HUDDLE TIME
How Is Your "Social Capital"?
By Dr. Ivan Misner, Ph.D., Founder and CEO of BNI
You've heard of financial capital but, have you heard of "social capital"?
Financial capital is generally considered to be wealth that is accumulated individually or in a business and used, or available for use, in the production of more wealth. "Social capital" is in fact very similar. It, too, is accumulated by an individual or business and used or available for use in the production of wealth. Social capital is the accumulation of resources developed through personal and professional "networks". These resources include ideas, knowledge, information, opportunities, contacts and, of course, referrals.
Social capital is built by design, not chance. According to Wayne Baker, author of Achieving Success Through Social Capital, "Studies show that lucky people increase their chances of being in the right place at the right time by building a 'spider web structure' of relationships that catch information." Furthermore, according to Baker, "success is social; all the ingredients of success that we customarily think of as individual—talent, intelligence, education, effort, and luck—are intertwined with networks."
Thus, a key way that social capital is acquired is through the process of networking. Successful networking is all about building and maintaining solid professional relationships. The trouble is that we don't live on Little House on the Prairie anymore and don't have the natural community-like business relationships that may have existed before. Many people hardly know their own neighbors let alone the local business people in town. More than ever, networking is critical to an individual's success in business.
Strong contact networks like BNI help create a virtual main street for business professionals. It provides an environment and system for the comprehensive application of a 21st century approach utilizing a traditional model of doing business.
BNI provides the mechanism for accomplishing the shared objective of business development within a community. According to Eric Lesser, author of Knowledge and Social Capital, "Without a shared understanding of common terms, activities, and outcomes, it becomes very difficult to reap the benefits associated with building social capital." Herein lies the incredible power of structured networking programs like BNI. We provide the "common terms, activities, and outcomes" (or system) that lead to building substantial social capital for the people who effectively utilize the BNI program.
Consequently, as you invest your time in regular BNI meetings, know that you are, in fact, building your social capital. Strive to make the most effective use of this investment by doing everything possible to thoroughly enhance the relationships that you develop in the BNI program because social capital leads to improved financial capital.
Dr. Misner is co-author of the New York Times bestseller, Masters of Networking. He is also Founder & CEO of BNI (http://www.bni.com), the world's largest referral organization with over 2,100 chapters throughout North America, Europe, Asia, Africa and Australia. He teaches business management at the University of La Verne, in La Verne, CA, where he resides with his wife and three children. Dr. Misner can be reached at misner@bni.com.
HUDDLE TIME
Sailing the Marketplace
From From Jim Blasingame's upcoming book: Small Business Is Like a Bunch of Bananas—You have to remove the peels to get to the good stuff! Jim is creator and host of "The Small Business Advocate," a weekday Radio/Internet talk show, www.smallbusinessadvocate.com
A friend with a good job once observed to me that, "It must be frightening being a small business owner. You know, not having a guaranteed paycheck, benefits, and all." I told him he was right. It scares the hell out of me. And then, remembering being downsized twice in 18 months, I hit him with this: It's almost as frightening as when I was an employee.
I came across this anonymous jewel recently. I don't know who said it first, but I like it, and want to pass it along.
"A ship in the harbor is safe...but that's not what ships were made for."
Were you made for the "safe" harbor of employment? If so, God bless you! Because the world must have lots of loyal, productive employees. Send me your resume.
Or were you made to sail the entrepreneurial open seas? If so, God be with you! Because you're not part of a large fleet: You navigate by the stars of the marketplace, and the storms, reefs, and pirates of the marketplace take no prisoners.
If you were made to sail, and not to lie at anchor, you will not only know storms, reefs, and pirates, but you will also know what your ship is made of, perspectives not possible at anchor, and voyages others only dream of.
All of life is a risk. Raising anchor and setting sail merely introduces you to different kinds of risks from those found in that safe harbor.
Good sailing, mate.
Jim Blasingame, a businessman and radio personality known as "The Small Business Advocate," has been very supportive of BNI and its founder Dr. Ivan Misner, conducting monthly interviews with Dr. Misner on the subject of BNI and word-of-mouth marketing. His website is www.SmallBusinessAdvocate.com. Some of the live interviews with Dr. Misner and articles he has written can be found in the archives listed.
HUDDLE TIME
Nurturing Relationships
By Roxy Roberson, Administrative Assistant, BNI Headquarters, La Verne, CA Chapter Member
BNI is about building and nurturing relationships...it's just like planting a garden. You must be at peace with your members as well as yourself.
Plant the right seeds and see your referrals grow. BNI is about FARMING, not hunting.
