Millionaire MBA Day 16: Networking
by
Millionaire MBA
SMASHWORDS EDITION
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Copyright © Millionaire MBA 2011
First Published 2011 by ELW Publishing Bath, UK
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Contents
Introduction
A few years back, 50 leading UK entrepreneurs and business owners were interviewed in their homes, offices and hotels. The purpose of the interviews was to find out exactly what made them successful, and how other aspiring entrepreneurs could replicate their business success.
Those digitally recorded audio interviews were turned into a 'timeless' business mentoring programme called Millionaire MBA. Millionaire MBA is regarded as one of the best programmes in the world to teach entrepreneurial thinking and the 'millionaire mindset'.
Millionaire MBA is a rich, deep mentoring programme which existing and aspiring entrepreneurs listen to over 40 days. Literally tens of thousands of entrepreneurs (like you) around the world have benefited from this programme.
In this ebook, you’ll find the actual transcription from one whole day of the mentoring programme.
To find out more about the full business mentoring programme or to listen to the audio version, please visit http://www.millionairemba.com/
Day 16: Networking
Welcome to Day 16, and the start of Week 4.
Before we examine today's subject of networking, let's recap on what we learnt last week.
On Day 11, we examined communication. We saw how it's the power of communication that persuades people to buy, to invest or to simply get things done.
More often than not, the only tools we have to sell our products or services are words and language. The ability to paint pictures with words is crucial.
We learnt also, on Day 11, that in order to become better communicators, we have to become better listeners.
Your exercise for communication was in three parts: Part 1, improve the quality of your questioning; Part 2, improve the quality of your listening; and Part 3 required you to read other people's eye movements and body language.
All three elements are key to better communication.
On Day 12, we examined the power of people and teams. Entrepreneurs don't achieve success by themselves. They surround themselves with talented people who are focused on a common goal.
Entrepreneurs use the power of vision, mission, values and culture to build the foundations of their company. This gives the team a sense of direction and a purpose for being there.
Your exercise for Day 12 introduced another subject, "People and Teams," namely, mentoring. By now you should have identified who you'll approach as a mentor and know exactly what you want from them.
In Day 13, we explored the power of goals and focus. Written goals, which program the subconscious mind, are quite simply the most powerful tools for achieving results.
You'll recall that we learnt from Nigel Risner the SMART method for setting goals, as well as the need to focus on defined objectives and not get distracted.
Your exercise was to write a letter to yourself with your own stated goals.
You should have already mailed this letter and by now hopefully received it, in which case, your subconscious mind will at this very moment be working on how to achieve your desired goals.
On Day 14, we examined stress and pressure. Being an entrepreneur can be very stressful. However, certain things can be done to minimise anxiety, such as working harder and smarter and not allowing stressful situations to develop in the first place.
Remember, though, when problems do inevitably arise, it's vital that you make a solid decision and take action immediately. This is the best way to deal with stress.
Your exercise for Day 14 was to learn to breathe correctly, which is a very useful tool for relaxing in stressful times.
Finally, on Day 15, we looked at time, sacrifice and self-discipline. Being an entrepreneur is not easy and comes at a cost. That cost is sacrifice.
It requires masses of hard work, painful sacrifices to give up the things you enjoy, and demands tremendous self-discipline to tackle the jobs that by choice you'd rather put off.
For your exercise, you examined areas where you can improve your time management and where you'll have to make sacrifices to get ahead.
Now back to Day 16, "Networking."
Networking is essential to your success in business. Without question, the more effective networking you do, the more successful you'll be as an entrepreneur.
Networking with new people creates new ideas and new opportunities. It creates mental stimulus, new thinking patterns and makes connections that were previously unseen.
It opens new doors to new deals. It brings together random events that, when creatively pieced together, provide new opportunity.
On a relationship front, networking develops new business and personal contacts and introduces you to new investors, business partners, customers and suppliers.
It keeps you abreast of current trends and happenings in your industry. It keeps you ahead of your competitors. Networking is therefore vital to your success as an entrepreneur.
Thomas Power, the chairman of the Ecademy, a leading online business networking community, joins us today. Thomas is one of the world's foremost experts in the subject of networking.
Over the next 30 minutes, he'll offer his thoughts on the benefit of networking, starting with the simple definition of what networking is and isn't.
Thomas Power
What networking is - networking is meeting people. That's all it is.
Networking is connecting people. Networking is meeting customers. Networking is meeting suppliers. Networking is meeting staff. Networking is meeting shareholders. Networking is meeting people.
What networking isn't is staying at home doing e-mail, staying at home doing voice mail. That to me is administration.
What is the opportunity cost of not networking? Well, I guess if you don't network, you don't have the opportunity to get referrals around your products and services, if you don't network, and most organisation need referrals around their products and services.
I would say, if you don't network, you're going to be off the pace of the market. You're going to be lacking reconnaissance, lacking market research, lacking intelligence, lacking pace, lacking awareness, and as a result you're going to miss things.
An awful lot of people miss an awful lot in my view.
Not networking is also not showing an interest in other people. Well, if you want people to be interested in you and your products and services, you have to be interested in them and their products and services.
Why should they be interested in yours if you're not interested in theirs? So, to me, not networking is decaying. It's rotting. It's rusting. It's going out of date. It's slipping off the pace.
We'll break the subject of networking down into three areas:
One, networking to create new business opportunities and ideas;
two, networking to create lasting business relationships and to find new suppliers and potential customers; and
three, networking to keep you current in your chosen field of expertise and to obtain new information to keep you ahead of your competition.
Let's first hear the thoughts of a few of our entrepreneurs on their attitude to networking.
Tim Etchells
Well, I am Mr. Networker.
It's very important, and it's not easy because everyone thinks, "Oh God, I've got to go into this cocktail party or this restaurant, and they're expecting me to be Mr. Entrepreneur, Mr. Fantastic," and you're feeling a bit shy and sometimes you don't know many of the people there.
But I think it's mind over matter, and you do it. To me, it's very, very important, and I and this company have the most amazing black book of contacts, and we're very lucky across the board.
I work at it pretty hard.
Eleanor Souto
Networking is so important. One, it gets you out and about, so you're enjoying yourself. It's not hard to network. It's just fun.
You're talking to people, and you're just discussing absolutely anything to find out things that you have in common on how you can help other people, how they can help you.
James Minter
It's hugely important. It's the most important thing. But you must avoid sitting in a networking group that's full of financial consultants, and you must network with the right people, and that's again one of those skills.
You must recognise as an entrepreneur, who the right people to talk to are.
Karan Bilimoria
It is so easy when you're working so hard, building a business, to get trapped behind a desk because there's always so much work to do.
People don't realise how important it is to get out there, to be outward-looking and to go out and to meet people - to meet fellow entrepreneurs.
And... this whole area of networking is important, and nowadays I think we're very lucky in that there are so many good business organisations - organisations which hold events regularly, where you not only go to learn, but you also meet people, and I'll give you examples.
For example, we have the Chambers of Commerce, and then you have the Asian Business Association, which is part of the London Chamber of Commerce.
You have the Institute of Directors. You have CBI. You have Business Links holding regular events and offering support to businesses. There is so much support now for businesses.