UNIT-5: BUSINESS NETWORKING SKILLS

STRUCTURE

5.1 Learning Objectives

5.2 Introduction

5.3 The Networking Skills

5.3.1 Goals

5.3.2 Mission

5.3.3 Attitude and Beliefs

5.3.4 Confidence

5.3.5 Motivation

5.4 Building Your Network

5.5 Networking in Practice

5.6 Managing Network Skills

5.6.1 Follow-Up

5.6.2 Sharing Information

5.6.3 Networking in Organizations

5.6.4 Grow Your Network

5.7 Summary

5.8 Self-Assessment Questions

5.9 Suggested Readings

5.1 LEARNING OBJECTIVES

After studying this unit, you will be able to:

● Describe business networking

● Identify various ways of networking
● State the need for and importance of networking
● List the ways to grow a network

5.2 INTRODUCTION

Networking is an art that forms the basis of society. It is all about individuals and their
associations. It can help you start up a new company or expand an established one.
Networking can also be used to find investors, clients, workers, shareholders, and
stakeholders at minimal cost to your company.

At social gatherings, conferences, and business organizations, you can network face-to-face.
The more ways through which you network, the more it will help your business. It is normal
for people to feel anxious and hesitant about networking, but it is a skill that you can build
with practice. The more networking you do, the simpler it is going to get. It can occur
naturally, but you can take a deliberate approach as well. Monumental inventions are mostly
the products of a specific form of personal network that stimulates outstanding individual
ingenuity. There are three specific benefits to networks: private knowledge, access to
different expertise, and strength.

Business networking is a great way to establish and develop a successful business. If

appropriately implemented, business networking can leverage your competition and help you
create a profitable business. Through networking, you can create new relationships and
maintain the existing ones. When you connect with people from your industry, you get
exposure to your domain's different perspectives. Networking helps an entrepreneur to
increase their range of products and sales. We use both public and private knowledge as we
make decisions. Today, information from several outlets, including the Internet, is readily
available. Still, public data gives far less competitive advantage than it used to, precisely
because this information is so open. It depends on the amount of trust remaining in your
relationship network and the importance of other personal information for other people.

Over the past few years, knowledge has become more standardized & operational, and
marketing problems have become more multidisciplinary, meaning that individual
performance is related to overcoming weaknesses of natural abilities by others. Highly
diverse network links can thus help you develop an even more comprehensive, creative, and
impartial approach to issues. And when you share knowledge or expertise with people whose
perspectives vary from your own, you give each other unique, incredibly valuable tools.

Many personal groups are highly clustered; that is, acquaintances of an individual are
probably friends with each other as well. Most of the corporate networks are made up of a
few clusters that have random connections between them.

5.3 THE NETWORKING SKILLS

Meaning - Networking skills are the abilities that one should possess to maintain
professional contacts. It is essential for certain areas like sales, business development, and
other similar industries to develop relationships with new contacts and promote the business's
value. Networking skills like communication, active listening, and social skills are valuable
to have a good professional atmosphere in the business. It is not enough to have good
networking skills; one should also know how to market the skills in a resume. Your
networking mentality decides your outcome, whether you love meeting new people and
talking about the day's activities and personal interests, or you dislike the thought of having
to participate in the conversation actively.

Source: ProBlogger
Figure 5.1: Negotiation Skills

Your mindset and outlook on how you deal with particular circumstances affect your actions.
And your reaction to such thoughts and situations affects others as well.

Ask yourself: Do you have an appropriate mentality for networking, or are you only holding
activities to fulfil an obligation?

By embracing a successful networking mentality, driven by curiosity, you can shift your
outlook from just talking or the struggle of only participating to producing meaningful
networking results.

At some point, curiosity fueled our childhood. But one day, we stopped asking questions and
became more involved in finding the right answers. The correct answers that encourage you
to work with others, change jobs, provide leads, etc., are all available to you through your
curiosity. To some extent, everybody is curious. Curiosity can help accelerate you through
networking events and enable you to witness first-hand, rapid positive results.

To engage in a conversation with curiosity, you must note that the principle of all networking
is to realize that the one subject people usually love to chat about is themselves.

If people are not actively involved in problem-solving, they spend about 95% of their time
thinking about the issues concerning themselves; they question, what's in it for me?
Therefore, engaging people by encouraging them to speak about themselves is a great tactic
to start a discussion. Showing your curiosity about the person can keep the conversation
lively and bring it to a fruitful conclusion.

Taking into consideration this 95% rule, here are three key factors in implementing a
successful curiosity-fueled networking mindset:

● Be eager to take action

● Display constant interest
● Using active skills for listening

These three characteristics function in unison, in a loop, and are all critical to advancing your
networking relationships.

You can undertake some steps before your networking event to be an efficient networker and
be interested in the event, its purpose, and the people involved.

You can:
 ● Research the networking activity in advance: its intent, the organizers, the
participants, etc.
● Assess who you would like to contact and what you'd like to gain by engaging
with those people.
● To build talking points of interest, familiarize yourself with their backgrounds.

If you have determined your goal, take action by looking for the individuals you want to
meet. When you're face-to-face with your networking partner, you can show continued
interest in them.

You should:

● Start engaging by raising questions about the other individual.

● In your way of doing business, interests, etc., find similarities.
● Display your opinions and discuss at the forefront how you can assist the other
person.

If your interest has been sparked, listening actively to your partner’s responses will ascertain
your effectiveness as an efficient networker. You should also have one very important
question planned to assure that you can listen actively and be entirely focused on the person.
Everyone seems to be asking the networking question: 'Tell me about yourself.'

To answer the question, have a well-practiced, descriptive 30- or 60-second pitch

ready. Your description should summarize who you are, the sector in which you are, your
position, and the three distinct attributes you have and/or have gained throughout your
journey. With a few stories that illustrate your business outcomes, be prepared to keep your
networking audience involved.

According to research, if you have introduced yourself to your main contacts more than 65%
of the time, you are likely to develop your network by implementing the theory of self-
similarity, and your network might be too inbred. The theory of self-similarity states that
when you make network connections, you prefer to select people who look like you in terms
of experience, training, worldview, and so on. In particular, we have noticed that executives
are disproportionately using the concept of self-similarity to construct their networks. It is
much easier to trust a person who sees the world just as you do; you expect that person to
behave as you would in uncertain circumstances.