Here are some tips on nurturing relationships as well as instructions for planting a wonderful garden to improve your life!
For the garden of your daily living-plant three rows of peas:
1. Peace of mind
2. Peace of heart
3. Peace of soul
Plant four rows of squash:
1. Squash gossip
2. Squash indifference
3. Squash grumbling
4. Squash selfishness
Plant four rows of lettuce:
1. Lettuce be truthful and faithful
2. Lettuce be kind!
3. Lettuce be patient, referrals take time.
4. Lettuce really work with one another
No garden is complete without turnips:
1. Turnip for meetings
2. Turnip for service
3. Turnip to help one another
4. Turnip to give and receive referrals
and your garden must have thyme:
1. Thyme for each other, so set up a one-on-one dance card with your fellow members
2. Thyme for family
3. Thyme for friends
4. Thyme to give...remember...GIVERS GAIN!
Water freely with patience, and cultivate with love. If you plant it, it will grow! There is much fruit in your garden, because you reap what you sow.
HUDDLE TIME
Bankruptcy the English Way
and the novel that resulted from it
When Charles Dickens wrote about debtors' prisons, he wrote from almost first hand experience, his father having spent six months in one, at a time when he was unable to pay his debts.
The prison in Clink Street, on the south side of the Thames, gave its name to the English slang term for jails, namely, 'The Clink'. The Marshalsea, also on the Thames, was a tiny prison village where bankrupts might languish for twenty years and more, or at least until their debts were paid in full.
Whole families died in jail if they were unable to find the money to pay for food and water. Bankrupts were publicly hanged in Spitalfields Market, well into the eighteenth century, if they were found guilty of hiding assets from their trustees.
Twentieth century legislation, culminating in The Insolvency Act 1986, ended all that. Heralding in the new, 'Rescue Culture,' an attempt was made to bring UK legislation and attitudes more in line with the American view. Company Voluntary Arrangements based on the US Chapter 11 approach to insolvent companies were introduced. An alternative to the bankrupting of individuals was to be offered in the Individual Voluntary Arrangement or IVA.
IVAs proved to be very successful but still didn't do away with the stigma of bankruptcy. So now the Insolvency Act 2000 was passed. Designed to deal with attitudes to bankruptcy in the American way, but to go one step further, it was decided that the honest bankrupt would be discharged, i.e. to be free to take credit, after just one year, whilst dishonest bankrupts could find themselves reporting to their trustees for up to fifteen years. The law is new and untried. Insolvency Practitioners in the UK await its practical implications with baited breath.
Despite the dismantling of the British Empire and the dilution of the power of House of Lords and Privy Council of England as final courts of appeal in the United Kingdom and Commonwealth, there still remain some small pockets of the old Empire where these courts have some say.
Insolvency law in Bermuda, a British Protectorate, is an amalgam of old and new legislation, UK law having persuasive effect in cases where there is doubt.
Bermuda is a centre for the massive reinsurance industry, quirks in Bermudian law having fostered its growth in the country.
I have written a financial thriller, based on the insolvency and reinsurance worlds, called The Hamilton Conspiracy. Based in Hamilton, Bermuda, London, Paris, New York and Mauritius it tells what can happen to an honest professional when he tangles with international criminals.
The Book
The Hamilton Conspiracy which took about two years to write, involved advice from an explosives expert, assistance from an ex SAS military man and comments from Control Risks, a highly reputable agency dealing with kidnap and ransom.
American publishers, McGraw Publishing who took up the book several months ago expressed their linking for the plot and fast moving style of writing.
Synopsis
Arrogant, overweight and obsessive, Jack Gregory, self-made multi-millionaire and Licensed Insolvency Practitioner, has just had his personal fortune stolen from under his nose. Now he's going to get it back, no matter what the risks to himself and his family; no matter who he drags into the firing line.
Undeterred by threats of kidnap and ransom, the crew of his luxury yacht murdered, businesses up in flames and bankruptcy beckoning, Jack is on the run, reduced to living in a seedy Paddington hotel. Ignoring his wife's pleas, he hatches an outrageous plan to recover the lost millions. Its failure will end his already shaky marriage and guarantee him a permanent stay behind bars.
But Jack Gregory has always been a winner. Failure doesn't figure in his world.
This time however, winning will be no guarantee of success. This time, Jack is in a Catch 22 situation and doesn't know where to turn. Like a blind bull, he rampages on to a conclusion where even victory will be laced with the bitter taste of defeat.
