Networking can be like dating – you have to take a chance to get anywhere. Half of the battle is realizing that networking is important, and then selecting who you need to network with, not specific people per se, but the type of people who will help you in your entrepreneurial journey. This article will touch on why networking is important to a current or future entrepreneur and tips on how to be a successful networker.
Why is Networking Important?
How important is networking? As much as I hate answering a question with another question, how successful do you want to be? There is a reason that competitions and entrepreneurship classes focus on elevator pitches so much. You have to take advantage of any big opportunity that might come your way, whether it is an hour lunch with someone or a 30 second elevator ride. Networking can make or break your career in a matter of seconds. Not to scare you, think of it more as potential opportunities that you don’t want to let slip by. Just making a couple of contacts can lead to a friendship, then a partnership in business, and so on. In my short career, I have held 10 different jobs either part time or short term. Eight of those 10 came from connections I had made through networking somewhere along the way. The two that I didn’t get from connections were the ones I had to work the hardest to get.
Think of the greatest entrepreneurial success stories of our time, almost all of them became successful not only because of their work, but because of people they met along the way. Do you think that Mark Zuckerberg’s “The Facebook” would be what it is today if he would have never met Sean Parker? Would Steve Wozniak (CEO Hall of Famer) have been as successful if he hadn’t made a connection with Steve Jobs? Probably not. These are only two of many examples of how networking is vital for success, whether it is meeting a partner, investor, mentor or future customer.
At the 2011 CEO National Conference, Sean O’Morrow, a culinary graduate and business student at the University of Michigan Flint, made the most out of a networking opportunity. After Tom Walter, the CEO of Illinois based catering company Tasty Catering, spoke at the conference, Sean decided to overcome his fears of approaching new people and introduced himself to Tom based on a mutual interest of one day becoming an entrepreneur in the food industry. Not only did Sean receive an hour long meeting over lunch with an experienced entrepreneur, but Sean was given the chance to have a week long, hands-on, intense work experience at the Tasty Catering headquarters to learn “the business,” all while making money like a real employee! Without introducing himself to Tom, Sean would have never had this terrific opportunity that will serve him well in the future.
Tips for Successful Networking
Make the First Move. Don’t wait to be approached by others; introduce yourself to people who you admire and can potentially from, whether for your professional development, your career, or your business. Be Prepared. Always be prepared and have a business card ready. Even if you don’t own your own business or have a full-time career, create a personal business card that details how someone can get in contact with you. Don’t expect someone to remember who you are without something in writing. Make sure to ask for a business card of whoever you are networking with; this will prove you are interested and serious with developing a relationship. Networking doesn’t end with an exchange of cards, but it takes time to develop a real connection. Follow up with your networking contacts immediately after the initial meeting. Send an email to thank someone for their time and suggesting a time to talk further if you would like to do so. Show Them You Are Serious. Prove to your networking connections that you are someone they should get to know. Sharing your business idea with a stranger may be scary, but you don’t want to miss out on an opportunity to gain an asset. Just as following up from an initial meeting is important, so is regularly following up to keep yourself on their radar. Cultivating a relationship takes time and effort, so be dedicated in getting to know them. Look for commonalities. You will not instantly mesh with everyone you meet, but you may be able to find a common interest that will help them like you and remember who you are. If the person you are approaching is a well-known entrepreneur or professional, you can usually guess their interests , or find them on the internet. What Can You Do for Them? If a conversation is not worth someone’s time, why would they invest their time in you? There are a lot of great mentors and people who are willing to help, but some may be more interested if you can help them with something. Offer your help and/or expertise. This is a key to creating a mutually beneficial relationship. Build a Mutual Relationship. A common mistake in networking is the idea that it is a one-time conversation, which often times results in the inability to connect with the person you want to network with. It is called networking, not introducing – a simple hello and an exchanging of business cards does not go a long way in building rapport. Start with the introduction; always follow up with an email or phone call after the initial meeting thanking them for their time. Then, you need to keep in touch. Keeping in touch may be a simple email every few months, or going out to lunch once or twice a year, all depending on the relationship. The important thing is to value your contacts and to follow through with building a meaningful and lasting relationship.
Networking is vital in life and in business, although many get along without it. Those who wish to be successful in life surround themselves with successful people. The chances of surrounding yourself with these successful people by are slim to nil if you don’t put yourself out there. You have to actively pursue these relationships. You never know what great things could come out of the next relationship you build through networking.