Working amongst individuals who share your experience is also very convenient: you both
understand principles that allow you to exchange knowledge easily, and you are less likely to
question each other's ideas. At the end of the day, like-minded people will generally affirm
your point of view and, as a result, appease your ego.

But these advantages give declining returns. Too much familiarity limits your exposure to
discrete knowledge, which is key to both imagination and problem-solving. If all your
connections agree with you, who's going to doubt your logic or force you to widen your
horizon? And since, over time, people want to make contact with each other, the similarity in
thinking and ability reverberates, generating what we call an echo chamber.

Another barrier to network diversity is that employees tend to fill their networks with the
individuals they spend most of their time with, like colleagues in their organization. It is
known as the proximity principle. This theory works against creating efficient networks
because the environment is structured into similar things—people with the same experience
tend to be in the same unit, just as people with similar lifestyles tend to stay in the same
neighborhood. Follow the natural patterns and build networks according to the principles of
proximity and self-similarity. You can create echo chambers in your network and minimize
opportunities for enhancing your networks with a broader spectrum.

An efficient way to break through the obstacles created by the concepts of self-similarity and
proximity is by using the shared activities principle. It is not through casual encounters that
robust networks are built but through fairly high-stakes activities that bind you with
numerous others. Several shared events, including sports teams, community service projects,
interdepartmental programs, voluntary groups, for-profit committees, cross-functional teams,
can take part in and benefit from any executive.

By shifting their standard patterns of contact, joint interactions often forge connections
between disparate individuals, enabling them to break out of their defined business positions
of subordinate, manager, aide, or president and grab attention by being unique.

Research suggests that you can increase your level of information from what you know to
who you know if you build your networks with confidence, variety, and brokerage.

Principles of Networking Skills

The principle of networking skills is categorized into the following points:

1. Invest in relationships

You have to spend time, resources, and, above all, sincerity in everyone and anyone
with whom you meet, chat online or talk in order to become fortuitous.

2. No personal agendas
 If you genuinely care more about the person than what they can offer, people can
assist you in ways you never anticipated or imagined. This makes the process of
relationship-building enjoyable, and as your relationships grow, you get surprised
every step of the way. If you do not build partnerships with someone with a pre-set
agenda in mind, this can only happen. In your charm and warmth, having this simple
change in attitude will make unexpected changes.

Everyone appreciates kindness and assistance, regardless of their performance, role,

or influence. Be the one who cares for individuals for who they are and what they
trust in. To make his or her life easier, be the odd person who reaches out to others.

3. Knowledgeable and proactive

Networking skills help to understand the market demand of the business or the market
in general. Networking also helps to identify the best job role according to your
preferences and requirements. It is a good advantage when you know people who can
help you land a better job in your desired company. Curiosity is an all-important
factor for the adoption of a successful networking strategy.

4. Be genuine

Networking skills contribute to making a circle of trust, and you rely on your
networking group for further help. It is an even circle, meaning that one should also
give back or return the favor by helping others. The reciprocation requires trust from
both parties, so it is essential to tie yourself with people whose reputation, ethics, and
behavior you believe in. In your relationship-building process, be entrepreneurial.
Build possibilities for yourself by doing things that work for individuals with whom
you want to hit it off.

5. Be approachable

Social media can help you find people with the same interests as yours and help you
build good social networking people with whom you can share your needs and ask for
help and vice versa. It can contribute to each other's valuable opinions because it
could lead you to your next job and help you unleash your potential within. The right
way to think about yourself is with a trusted network of mentors, colleagues, and
weak ties.

6. Long-term approach
 The networking skills help you identify the right opportunities and people with whom
you can connect, but at the same time, you must value your network and take care of
it as best as possible. Daily, weekly or monthly interactions are important to stay in
touch and to grow your network stronger. It can lead to great opportunities and jobs.
Most people don't understand that every human being has an inherent desire to be
loved and valued. There are two ways to communicate with someone using our
inherent characteristics. One is that you claim to value their job to get what you want.
This is almost always a backfire. The other way around is that you get involved in
their lives, jobs, ambitions, or values. This plant has seeds for a long-lasting
relationship.

7. Rely on what's guaranteed

In its most conventional sense, networking has tarnished the very essence of the
relationship-building process and its impact on our lives. Instead of thinking about
exploiting new relationships, focus on building good friendships and mentoring
relationships that yield far better long-term returns. For creating a strong network,
your thinking should be based on building relationships with honesty and kindness.
People often try to capitalize on what they feel some other individual could give them
to achieve their personal goals, develop their businesses, or introduce them to an
influential person.

Types of Networking Skills

1. Communication
Communication is an important networking skill to have, and it is very important to
persuade individuals with your reasons; in your ability to talk confidently, coherently,
and steadily, confidence shows. This is how you can convince people that you are
reliable. If they couldn't at least clarify the business model to you properly, would
you sign on to someone's business? It's not about being flawless; it's just important to
be transparent.
2. Active listening
Active listening is a great way to understand the needs and requirements of other
people. If you know the requirements, only then will you be able to deliver them what
they want. Active listening ensures that you can ask the right questions to keep a
conversation moving forward.
3. Social skills
 Social skills can help you grow your professional network through social media
platforms and applications such as LinkedIn, Twitter, and online networking
communities. However, you need to fully comprehend the platforms, how they
function, and how you can use them for your company's good before you leap into
social media.
4. Public speaking skills
Another important networking skill is public speaking skills. It can help you be more
presentable, confident, and comfortable to interact with others. It can help you
improve the way you articulate while speaking with others.
5. Nonverbal communication
Non-verbal communication includes body language, hand gestures, and any other
messages you are sending the other person. It is also beneficial to read the body
language of the other person you are interacting with.
6. Interpersonal skills
Interpersonal skills are the tricks to maintain a professional network and be in the
orbit of the individuals you are attempting to develop a network with. You are still
top of mind if you need their assistance down the road. The right approach to doing
this is to take actions that indicate that you care for the other person and that you care
for his or her life.
7. Empathy
Empathy is an important skill for networking, and it refers to the ability to feel what
another person is feeling and connect with them on a deeper level to understand their
feelings.
8. Positivity
Positivity is important and helps maintain an optimal environment in the business
surroundings. Being open, curious, and making it the way you want it, rather than
determining how it's going to be before you get there (which is generally negative).
To do this, be present to others instead of focusing on your inner voice; instead of
being interesting, be interested and offer before you get-show someone how you can
first help them.
9. Humor
Humor helps people to find common ground. It can help to reduce the tension of the
environment and put people at ease. People with humor are more approachable and
easier to connect with.
10. Focus
 There will be moments when you question yourself why you're pursuing what you've
been doing. Think about why you started your company and where you want to go.
Maybe you had enough of your last work, you wanted to make more money to give
the best to your children, or you wanted to make this world a better place. It will help
you focus right where you left off. Whatever your reasons for establishing your
company, think about them, and you're likely to rediscover your motivation.