Author Profile
BNI member, Andrew Segal, a Licensed Insolvency Practitioner and CEDR accredited Mediator, established the practice of A. Segal & Co based in North East London, some twenty years ago. Andrew lives with his wife, Roberta and their four cats, just outside London, in Woodford Green, Essex.
Apart from writing, Andrew's hobby is cruising some of England's three thousand miles of beautiful canals in the couple's 62-foot, narrow boat.
Andrew who was helped in converting the book from its original format to one acceptable to the publishers by co-BNI member, Matthew Bell of Bell IT 2000, is presently working on a second financial thriller.
The Hamilton Conspiracy is available for purchase on www.bookmice.com.
HUDDLE TIME
Getting Is First About Giving
By Jerry Fowler, Broker-In-Charge, Jerry Fowler and The Results Team Realtors, Columbia SC. Jerry is member of the BNI Vista chapter—the world's largest BNI chapter, Columbia, SC.
So, You're not receiving leads from BNI! Whose fault is it? Well to be blunt if you're not getting referrals from our BNI it is no ones fault but yours. Yes it is your fault! Why? Well number one if you're not receiving referrals its because you have not educated all the BNI members as to what a good referral is for you.
BNI members cannot and should not expect the other members to know what a good referral is. You know your business better than anyone. The other members cannot know your business and would not have a clue as to what you are looking for. So BNI members take other members to breakfast, lunch, diner, drinks, coffee or what ever but get in front of the member and tell, educate, and tell again what a good referral would be.
The number two reason you may not be receiving referrals is you're not giving referrals. The BNI principal is based on Givers Gain, plain and simple. The more you give the more you receive. This principal has been with us since humans and it will never let you down.
I ask you, no beg you for the next 30 days concentrate on finding one good referral for each member of out BNI club. Don't worry about what you receive just worry about what you are giving. This reminds me of an old success story and takes us back several hundred years.
A boy approached a very wise old man in the community. This man was known to be the wisest man of the land. As the boy approached the wise man, who was sitting on a rock near the lake he asked the man how he could become successful. The old man told the lad to follow him into the water. When they were up to their waist in water the old man grabbed the lad by the shoulders and held him under the water.
At first the boy thought the man was kidding, but he soon learned that the old man was serious and he was in trouble. He struggled to raise his head above water to get air but he then realized that not only was the old man wise he was also very strong. He tried and struggled to get air to no avail. Finally with one last tremendous effort he broke the hold of the old wise man and breathed that life saving air.
After he had recovered he looked at the old man in disbelief and screamed "old man what is wrong with you?" "You almost killed me." The old man replied, "You asked how you can become successful. I just showed you. When you want success as much as you wanted that breath of air, you will be successful. No one nor anything nor any circumstances can stop you."
So remember BNI members when you what success in BNI as much as that lad wanted air you will be successful, however; your success lies within you and your ability to give good referrals. Give, Give, Give and soon the results of your giving will return to you many times over. This I promise.
I have seen many members quit BNI over the years because they said they were not getting referrals but a simple look at their records will find that they gave little, did not work the membership outside the regular meeting, did not show up early nor stay late at the regular meetings, did not listen but talked during the other members 60 second infomercial and generally did nothing except attend our weekly meetings.
There is a direct correlation between what we are giving and what we are receiving. Don't put the blame on anyone but yourself if you're not receiving leads. Just remember when pointing your finger and blaming someone else look at your hand. One finger pointed at the person and three pointing back at you. You are three times more at fault, no question about it.
There is no reason that every member of our BNI cannot give at least 3 leads per week. We should be passing over 200 leads per week. Last week we passed just over 80. This is not using our talents. We have the best people in the business in our club and we need to use them, refer them and benefit from our close relationships.
Again I beg you to try for the next 30 days to give everyone in our club a referral, not just a referral, but also a good referral. After 30 days your entire life will change and so will your attitude.
HUDDLE TIME
Tips for Successful Networking
By Anne Baber & Lynne Waymon.
# 1 No-No
Don't say, "I'm too busy," or "I'm too broke," or "I'm too bashful."
# 1 Know-How
Professional associations and industry trade groups are valuable places to learn and grow with others in your field. You'll meet people who've already solved the problems that are festering back on your desk and you'll uncover career opportunities. Make being active part of your strategic plan.
Leverage your membership by choosing activities that help you meet people in ways that are comfortable for you, give you visibility, and showcase your character and competence. Follow the "netiquette" by learning the rules and tools for building professional relationships.
# 2 No-No
Don't answer the often asked, "What do you do?" with a job category, job title, job jargon, or the name of your organization.
