“Our success has really been based on partnerships from the very beginning.” – Bill Gates

The key to a successful entrepreneurship is “effective networking”. One can be a successful entrepreneur only if he has effective networking skills. Many people have lofty business ideas and models but in order to turn that business idea into successful entrepreneurship, one should have, develop and maintain contacts.

 With all the demands on our time made by our business, professional and personal lives, we normally give much importance to networking as an activity designed to meet new people. After all, we have so many commitments at the office and at home — to colleagues, family and friends – that it is difficult to set aside extra time to bring even more people into our lives.

This thinking could probably be wrong! Firstly because we are constantly being introduced to new people on an every day basis, with no disruption to our schedules be it at work, family, market, school, university, beauty parlour etc. Secondly, by not consistently widening our circles of acquaintances and contacts, we may be severely curtailing our chances for advancement and success.

Here is an interesting fact: It is estimated that the average person knows about 250 people. And each of those people knows, in turn, another 250 or so people. This means that for each new person you meet, you gain access to a potential pool of 62,500 people separated from you by just two degrees!

Imagine the odds, then, that out of so many people, you would NOT find one person who would be a source of information about a better job, additional clients or customers, a speaking engagement or writing assignment, an investment opportunity, where to shop for better value, and much more. In all likelihood, you would find many more than one.

Networking, therefore, is one of the most profitable activities in which one can engage and does not require any capital! Fortunately, like any endeavor, one can get more proficient at it with practice. Moreover, it takes very little time or effort to get it right.

It takes only a moment’s conscious decision to become a networker, with no interference to one’s daily routine. All it requires is a slight shift in attitude, and adopting one simple rule:

Greet each new acquaintance with an openness to learn more about that person, a willingness to help, and an offer to stay in touch.

This approach is equally applicable to every form of networking, whether in business or social contexts, and whether the encounter takes place in person or, as frequently happens today, online.

It pays to network in person, not only to meet new people, but also to keep your vital communications skills sharp. Practice making friendly conversation; even if no relationship develops with that person, he or she will likely remember you as a “nice gentleman/lady” if asked about you at some point in the future.

If you feel you are too busy to go to networking events, attend only those vital to your professional or business standing. Make the best of chance and casual meetings that occur during the course of your normal workday.

If you’d like to network from the comfort of your home or office, or during down time on weekends, join an online business networking community. Many of them have sub-networks focused on topics of particular interest to you. In addition, you can look at others’ profiles and prioritize accordingly.

Here are some tips for effective networking:

1. Choose the right networking group or event. The best results come from attending the appropriate networking events for your particular industry. This should include trade shows, conferences, and associations dedicated to your type of business. For example, if your target market is a Fortune 500 company, it does not make sense to join a group whose primary membership consists of individual business owners. You can also participate in groups where your potential clients meet.

2. Focus on quality contacts versus quantity. Most people have experienced the person who, while talking to you, keeps his eyes roving around the room, seeking his next victim. This individual is more interested in passing out and collecting business cards than establishing a relationship. Your approach is should be to make between two and five new contacts at each networking meeting. Focus on the quality of the connection and people will become much more trusting of you.

3. Make a positive first impression. You have EXACTLY one opportunity to make a great first impression. Factors that influence this initial impact are your handshake, facial expressions, eye contact, interest in the other person and your overall attentiveness. Develop a great handshake, approach people with a natural, genuine smile and make good eye contact. Listen carefully to their name. If you don’t hear them or understand exactly what they say, ask them to repeat it. Many people do not speak clearly or loudly enough and others are very nervous at networking events. Make a powerful impression by asking them what they do before talking about yourself or your business. As Stephen Covey states, “Seek first to understand and then to be understood.” Comment on their business, ask them to elaborate, or have them explain something in more detail. As they continue, make sure you listen intently to what they tell you. Once you have demonstrated interest in someone else, they will – in most cases – become more interested in you. When that occurs, follow the step outline in the next point.

4. Be able to clearly state what you do. Develop a ten second introduction as well as a thirty second presentation. The introduction explains what you do and for whom. For example; “I work with boutique retailers to help them increase their sales and profits.” This introduction should encourage the other person to ask for more information. When they do, you recite your thirty second presentation. “Hugh Baker of Baker Textiles wanted a program that would help his sales managers increase their sales. After working with them for six months we achieved a 21.5 percent increase in sales. Plus, sales of their premium line of ties have doubled in this time frame.” As you can see, this gives an example of your work and the typical results you have help your clients achieve. Each of these introductions needs to be well-rehearsed so you can recite them at any time and under any circumstance.

5. Follow up after the event. This is the “key” aspect of networking. The below two points are two specific strategies to follow:

• First, immediately after the event, preferably the next day, you should send a handwritten card to the people you met. Mention something from your conversation and express your interest to keep in contact. Always include a business card/ contact details in your correspondence. 
• Next, within two weeks, contact that person and arrange to meet for coffee or lunch. This will give you the opportunity to learn more about their business, the challenges they face, and how you could potentially help them. This is NOT a sales call – it is a relationship building meeting.

Networking does produce results. The more people know about you and your business, and the more they trust you, the greater the likelihood they will either work with you or refer someone else to you. So what are you waiting for? Start NETWORKING!!

Article written and shared by: Smitha Chandrashekar.

Smitha is currently working as a legal counsel for Hitachi Data Systems and oversee the legal operations for Asia pacific region.  She loves writing Poetry.

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