Types of Networks

1. Personal network

These are the individuals you meet today, such as friends, relatives, and non-business
acquaintances, in all facets of your life outside of work.

2. Professional network

It is the network that focuses exclusively on business-type relationships and

interactions rather than intimate, non-business connections.

3. Purposeful network

You should try preserving some distinction between your networks as well. Turning
friends and family into opportunities for business will easily complicate relationships
if things go wrong. Too much overlap may also blur the boundaries between work
and family and disturb your work/life balance. The aim of networking will often be
motivated by your organization's core business (or your personal, professional
development).

5.3.1 Goals
Simply put, the goals of networking are what you need or want to achieve. Objectives
provide you with a long-term vision and a short-term incentive. Goal setting lets you manage
your time and money efficiently. By understanding and identifying your networking target,
you can save hours of hit and miss. It weeds out those activities that don't serve your purpose,
which means you're more effective in key events.
Source: WorkCompass

Figure 5.2: Goals

Like all critical business processes, networking works best when performed thoughtfully.
Effective networking, therefore, includes a formal, strategic plan.

While you might be lucky to take advantage of opportunities when they come on their own,
you're going to be best served by a strategy—a strategy where you're going to call the shots.

By creating a strategy, you are far more likely to achieve your business or networking target.
This is because you would have concentrated your energies on obtaining the particular
business objectives that you want or need to accomplish. Many individuals have networks
that they do not even acknowledge to be true networks. They are " the ones they know"
literally. They may still be of use to you, but you just have to keep it in the right light.

The most popular goals for a business professional like you revolve around the possibility of:

● Creating your community of support

● Developing a profile
● Seeking and earning a business opportunity
● Building an information unit and an expertise base

Goals include the means by which you track and determine whether you have achieved the
desired results. To set your objectives for networking:

● Identify the individual or the industry type you ought to contact.

● Identify if your personal or professional networks need to be used.
 ● Recognize what you seek from them or what you want to provide them, precisely.
● To meet your target, list appropriate questions or networking strategies.

Not only does establishing a networking goal make you more effective at a potential
networking event, but later, you can determine if that particular event is one that you should
attend again. If you've met people with whom you want to network, then you know this is an
excellent event to come back to.

Goals can vary according to their requirements in various aspects of life. In the Job Services
sector, for example, those needs may be:

● Grow the client base of employers and/or job seekers

● Match to an employer a work-seeker
● Strengthen brand awareness about what your business/service can do to help

In the case of your own professional growth, those criteria may be:

● Develop your expertise or capacity in a particular field of business

● Increase your capacity to achieve your KPI goals
● Enhance your private or technical profile
● Enhance particular expertise in networking (like public speaking)

Depending on the type of network you are tapping into, your intent can change. Consider
each of the prospective advantages and opportunities. Be mindful that the purpose is not the
same as the objective. Normally, your target is a 'number' or a particular level of return on
your investment in networking. Setting targets without really knowing what you are trying to
accomplish can result in unnecessary effort or an incorrect approach.

5.3.2 Mission
A network of entrepreneurs commits to inspire one another through a range of meaningful
activities that generate quality business. Over and above short-term tactical objectives, you
will have a powerful tool to become a brilliant networker if you have a broader vision that is
related to your goals. People are attracted to someone with a specific goal, aim, or vision.
This is often transformed into a purpose or a cause greater than itself. This cause is what
connects and fascinates people.

We've seen a surge in cause-related ads in the business industry over the last decade. This is
when a company markets itself with the premise that you will also support a charity or a
good cause by purchasing its product or service. Through networking and setting up
knowledge meetings, you can start to utilize this vibrant pool of information and guidance.

A successful networking or insightful meeting has 8 objectives:

● Place yourself facing as many individuals as you can.

● Offer your short SOP.
● Receive advice.
● Exchange knowledge and gather it.
● Get a handful of goal-related names.
● Just make an acquaintance.
● Offer help to get brownie points.
● Leave a CV.

For many factors, people would generally take time from their busy schedules to meet with
you:

● You were referred to them by someone they know.

● People feel confident about their expertise being shared.
● People enjoy getting advice.
● They had themselves been through a work loss.

But first, you need to ask yourself some questions:

Who are your sources for networking? Virtually everybody. Putting yourself in front of as
many people as possible is always easier. Create a list of potential contacts for networking.
Everyone you know professionally, personally, or even casually, you'll want to list. Leave no
one out.

Do not be afraid to invite a networking meeting or an information session. First, state who
you are, who referred you (if this was a referral), and then say you're researching career
opportunities (never say you're looking for a job), and you'd like a quick meeting to get some
details and guidance. (Never use assistance with the word). Tell them that it won't take you
more than 15 or so minutes.

Networking must always be conducted in person; more than telephone calls, people
remember face-to-face meetings. However, if long-distance is a concern, you can still
network over the telephone, although it's not almost as effective.
Always dress your best, even though this is an informal conference. You would like to be
remembered as being really competent.

Open the meeting by presenting a summary of you, your industry, description of your work,
and, most importantly, your ambitions and goals in the future with your 1–2-minute
Statement of Intent. If it becomes second nature, you can rehearse your Statement of Intent.
After you end, ask for advice. For instance, what advice do you have?

Bring your resume with copies, but never show a copy at the start. When you're talking, you
don't want them reading your resume. At the end of the discussion, you can leave a copy.

As enthusiastic, optimistic, and upbeat, you must always portray yourself.

Ask if you may be able to assist them. Offer to always give back.

Still get a business card with a "thank you" note and follow-up. (Email is acceptable, but a
special touch is added by a handwritten "thank you".

