Networking Insight

Seven Reasons for Entrepreneurs to Get Excited About Their Network

Building a quality and diverse network can be a great asset to any professional. So, if you take the time to nurture your network, then you will reap the benefits, especially if you are building your own company.

Here are seven reasons to get excited about your network, especially if you are an entrepreneur:

1. Clients - You should be getting introductions from people in your network. The new referrals could turn into new clients. Take the introductions serious. You never know what could happen

2. Employees - You should be getting introductions to potential employees. Or you may meet potential employees at events. Either way, most potential employees will be found through your network.

3. Strategic Partners - You should be getting introductions to potential partners. The more that you build up your brand and reputation, the more that people will think of you and make these introductions.

4. Capital - The main way to raise capital is through your network. Leverage your network when you are raising capital. At some point, you may get introductions to investors.

5. Friends - One of the benefits of building quality relationships is that you will also form friendships with some of your business acquaintances.

6. Your Personal Brand - Over time, your personal brand will be enhanced. The more that you positively interact with others, the more they will see you as a subject matter expert. When this happens, referrals and opportunities will come your way.

7. Learn - By interacting with various people, you will learn about businesses, industries, products, services, etc. Make sure to absorb what people have to say. You will become more in tune with various areas of business.

What other reasons should be you excited about your network if you are an entrepreneur?

 

Build Relationships During the Holidays

While Memorial Day is an important time to recognize and support our American troops, It is also an important time to celebrate with family and friends. Holidays are the perfect time to relax and get to know others in a more casual environment.

In order to build long lasting relationships with some people, you should get to know them more on a personal basis. Find ways to get together with people whether it is on the golf course or a BBQ. Organize your own gathering and invite people to join you.

If someone invites you to join their family or friends celebration, then make an effort to at least stop by if you can. By showing an initiative to attend an invited gathering, you will strengthen your relationship.

In addition to hanging out with friends, focus on building stronger bonds with your family too. Learn more about their professional lives. You never know what you may find out.

Family bonds can be extremely powerful in business if managed properly. Take the time during the holidays to solidify some of your family connections. After talking with some of your family members during the holidays, make a plan to get together more regularly to discuss business.

Regardless of what happens, enjoy yourself during the holidays.  Appreciate your family and friends and find ways to assist one another.

 

Build a Company Through Your Network

When starting a company, it is important to have resources to assist you in the early stages. Some of those resources include capital, people, and technology. In order to acquire many of these resources, you need work your network.

Most entrepreneurs leverage their relationships to move their idea and businesses forward. Early on, your network can provide customers, capital, employees, and advice. Spend the time reaching out to your network. Most people will generally be interested in what you are building and will be willing to assist you in a number of ways.

Be clear as to what you may need from certain people. You want to respect their time and make it easy for them to assist you. Let them know who you want to meet. Take the time to look at their LinkedIn profiles and ask for introductions.

Also, have good information prepared about your company to share with people, especially if you are raising capital. Put together an Executive Summary that can be shared.

Getting advice from people can be extremely important early on so you can prevent some mistakes. Reach out to those in your network who have already built companies. You can even try to join a business startup program that already has mentors and access to other resources such as capital.

Spend time nurturing your existing relationships, which will lead to building new relationships. Entrepreneurs should constantly be talking with people because you never who can be extremely valuable to you and your company.

Find a Business Mentor Through Your Network

We spend most of our days working either for ourselves or for someone else. We usually give it our all to make the company more successful. At the same time, it can be difficult to always know what direction to take in your professional life. That is why a business mentor is a critical person who you should have in your life.

Business mentors are there for when you need them to provide guidance for your career. Usually, they are more experienced than you so they can provide practical hands-on insight. Mentors want to see you succeed and make less mistakes than they did.

Many mentors just want to give back because they benefited from a mentor themselves. Most successful business people and entrepreneurs have mentors. It is something that is a part of many entrepreneurship support programs. Mentors are recognized as a key element for success.

So, how do you find a mentor? The best place to start is your network. Depending on your needs, you may want a mentor with industry experience, entrepreneurship experience, or skill-based experience. Once you figure out what you need, then ask people in your network if they can introduce you someone who fits your criteria.

Keep in mind that a mentor relationship happens naturally. The more you get to know one another the more it happens as a result. Rater than ask someone to be your mentor, let it happen. These relationships also go both ways. The mentor should be learning from you too.