# 2 Know-How
Make your answers (you'll probably have several) short, snappy, memorable, jargon-free, interesting, and crystal clear. Give a talent (one of your many) and then in the second sentence show how you solved a problem, saved the day, or served the internal or external client. Here's an example used by a CPA: "I negotiate with the IRS. Last week I convinced the IRS that my client's horse from is a business not a hobby and saved him thousands of dollars."
# 3 No-No
When someone asks, "What's new?" don't ever say, "Not much. Same old thing. Been working really hard ... Really tired ..."
# 3 Know-How
Be prepared ... to be spontaneous. You say you weren't born with the gift of gab? Think of topics ahead of time—topics that you're eager to talk about because of who you are and where you've been and what you're looking for. Respond to "What's new?" with ideas, information, recent successes, and inquiries about resources you're looking for. In short, prepare an "agenda" so your small talk is smart talk.
# 4 No-No
When you've forgotten someone's name, don't ever say, "I'm sorry. I can't remember your name."
# 4 Know-How
If you "blank" on a name, you've got three choices. Don't you often remember the topic you talked about, even though you can't recall the name? So say, "Great to see you again. How was your trip to New Mexico?" Or give your name. Say, "Hi! I'm Susan, Susan Wentworth. We sat next to each other at the luncheon." Or say with enthusiasm and warmth, "Hi. I remember you. Tell me your name again."
# 5 No-No
Don't go for "cardboard connections"—kidding yourself that you're "networking" just because you handed out 23 business cards.
# 5 Know-How
Pour your energy into making a conversational connection. Look for a reason to hand out your business card. As you listen, ask yourself what resources you have or people you know that you could introduce the other person to.
When you "listen generously" you don't need excuses for asking for a business card and or to re-connect—you've got real reasons. "I'll send you that article on educational cruises." Or, "Here's my card. Thanks so much for sending me the information on that web site."
Whether you love it or hate it, were born with the gift of gab—or just fake it, networking know-how is crucial to your success. With a little practice, you can make networking an art ... not an accident.
Anne Baber & Lynne Waymon give keynotes and workshops on networking, negotiating and influencing. Their best-selling book, Great Connections: Small Talk & Networking for Business & Career Success, can be ordered at www.ContactsCount.com or call 1-800-352-2939.
HUDDLE TIME
Douglas Wilder, former Governor of the Commonwealth of Virginia, and the first elected Black Governor in the United States gave me advice that I will never forget. He said, "From this point on, when you walk into a room, walk in that room like you own it, when you talk with people remember to stand on your principles, keep your word, and people will want to associate with you." His advice became synonymous with my career and everyday living.
At the time, that advice seemed a bit arrogant, but in retrospect his advice has granted me passages into many executive suites, corporate boardrooms and has helped me build solid relationships. His advice came at a time when I was desperately seeking to glean knowledge and help from anyone who was willing to share insight on what it takes to be successful in business as a young African-American-especially one on the lecture circuit.
Seemingly overnight, in a section of Fairfax, Virginia where I live, businesses stretching a two block radius have changed ownership from a predominately White entrepreneurial establishment to an Asian and Latino establishment. They are receiving thriving support from each other. Granted, I find it great to witness that in the land of milk and honey success can be achieved by all. But, how long will African-Americans continue to allow years of division to stop us from gaining the riches and wealth we deserve? Why is it difficult for African-Americans to build business alliances and partnerships with each other?
Marie Johns, President and CEO of Verizon Communications Washington Company said, "Creating alliances and partnerships is a dynamic organic process. It is formed and reshaped. As professionals move to different sets of responsibilities there is a need to network with new people as well as maintain current alliances. One can never say that their network is complete. There are always interesting people with whom one can engage who would end up being a valuable experience."
In today's business culture having productive relationships for commerce exchange is a way of life. People do business with people they know and with people they like. They do business by referrals from people whose judgment they trust. Albert Einstein said it best, "Trust is what stands the test of experience."
Similarly, Frank Fahrenkopf, Co-Chairman of the Commission for Presidential Debates said during our interview it's best to "Look for opportunities and see where there is a need, think about it while making sure that you have a plan, set objectives that are reachable then prove yourself by your professionalism as you go along with every small step until you reach the end. It is highly important to be able to articulate your views once your objectives have been set."
It's foundations like Emerging Business Forum who see the need and are bringing minorities together as a culmination of the essentials for business growth, knowledge transfer for personal and business relationships. But, does former Governor Wilder have a valid point in how to attract quality relationships? More importantly, what are colleges doing to educate students in creating alliances and partnerships before they get into the workforce?