5.3.3 Attitude and Beliefs

Attitude shapes the habits of any individual. A positive attitude can make a big difference. If
you consider networking to be result-less and a waste of time, then that is what's going to
happen.

But suppose you change your attitude and go on with an unbiased view and a sense of
optimism about the possibilities that await you. In that case, it's going to be a better
experience, and you're going to build useful links where you benefit from one another.

Your commitment defines you, and it is only you who can commit to making the required
habit adjustments that generate positive thinking. Encouraging yourself to take charge of
your approach to networking can result in better results as you cultivate mutually beneficial
relationships and eventually help you achieve your goals.

The very first attribute people notice about you is your attitude & how you manage your
everyday tasks. A chronically negative attitude makes people resent you and pushes clients
away. While a positive attitude makes clients want to associate with you. Optimistic
business professionals are like magnets- others tend to associate with them and refer them to
their friends and family.

All of us are human, so errors happen. Always admit it and apologize if you make a mistake
or take a wrong decision - whether it greatly damages your reputation or not. Failure to
apologize for wrongdoing also hurts an individual's dignity and credibility even more than
the initial misjudgment itself.

The beliefs of a business individual are equally important as attitude. To understand the
importance of a professional's beliefs in networking, consider an example. We just need to
think about how we see people in high posts and public authority, particularly politicians
when they refuse to take ownership and accept their mistakes. Any credibility they hold is
lost. All dignity is lost if such behavior continues. So, a professional’s beliefs directly
influence business networking. Significantly, honesty is essential for confidence to rise.
Without honesty, trust is just not feasible. To develop a strong business network, building
confidence is critical. Lack of trust prevents efficient networking in the industry. It is
completely impossible to make such connections before a very high level of confidence is
established.

Empathy and good listening are great attributes that help in building confidence. These
qualities enable you to be sincerely interested in others; to listen properly, to reflect
meaningfully and helpfully. Follow-up is also a critical part of building confidence and
credibility. Reliability and reliability are highly valued qualities in relationships, particularly
relationships involving referrals and advice since someone's credibility is at stake. The
phrases 'reliable' and 'reliable' do not mean that you are always accessible to anyone. These
terms basically mean that when you say you're going to do something; you're going to do it.

5.3.4 Confidence
In all aspects of life, improved self-confidence can benefit you. It helps you to become a
better communicator. Good communication can both personally and professionally develop
your relationships. It allows you to become an impactful leader and individual with the skills
needed to create a productive network marketing company.
Source: Psychology Today

Figure 5.3: Confidence

Here are some tips for developing and sustaining:

● Body language

Before you even open your mouth, your body language expresses so much. Think of
someone whose confidence you appreciate. They carry themselves with great body
language. You wouldn't see them with crossed arms or being slouched. Learn how to
control a room with only your body language. A firm handshake, good posture, and a
smiling face charms the entire room. Own the room that you occupy.

● Inculcate a growth mindset

Confidence isn't something you find elsewhere other than yourself, and it doesn't just
happen when you're successful. Being positive indicates that you realize when you
don't succeed at something, it's only a small failure that can drive you forward when
you struggle. You can push yourself back up quickly and continue to go. Adopt an
attitude for growth and make a dedication to your personal development. Some ways
to embrace a networking mindset are reading books, listening to podcasts, and
attending seminars.

● Plan and prepare

 The more you read and understand, the simpler it becomes, and the more positive you
feel about something. So, when it comes to searching for a new person in your
company, make sure you understand the business model correctly. You might also
practice your upline presentation so you can be confident and relaxed. The same goes
for the sale of a commodity. Get to know the product so well that it appears authentic
when you talk about it because you've done your thorough research. Planning and
preparation for any activity in business are sure to increase the professional’s
confidence.

● Optimistic approach

This is much easier said than done since it takes some time to practice reframing your
thoughts. The first step is perception, and then you can refocus through this. As Tony
Robbins says, "where the focus goes, the energy flows," so it's essential to initiate
replacing negative thoughts with positive ones.

It's not about bypassing the real challenges you might be facing; it's about raising
awareness about what we're thinking and replacing the negative with the positive.
When you do this, your explicit focus changes your external perspective, and this
shifts your general view of being, making you feel more positive.

● Confidence role model

Whose trust in yourself do you want to mirror?

Imagine somebody in your life, such as your upline or mentor, or someone you might
refer to as a well-known role model.

Use this individual as a splitter of the confidence you wish to embody. The use of
others as encouragement in one's life can be a significant driving force.

● Own testimonials

For a commodity, you have really benefited from or received your first bit of income
from your business, build your own testimonial. This will help raise your confidence
and demonstrate to you what's realistic. It will make you happy to share in the
prospecting process.

● Assert but don’t be arrogant

Becoming a people pleaser or pushover is not how you develop trust. When it comes
to getting your point across or during public speaking, be assertive. Between being
 optimistic and arrogant, there's a difference. Mind to remain humble at all times and
to treat people with dignity and compassion.

● Speak slowly

In your ability to talk confidently, coherently, and steadily, confidence really shows.
This is how you can convince people that you are reliable. If they couldn't at least
clarify the business model to you properly, would you sign on to someone's business?
It's not about being flawless, it's just important to be transparent.

Steps to help you feel more positive, confident, and courageous:

● Choose a good attitude

Pick a great attitude.

Being open, curious, and making it the way you want it, rather than determining how
it's going to be before you get there (which is generally negative). In order to do this:

● Be present to others instead of focusing on your inner voice.

● Instead of being interesting, be interested.
● Offer before you get-show someone how you can first help them.
● Quickly build a rapport

Networking is all about building trust quickly, so participate in open-ended questions

that, for example, find common ground and create a discussion from there; "What's
your interest in coming along tonight?" "That's a good starting question.

Take the time to get to know others and understand what they care about, beyond the
"what are you doing?". Question-even if the discussion is short.

Demonstrate the real you. It's the only way to build constructive exchanges and create
the opportunity for an authentic partnership that continues.

● Prepare an answer for “what do you do?”

Depending on who's asking, how structured the conversation is, and what you're
questioned in the discussion, it's a good idea to have a few different ways to answer
this query. Two frames for your response, for instance, are:

● Informal/high energy: After you're already immersed in a conversation, chat

about what you're passionate about and the difference you make (emotional
answer).
 ● Formal/low energy: Speak about what you do if it's the first thing you're asked
when you've just encountered someone, in the light of your skills, experience,
or conflicts you solve (rational answer).
● Effectively join a group

It can be awkward to join a group engaged in conversation, particularly if you are not
immediately noticed and invited in. The trick is listening. Listen and think about the
conversation and how you can add value to it. A good way to participate is to ask a
question of great quality to help build your credibility with the community,
particularly if it leads the discussion forward.

