen to but are also very popular with entrepreneurs.

• This Week in Startups
• Social Triggers Insider
• ProBlogger Podcast
• Duct Tape Marketing
• The Solopreneur Hour
• StartUp
• The Ziglar Show
• Freedom Fast Lane
• This is Your Life

I hope this list will serve to inspire you and perhaps bring your attention to some podcasts you might have missed.

So what are your favorite podcasts? I’d love to hear your thoughts!

Every January, as I reflect on the past year, I inevitably think of a few particular purchases that really changed my lifestyle in a positive way. Here’s the list for 2020.

• Theragun Elite – I’ve long struggled with feeling stiff and tired in the mornings, especially since I am usually training pretty hard during most of the year. And as any sportsman knows, there’s nothing better after an arduous workout than a massage session. Unfortunately, a massage therapist is not always on hand for that. This solves both issues in a convenient package that is easy to travel with and perfect for daily use. I have used it daily and it’s probably my best investment of the year.
• Herman Miller Aeron – There’s not much to say about this chair that hasn’t been said already. It’s the world’s most famous office chair, and most probably the best one. While I still get uncomfortable sitting for long periods, this chair makes it better and I love the mesh material that keeps me cool in summer.
• Brompton Electric – After much dilly-dallying, I finally pulled the trigger on this purchase and it’s been absolutely awesome. I already felt that Barcelona was a big playground that I could run around with my non-electric Bromptons at will, but this took Electric Brompton took things to a different level. I can now go up the mountains around Barcelona with ease as well as go much further to explore other towns in the vicinity. Given the lockdown and restrictions on movement in place, this has been a godsend as it gives me the impetus to go out and spend time in nature.
• Icebreaker clothing – This year I’ve taken a closer look at my wardrobe and decided that I would focus on wearing comfortable, sporty and stylish clothes. The material that fit the best for my active lifestyle is merino wool, which is very breathable and supremely comfortable. Icebreaker is one of the best brands in this space and I’ve stocked up on underwear, t-shirts etc. from this brand. The change from other materials is pretty massive.
• Airpods Pro – These earphones are absolutely top-notch and I carry them everywhere with me. Noise-canceling is excellent as is sound quality. I use them for working in public spaces, at home and while training.
• Balance Surfer – I’ve been slowly assembling a home gym made up of portable exercise material, and this one was one of my latest additions. I love exercising with my son at home and teaching him new tricks, and this has served well. Turns out my biggest use for this, however, is to stand on while I’m working at my standing desk. I usually put on some electronic music mix while working and I naturally start moving about while I type. Being on the balance surfer feels really good and does some help with strengthening my ankles.

I’m not a big fan of the extreme frugality and obsession with saving money that is ubiquitous within the FIRE movement.

My idea, on the other hand, is that you should think about your purchases thoroughly, especially for big expense items, and never buy items you won’t really use. I’m talking about purchases that are the result of wishful thinking or some kind of emotional response.

Some examples:

• Buying an indoor bike for Christmas because you feel like on January 1st you’re going to start a “losing weight” campaign. I’d bet 99% of these bikes and similar devices end up gathering dust in a garage eventually. Better to join a gym or start with doing bodyweight exercises and jump rope and see how that goes before investing further money.
• Another category would be clothing and fashion accessories, especially those items that are very particular and you’ll only end up using them once or twice. Better to rent them or have a plan to sell them immediately after use.

I also see a lot of people making what I call false economies, which brings me to the core of my article today.

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Many conflicts, arguments and disagreements tend to stem from the fact that we assume the offending party set out to harm us in some way. In other words, they have an evil agenda or negative intent.

A better way of moving forward and making progress, be it as a global economy or even in our day-to-day interpersonal relationships, is to always assume positive intent.

In trying times, it is quite easy to fall into a mode of thinking where we look around and think everything is falling apart and nothing makes sense anymore. It might seem that everyone is out to get us and there is little hope.

If we take a step back, however, we can use tools like prayer or meditation to get into an objective state of mind and realize that everyone is acting according to their incentives and circumstances, and by and large, people are wired to be good to others around them, unless they suffer from some psychological problem that makes them act otherwise.

Once we assume positive intent, instead of defaulting to judgment and anger, we take on an inquisitive stance. We ask of the other party: “what are you trying to achieve by this behavior”.

Oftentimes, it’s even better to try to take a minute and take an educated guess on the other person’s needs and objectives. This is because many people don’t even know why they act the way they do. It’s often easier for a third party to understand someone’s behavior, which is why we have counselors, psychologists etc. to help us out.

When we start out from this position together with an inquisitive and non-judgmental attitude, it is guaranteed that we will at least be in a better psychological state ourselves. As a bonus, sometimes we can enter into a productive discussion that ends up changing the other person’s behavior or opinion, although this shouldn’t be our main goal.