Cliff McKnight, Counselor and Associate Professor at Montgomery College in Maryland believes "that colleges should engage students in leadership activities such as clubs and other organizations through the office of student life. It's a major component for student development." His belief is noble. But without a formal setting is joining clubs enough to provide competent networking skills?
Dr. Ivan Misner, President and Founder, of BNI (Business Network Int'l), an international organization that manages two thousand networking chapters says, no! Colleges and universities are not teaching networking skills because the professors don't know the subject matter." Why? "Because it's an emerging topic and many are unfamiliar with the art of networking themselves," Misner said.
After years of research, informative interviews, and hundreds of social events, I discovered the key to creating successful alliances and partnerships is by utilizing the NAAP Approach. The NAAP Approach is coined and defined as a three-dimensional approach to creating long-lasting partnerships. The rules of engagement are:
•Networking—First stage, strictly for building a Rolodex of contacts and expertise. Identify professionals that have partnership potential.
•Action-Alliance—Second stage, relationship building takes place at this stage. It is important that keeping in touch or practicing due diligence. This process can take months or several years.
•Partnerships—Third stage, after completing stages one and two, a shared purpose for partnering can be determined. At this point, there should be a solid foundation for working together; call in your chits.
Contrastingly, Marilyn Crawford, Senior Vice-President with Prudential says "If you have established a genuine relationship with a person there's no such thing as calling in a chit. If you need help with something and you go to a certain person, you are essentially forwarding the relationship. In turn, they are simply forwarding opportunities to other people." Crawford continued by saying, "If I need something from an alliance, I am comfortable enough with the relationship to pick up the telephone and say this is what I need, can you help me? On the other hand, because that person is comfortable with me they will say either yes or no. Just be prepared for possible rejection."
Rejection! Rejection? Many African-Americans will say that the fundamental nature of rejection is nothing new and the word itself carries no meaning until the banks and lending institutions makes the word real. "It's the banks, they refuse to give minorities loans," a woman said while reading the draft of this article. Maybe Rennie Williams, a professional barber dubbed by the Washington Post as a "debater laureate" says what some are afraid to say, "It's trust. Who can you really trust in business? Many African-Americans don't trust each other and that mistrust stagnates our culture."
In my opinion, the easiest and most effective way to accomplish creating many strong partnerships simultaneously is to:
•Go direct to the decision maker. Begin at the top. It's the top down theory. Going direct to the top will eliminate corporate politics that come with starting at the bottom. Top decision makers assign projects to the appropriate person.
•Present your credentials before an introduction. Having a good image can open many doors. Presenting your credentials before you meet with potential partners allows them to have an idea of who you are and the past work you have done.
•Provide any professional supporting documentation. Submitting supporting documentation such as patents, trade articles, or related accomplishments is often the deciding factor whether executives will accept your request for a meeting.
•Have a reason for the dialogue. Make sure the purpose for communicating with potential alliances is compelling. Ask yourself this, is the meeting more to help them or help me? If it's more for them, your chances of partnering are greatly increased.
•Maintain good values, strong ethics, and moral principles. Would you do business with a liar and a cheat? Of course not! Never assume that you know someone's values and ethics. The best rule of thumb is to carry yourself and treat others with the highest respect.
Creating successful alliances and partnerships is critical more than ever before. It takes more than having a college degree and it takes more than just having a prominent job title. Just remember, it doesn't matter how much money you have, creating partnerships that work takes personality and action. Once you put these two ingredients together and see the benefit of the alliances you form you will understand why Tim Russert, Host of the television news magazine Meet the Press says, "Creating partnerships has been the most important component helping me build my career."
Melvin Murphy, speaker and author of the noted books Desire: The Emotional Appetite For Success and Barbershop Talk: The Other Side of Black Men, will feature his third book, It's Who You Know: Creating Successful Alliances and Partnerships Through Networking. (June 2002) Comments to: .
Top 10 Reasons to Attend BNI's Weekly Meetings
10. At 6 AM, you don't have to fight over the shower!
9. No one else wants to talk to you at that time of day.
8. You can drink as much coffee at the meetings as you like.
7. The BNI breakfast beats a muesli bar on the run.
6. You prefer to drive on dark empty streets.
5. You love to flash your name badge all day.
4. At least once a week, you beat your neighbor out of bed.
3. You love to meet business people as crazy as you.
2. For 60 seconds you can talk for as long as you like and everybody has to listen.
1. You would take a good qualified referral over a cold call any day!
Adapted from Marina Brankovsky, Toronto, Canada BNI Member
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