Knowing the right people
IMPORTANCE OF NETWORKING: YOU NEVER KNOW WHO CAN OPEN DOORS FOR YOU
It’s who you know, not what you know that counts.
Business is about who you know and not what you know. This is probably one of the most famous sayings in business and there might be some truth to it. There are countless entrepreneurs who are skilled and knowledgeable but their products haven’t penetrated the market, because they haven’t been able to make key relationships with people who can take their businesses to the next level. At the same token, there are entrepreneurs who know key individuals and have rapidly succeeded even though their products were not exactly industry-standard.
Therefore, does that mean success is predicated on knowing the right people? No, not necessarily – but it does help. One of the greatest challenges entrepreneurs face is getting an opportunity to pitch their products to boards of big corporations. Let’s face it, if you want to make it big you need to land a big client that pays well and on time. You will not build a successful business selling small quantities to small businesses who pay late and demand massive discounts.
But getting the opportunity to present to big clients is no easy task. How many times have you phoned and were denied access to speak to the CEO when attempting to set an appointment? Probably more than once. Now suppose you meet a businessperson at a networking event and the two of you enjoy a robust business discussion to the effect that you exchange contact details. Suppose you discover that your new friend has the same surname as the CEO you have been trying to set up a meeting with. Suppose you contact your friend and she gladly introduces you to her CEO uncle?
That is a great example of who you know. Entrepreneurs misunderstand the concept by assuming that “who you know” must apply to buying your products or contributing financially to your business. But to the contrary, who you know is a network of people who can come to your aid for a host of resources that do not have to be financial: knowledge, information, emotional support and introductions.
Now the question is how many people of influence did you add to your database in 2017? Possibly not many because you discarded them after discovering they were not looking to buy your products. But those people could come in handy by contributing to your advancement in a different way.
Granted you cannot befriend everyone, but the idea is to determine how an individual can fit into and contribute to your career.
In 2018 grow your database of who you know – because you never know who can open doors to your biggest contract yet.