● Smoothly leave a group

Effectively acknowledge the person/people that you are leaving. Here are a few
examples:

● "It was great to meet you. Before the end of the evening, I better pop around
and meet some more people" or.
● "It was awesome to talk to you. I'm sure you'd like to meet other people here
tonight, take care of yourself, and enjoy the rest of your evening."
● In conclusion, networking is worth investing your time and effort, particularly
if you follow through and continue developing a partnership by giving
tangible value.
● Body language, voice tone, facial expression, and eye contact are all
components of human interactions that we take for granted, but which add to
the beauty of face-to-face networking interaction.

5.3.5 Motivation
If you want to succeed, being driven to run your company is important! Support is at hand if
you find yourself running out of patience and wondering what caused you to venture into
entrepreneurship.

Source: Principal Relocation Company

Figure 5.4: Motivation

Here are a few ways to stay motivated for a business professional:

● Imagine positive thoughts

What you imagine can be turned into reality more often than not. But if any time
you're faced with a challenging situation, stop pessimistic thoughts and think of the
best that can happen to you. Be confident and set yourself apart from negativity.
Develop a can-do mentality instead of saying 'I can't'. Think of issues as an incentive
or a challenge, and your subconscious will focus on constructive solutions
immediately.

● Face the reality

Remember that there's a difference between being optimistic and fantasizing.

Choosing to focus on the positive can potentially become self-destructive when you
set unreasonable expectations. Also, stop pretending that everything is well. It won't
help you to turn a blind eye to the concerns with your organization. Be honest to
yourself and be rational rather than just predicting that things will get better in
difficult times. This does not imply that you question your ability or lose hope;
understanding truth will only help you find the right solution, no matter how hard it
is.
● Take action

Only heading in the correct direction or being positive is not enough; you still need to
take positive action. For example, if you say to yourself that you're going to focus on
driving safely but fail to put on your seatbelt, your positive thinking won't be of many
benefits. Always make sufficient efforts to excel, never underestimate the value of
hard work, and predict the barriers you are likely to encounter. Besides, strive to keep
a good outlook even though you don't see the desired result.

● Grab opportunities

You never know which opportunity is going to work for you. Perhaps the chance
you're trying to pass on because you're overestimating your value will tremendously
help your company. So, don't be afraid of the opportunities that come your way; catch
them with both hands and concentrate on giving your best shot every time. Don't wait
to get a chance to come your way! A successful opportunity can be right in front of
your eyes, and you may not be able to see it. Being open-minded and calm, and
analyzing your goals, will enable you to be mindful of your prospects. Altering your
traditional approach will also help you to develop new ideas and create possibilities
where none exists.

● Accountability

With both your successes and your defeats! A lot of people crave the independence
that entrepreneurship provides but few are willing to acknowledge that owning a
business means being accountable for each and everything.

As an entrepreneur, you will be responsible for all the choices you make; it won't be
an option to blame your subordinates. Take responsibility for the mistakes, but don't
pay much attention to them, and still rejoice when you taste the performance!

● Count your blessings

When things don't turn out the way you want them to, it's easy to get angry. Counting
your blessings in times of depression and showing appreciation for the smallest items
will make your face smile. Remember how your previous work was and how far
you've reached, be grateful for the food you're eating, the roof over your head, and the
car you're driving, and think about your family and the love you're sharing. There's
certainly a lot to be pleased with within your life than sulk over company losses or
failures.
 ● Remain inspired

There will be moments when you question yourself why you're pursuing what you've
been doing. Think about why you started your company and where you want to go.

Maybe you had enough of your last work, you wanted to make more money to give
the best to your children, or you wanted to make this world a better place. Whatever
your reasons for establishing your company, think about them and you're likely to
rediscover your motivation.

Take frequent breaks and praise yourself for your successes, no matter how tiny they
are. Keep in contact with positive people and spend time with family and friends.
Also, write a mission statement for your company, get it framed, and place it where
you can see it every day.

5.4 BUILDING YOUR NETWORK

If you want to develop a robust company, you need to get out there and make connections
today.

Source: Free Foto

Figure 5.5: Business network professionals

Check out these networking tips to make sure you're expanding the number of prospects that
come your way:

● Assist industry networking activities

The first step in good networking is to know where you can go to make connections.
Although almost any activity or event can serve as a networking opportunity, local
business activities should be attended by small business owners and local business
professionals. For example, the Commerce center of your city might host meetings
for people in your industry. In addition, it is worth holding meetings for professional
societies and companies relevant to your industry.

● Choose a goal

It's difficult to obtain what you want out of the networking efforts unless you proceed
with a simple agenda. Before attending meetings or activities, take the time to decide
what your experience seeks to achieve. For example, you may want to make new
contacts, donate your time to the community, or just learn about the latest trends in
your business or industry.

● Network during off-hours

Because you're off the clock doesn't imply that it's time to quit networking. If you
want to extend your scope, make an effort to talk with your fitness club or Pilates
class.

You can also make business links to your child's school programs and sporting
events. After all, parents are generally looking for something to talk about other than
what's going on in their child's play.

● Know your worth

It's not enough to provide a fantastic product or service for your customers. If you
can't express what you're doing, you can't expect to communicate the knowledge at
networking events. Suppose you aim to generate referrals or simply create your
virtual toolbox for the future. In that case, you should spend the effort to create an
elevator pitch that expresses what you do, for whom you do it, and why consumers
should choose you over your competition.

● Conversational icebreakers
 Consider opening with a compliment if you want to conquer initial awkwardness and
make a strong first impression. For instance, at a seminar, you could tell the person
sitting next to you that you like their shoes or tie. Likewise, posing a question allows
contacts the ability to speak for themselves. Ask how they came into the industry or
what they think of your industry being impacted by recent growth.

