If you are a regular reader of SuccessNet, you've learned a lot about networking, word-of-mouth marketing, and social capital; however, it might surprise you to learn that as a college professor, I would tell you that you've actually received a better education on these related subjects than what you would have received at most universities or colleges around the world. As hard as that is to believe—it's true.
How do I know this? Well, besides knowing many college professors AND having taught in two different business schools myself, I've confirmed it by asking thousands of entrepreneurs about the subject.
I recently surveyed over 1,400 business people and 88 percent of the respondents said they never had any college course that even covered the topic of networking! I'm not talking about an entire course on the subject (they are almost non-existent); I'm talking about ANY course that simply covered the topic in school. Yet, based on another survey of over 2,500 business people from around the world, 75 percent said they got most of their business through networking!
Networking, also known as word-of-mouth marketing, is one of the most important ways for entrepreneurs to build their businesses, yet we don't teach it in colleges or universities around the world. Despite that fact, according to a third survey of business professionals that I've conducted, 82 percent of all business people belong to some type of networking group!
OK, so let's recap—the overwhelming majority of entrepreneurs from these surveys belong to some type of networking group AND get a major portion of their business through networking, yet only a fraction have ever had any course that even mentioned the subject of networking (forget about a full-blown class on the subject). What's wrong with this picture?
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COLUMN
Network or Perish
By Robyn Henderson
Latest research shows that only 20% of employment opportunities are advertised in Australia. Networking accounts largely for the remaining 80% of job placements. Whether it's an executive recruitment firm search, word of mouth referral or someone's next door neighbour's brother—the job is often filled by someone known by someone else.
In Ivan Misner's best selling book, Masters of Networking, Bill Gates refers to the "trilogy of trust"—the trust that one person has in another, which is then passed along to a third referred member. Whether it's a job opportunity, the name of a good doctor or motor mechanic, people want to do business with people they know, like and trust. If they don't know someone in a specific area, based on the trust they have for another person, they will often accept their recommendation.
Smart leaders and networkers today surround themselves with people who are better than them in certain areas. They are willing to acknowledge it and pay for that experience if necessary. Bill Gates says, "For me, a big part of the fun has always been to hire and work with smart people. I enjoy learning from them."
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HUDDLE TIME
You Never Know
An excerpt from bestselling author Susan RoAne's book, How to Create Your Own Luck
There are people whose lives are dramatically altered by circumstances they could never have imagined nor planned. However, converting a "You Never Know" event—a coincidence, an accident or even a mistake—into an opportunity takes a clear actionable plan even amid chaos.
Bestselling author, Susan RoAne, in her newest book, How to Create Your Own Luck, demonstrates how anything from a parking ticket to a bad hair day can turn into a networking and revenue generating opportunity. Also included is a section on how BNI was born out of necessity by Dr. Ivan Misner.
The following excerpts from RoAnne's book illustrate how an individual can create their own success by recognizing a potential opportunity, and taking the action needed to turn happenstance into opportunity.
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