Networking relationships are based on trust that takes time to establish. Social capital is
created when workers have the opportunity to engage in "real work" with each other, which
results in the creation of trustworthy relationships between them. By collaborating with other
individuals on ventures, individuals may discover parallels in others' values and beliefs that
help them interact more effectively. It is through more substantial experiences that trusting
relationships are established. For example, attending service organization meetings may help
a person meet people, but it is by collaborating with others on service projects that deeper
relationships grow as individuals learn more about each other's beliefs, behaviors,
competencies, and goals. Collaborative partnerships are defined by knowledge of each
individual's skills, ability to participate in problem-solving, and trust.

For a business network:

Do’s -

● Decide who you want to keep in touch with, and how much you want to get out of
touch.
● Using all contact resources in your collection, including email, phone, coffee dates,
social events, and handwritten notes.
● Look for ways you can help make contact with the technical and personal difficulties
they face.

Don’t -

● Go beyond the limit to social media. Be strategic on how to use it.

● Brag about your achievements.
● Harm yourself attempting to network with all the people you've ever met. Keep a list
of appropriate contacts and audits running from time to time.

5.5 NETWORKING IN PRACTICE

Successful business growth depends on creating trustworthy relationships and leveraging

those interactions to meet potential prospects. Such partnerships form the foundation of your
business network. You must continue to develop and sustain such relationships, as a
significant proportion of your business expansion will originate from your business network.

Source: DocPlayer

Figure 5.6: A web of business networks

Here are the ways your business network can be built and leveraged to advance your
business:

● Seek referrals

Your clients almost definitely know colleagues who need your product or service,
like themselves. To trust them for a referral and request approval to use their name for
an introduction is entirely reasonable.

You could then make a telephone call or send an email to get an introduction with a
referred contact in hand and a trusted customer as a backup. You will have a much
better chance of success in your introductory contact once the prospect hears or sees
the name of his or her colleague.

● Testimonials

Your clients are your most influential supporters. Request them whether they'd be
ready to give your product or service a testimonial. They will most likely agree
 because they want success for you and your company, especially because it
strengthens their choice to use your product or service. A short quote or a longer case
study that illustrates how your product or service solved their problem may be the
testimonial. You have to locate mediums to release it once you've secured the
testimonial. It needs to be posted on your website. The magazines or pages that may
be interested in publishing the case study should also be searched and listed.

● Take part in industry meetings

A perfect way to develop relationships with colleagues, network, and meet new
people is to engage in business meetings, conferences, and trade shows. Join in and
participate in their meetings if your industry has a national trade group. Since
attending meetings is expensive, optimizing the effect of attending by trying to set up
one-on-one meetings in advance and finding other ways to maximize your
engagement and exposure at the meeting: pursuing opportunities for speaking,
sponsoring a coffee break, or arranging an educational workshop.

● Create and constantly update your blog

Everyone seems to have a blog, or they're dreaming about making one, and with good
reason. Publishing a personal blog on your business website is a great way to get to
know you, your business philosophy, and your company, goods, and services for your
customers and prospects. Blogs also make it easy to comment and allow engagement,
which is how you can build new relationships and expand your business network.
Your blog is a forum on which you can post anecdotes on a controversial industry
subject that illustrates your experience or role. It will also attract traffic to your site
as keywords in blogs are now found by search engines.

● Social media

Grow your professional network through social media platforms and applications
such as LinkedIn, Twitter, and online networking communities. However, you need
to fully comprehend the platforms, how they function, and how you can use them for
your company's good before you leap into social media. LinkedIn is a fantastic place
to launch and extend your business network. Twitter is a microblogging platform that
complements your blog.
Source: freepik

Figure 5.7: Social media networks

With a mix of these tried-and-tested market growth approaches and innovative social media
techniques, your business network will expand along with your company.

5.6 MANAGING NETWORK SKILLS

After you've established a bond with someone, you have to keep enriching the bond for a
long time so that you can contact the individual if you need support.

● Prioritize

First, make an evident identification as to who in your network you want to prioritize.
Divide your connections into categories, such as current customers, potential
customers, powerful and powerful peers, and friends who are true connections, and
then figure out the best way to distribute your interest. But priorities are not always
 evident. There may be people with whom you keep in touch for no other reason than
that you enjoy their company or have common interests.

Think about how your relationships will make you better off. If you are a happier
person when you talk to a friend or colleague, make a point of doing so on a regular
basis.

● Show that you care

First, consider the various resources in your kit to keep in touch, including email,
phone calls, coffee dates, social events, handwritten notes, and how you can
effectively use them for cultivating your relationships. The trick to maintaining a
professional network is to be in the orbit of the individuals you are attempting to
develop a network with so that you are still top of mind if you need their assistance
down the road. The right approach to doing this is to take actions that indicate that
you care for the other person and that you care for his or her life. Be mindful of when
news or knowledge causes you to think of that person. Perhaps you've read a book a
former colleague would like, attended a lecture on a topic she's interested in, or
you've recently come across a connection with her. It's a perfect time to get in touch.
It is important to nurture positive relationships. You must resist approaching him or
her just in a time of need if you care for that individual to be in your network.

● Implement a social media strategy

You can effectively remain linked to individuals from your past for digital eternity in
the Information Age, but an over-reliance on social media to sustain your professional
network can be risky. Much as a phone call is not the same as conversing in person,
there is a different degree of fidelity in social media. Social networking also tricks us
into thinking that we have a deep link with someone when, in reality, that connection
exists only in that single plane of life. Still, to your benefit, you can use social media.
For example, you could exchange direct messages on Twitter with your friends,
repost content that they have created on LinkedIn, or re-tweet blogs and articles that
they have highlighted. Even better, take the conversation off-line. Celebrate her win
by giving her a call or sending her a note if you notice that your friend has just been
promoted or had some other success.

● Offer help

Another way to stay in good faith with your friends is to look for ways to support
them. Listen closely to what they are saying and the problems they are facing. Maybe
 your former colleague tells you that she's interested in starting to make more videos
of her work, and you've just read a book about it. As a present, give it. However,
make sure your intentions are innocent. Helping others is a fine thing to do but doing
so only serves to show those you wish to please that you are shallow, the reverse of
your objective, in an attempt to acquire favor.

● Regroup

You should do an audit of your professional relations every six months or so. You
need to check through your contact list and ask, is it still accurate? Who am I
supposed to add? Who's not as important anymore? Over time, you're going to cycle
people in and out of your network. This doesn't mean you're not going to talk to them,
of course, it's just not going to be as much. Bringing new people into your network
and keeping in touch with long-standing friends does not feel like a juggling act if
you do well. Introduce people you've recently encountered in your network, which
provides you with a chance to learn more about both of them. This opens up
partnerships that may have remained static.

5.6.1 Follow-Up
Keep in touch with your network. Reignite a conversation with the network just when you
need to take much more effort. Networking is meant to be part of your daily life. Being
knowledgeable about your networks will allow you to be more efficient and, eventually,
more marketable. Building networks to achieve strategic objectives can enable decision-
makers to make positive and enthusiastic choices about your candidacy or sector.

After you have established a network with any business professional, the next move is to
follow up and set a networking contact. Shortly after meeting anyone after a marketing event,
a networking meeting, or an interview, you can send an email saying that you were glad to
meet them, referring to something you discussed (to at least inform them of your
conversation) - asking for nothing in return.

Recruiters and hiring managers welcome emails that confirm interest or share an item that
might be of interest to them, but what is not appreciated is if they need to get back on a date
or information of some type. The easiest way to build a powerful network is to get in touch
with people when you don't need anything. Even if you're a job seeker and are networking to
jump-start your hunt, you don't want your first touch (or even your second) to be a plea for
help. Instead, preserve (or restart) the network by messaging people regularly—without
asking for something.
Networking is a lot about being noticeable. Try meeting your connections in-person so that
you can have time to relate to various levels and make a visual memory. An in-person
meeting will represent your level of energy. Look at building trustworthy relationships.

Source: Mario Peshev

Figure 5.8: Avenues for business networking

5.6.2 Sharing Information

To maintain your business network, you can share some valuable information from time to
time with your network. This will ensure that you stay relevant in your network, and people
acknowledge your request if it is occasional. Some ways to share information in your
network are:

● Update your network

When someone gives you a piece of advice, let them know how you acted upon it and
the results you thereby obtained. Maybe someone made a connection that led to a
different connection. Keep them up-to-date and thank them again for the link.

● Holiday greetings

Send holiday cards and provide some information about yourself to keep people up-
to-date. Bear in mind that the potential information you get in return is noted (e.g.,
changes of address, changes of employment). Festivals and major holidays are perfect
 opportunities to stay in touch, but you can also use the advent of spring as an excuse
to get out there.

● Personal announcements

You could announce the end of a college year, your entrance to an internship, a
promotion, or just an email update. When you send out your announcements, also
provide news from other aspects of your life.

Job seekers should let their network know they're looking at unique sectors, but they
shouldn't immediately ask for support. For job-seekers who have already declared
that they are searching, suggest a follow-up contact to let people know where you are
in your quest.

● Offer interesting resources

To appeal to your network, select and share information about their industry and
business, which shows you're at the top of the news that appeals to them. This serves
well with industry connections with whom you might not be acquainted enough for a
holiday greeting or a personal notification. An informative article lets the contact
know that you're thinking about them and that you appreciate what's critical in their
industry.

● Introduce someone

As you invite people to your network, not only do you broaden the connections of the
individual you invite, but you also get a chance to reconnect with your network.
Just as sending an interesting post, an interesting referral helps the client know that
you know their concerns and are inclined to assist.

5.6.3 Networking in Organizations

No matter which sector you operate in—law, marketing, retail, fashion, culinary, etc.—it is
likely that there are technical and trade groups that bring together like-minded individuals
involved in similar work. Various organizations have excellent training, educational
opportunities, discounts on industry conferences, and other services that go beyond personal
communication.

Being a member of such an organization offers excellent opportunities to develop your career
both vertically and horizontally. In turn, these networks also help you to establish key
interactions with prospective clients and market segments. However, it can be challenging
for skilled workers to stand out from the crowd of very similar people. One of the easiest
ways to do this is finding ways to support other participants without marketing to them.
Through doing so, you will become one of the "go-to" associations, well-known for
understanding how to do things.

Many corporate associations often provide incentives to members, like discounts on unique
services or goods, or special price opportunities. For instance, many professional networking
groups allow participants to introduce their business to a group or to receive relevant
business advice. Business organizations with websites also enable the customers to list their
companies in their online directories for free or to advertise on their websites free of charge.

In addition to help and camaraderie, belonging to organizations will improve the reputation
of your company. Many potential clients see membership of relevant business groups as a
sign that you are an established business and recognized by your industry.

Becoming a participant of an industry-specific business association is a good way to support

the development of your sector and keep up with developments in your profession, as well as
an excellent opportunity to learn from those who might have more expertise or new ideas.

Common business organizations allow opportunities to connect with people in other

industries, which can be eye-opening. Many organizations operate for a particular reason,
such as the provision of networking for companies in a specific geographic region. Others
participate in community service, which can significantly boost your small business image in
the community.

5.6.4 Grow Your Network

As much as your job and perhaps even your personal life benefits from networking, the fact
is that it doesn't happen quickly for many people. For some, the idea of initiating a
conversation with strangers at a meeting or conference gives rise to fear. If you feel like
you're going to be in a scenario where you'll have the chance to meet new people, a basic rule
of thumb is to prepare ahead and have some essential points of conversation in mind. These
discussion points don't have to be all about work; they can also be about subjects such as
interests or the event itself. The concept is to let the dialogue flow and leave space for future
meetings and discussions. Also, don't forget to carry business cards so that you can quickly
exchange information.

Some ways to grow your business network are -

 ● Choose a helpful approach, particularly on websites for business networking. Think:
"How can I add to this organization which people will find sincerely beneficial?" And
afterward, strive to expand the support to as many different individuals as possible.
● Be honest. Nothing kills networks like lack of trust. Trust is focused on recognizing
that the other individual is truthful.
● Ask helpful questions such as "How can I help you?", "How am I going to help
you?", "What can I do for you?", and so on.
● Understand facilitative questioning and use it.
● Create a description of who you are and what you do that is brief and impressive.
Aiming straight up. Only think high.
● Create a summary of yourself and what you do as a written statement and as a verbal
statement (an "elevator speech" or "elevator pitch" so-called because it makes a good
impact on someone who asks: "What are you doing?" when you share an elevator).
● Select your most trustworthy and trustworthy acquaintances very cautiously as
reputation is built as per the company you hold, beyond how you conduct yourself.
● Target groups and related interactions that suit your purposes, and you fit theirs.
● Don't waste your time on organizations and connections that lack credibility or
significance.
● Recommendations reflect strongly on the recommender: suggest only those
individuals you are certain can reflect on you well, and always guarantee that you
reflect on everyone who recommends you effectively and strikingly.

5.7 SUMMARY

Successful networking is mostly about people you know and socializing with new
people through them. Your network is just as powerful as the way you handle it.
By embracing a successful networking mentality, driven by curiosity, you can shift your
outlook from just talking or the drudgery of just participating, to producing meaningful
networking results. If you have determined your goal, take action by looking for the
individuals you want to meet. When you're face-to-face with your networking partner, you
can show continued interest in them.
If you genuinely care more about the person rather than what they can offer, people can assist
you in ways you never anticipated or imagined. This makes the process of relationship-
building enjoyable, and as your relationships grow, you get surprised every step of the way.
The goals of networking are what you need or want to achieve. Objectives provide you with
a long-term vision and a short-term incentive. Like all critical business processes, networking
works best when performed thoughtfully. Effective networking, therefore, includes a formal,
strategic plan.
A network of entrepreneurs commits to inspire one another through meaningful activities.
We've seen a surge in cause-related ads in the business industry over the last decade. People
are attracted to someone with a specific goal, aim, or vision. This is often transformed into a
purpose or a cause greater than itself.
A positive attitude makes clients want to associate with you. Optimistic business
professionals are like magnets - others tend to be associated with them. Lack of trust prevents
efficient networking in the industry.
Empathy and good listening are great attributes that help in building confidence. These
qualities enable you to be sincerely interested in others and to listen properly. Follow-up is
also a critical part of building trust and credibility. For developing a solid business network,
building confidence is vital. It is entirely impossible to make such connections before a very
high level of trust is [Link] and preparation for any activity in business are sure
to increase the professional's confidence. Adopt an attitude for growth and make a dedication
to your personal growth. It's not about bypassing the real challenges you might be facing; it's
about raising awareness about what we're thinking and replacing the negative with the
positive.
You need to get out there and make connections today if you want to grow a robust business.
Networking relationships are built on the faith that takes time to form. Social capital is built
when workers have the opportunity to engage with each other in "real work".
Collaborative partnerships are characterized by awareness of each person’s talents,
willingness to engage in problem-solving, and confidence.
Your customers almost certainly know colleagues who, like themselves, need your product
or service. Your customers are your most important advocates and most definitely would
consent to give a testimonial.
To meet new people, engage in corporate meetings, conferences, and trade shows. Publishing
a personal blog on your company website is a perfect way for your clients and prospects to
get to know you, your business philosophy, and your goods and services.
Via social media sites and applications such as LinkedIn and Twitter, you can expand your
professional network.
Make an obvious identification as to who you want to prioritize in your network. Divide the
relationships into groups, such as current clients, prospective customers, influential and
powerful colleagues, and genuinely linked mates. Consider the different resources to stay in
contact with your pack, including email, telephone calls, coffee dates, social activities, and
handwritten notes. Over-reliance on social media to maintain your professional network can
be dangerous. The trick to keeping a professional network is to be in the orbit of the people
with whom you are trying to build a network.

5.8 SELF-ASSESSMENT QUESTIONS

A. Descriptive Questions

1. Define business networking? Explain the scope of network building for a financial
marketer.

2. Identify and discuss the attributes of managing a business network.

3. What are some ways through which you can practice the art of networking?

4. Identify the typical need for a networking mindset to get success in business networking.

5. Critically analyze the importance of follow-up to maintain your network.

B. Practical / Scenario Based Questions

1. What strategies would you implement to take your business relationships to a new level?

2. Identify and discuss the ways you can find new contacts and develop a network with
them.

3. Plan and create your answer to the networking question- Tell me about yourself?

4. Identify your comfort zone and deduce ways to leap out of it to network better.

5. Analyze your professional network and identify prospective connections to re-network.

C. Multiple Choice Questions

1. Which of these is not a factor for professional relationship building?

a. High level of acceptance

b. Mutual respect

c. Criticism

d. Cooperation
2. Which of the following is not a way to improve networking skills?

a. Communication skills practice

b. Sending requests on LinkedIn

c. Asking friends for feedback

d. Networking events

3. Which of these is an example of bad body language?

a. Crossed hands

b. Straight back

c. Smiling face

d. Eye contact

4. What is the percentage of people for the self-similarity principle to be true?

a. 80 percent

b. 75 percent

c. 65 percent

d. 55 percent

5. According to the proximity principle, people spend most of their networking time with?

a. People they meet online

b. People from their company

c. People from outside the workplace

d. People within their department

6. How much time do people spend thinking about themselves?

a. 95 percent

b. 85 percent
c. 75 percent

d. 65 percent

7. Why is it important to have a networking goal?

a. To spend more time networking.

b. To plan networking on the go.

c. To save hours of hit and miss.

d. To slowly grow your network.

8. Which of these is not a type of networking?

a. Personal

b. Presentational

c. Professional

d. Purposeful

9. Which of the following is not an example of a networking goal?

a. I will collect 10 business cards.

b. I will introduce myself to anyone who is standing alone.

c. I will talk to at least five different people.

d. I will read a book.

10. Complete this quote: ― is the key to success in business‖ by Keith Ferrazzi.

a. Networking

b. Manipulating

c. Gifting

d. Accounting
Answers:

1-c, 2-b, 3-a. 4-c, 5-d, 6-a, 7-c, 8-b, 9-d, 10-a
5.9 SUGGESTED READINGS

Textbook References

● Gerber, A., Paugh, R. (27 February 2018). Super connector: Stop Networking and
Start Building Business Relationships that Matter. Boston: Da Capo Lifelong Books.
● Baber, A., Waymon, L. (2017). Make Your Contacts Count: Networking Know-How
for Business and Career Success. New York: Amacom.

Reference Books

● Mackay, H. (1999). Dig Your Well Before You're Thirsty: The only networking book
you'll ever need. New York: Random House Inc.
● Wright, G. (2014). Business Networking: The Entrepreneur's Guide to Business
Networking. California: CreateSpace Independent Publishing Platform.
● Fisher, D., Vilas, S. (2012). Power Networking: 59 Secrets for Personal &
Professional Success. Portland: Bard Press.

Websites

● [Link]
● [Link]
● [Link]
secrets/