Have you ever noticed how successful people always seem to have a very wide network of friends and acquaintances? Howard Hughes became an infamous recluse only after becoming fabulously wealthy. His network of business associations allowed him to excel in aviation, manufacturing, heavy industry, oil, motion picture production, and hotel and casino ownership. He called upon the best available managers, engineers and executives within each industry he approached to manage his properties and provide essential expertise.
Most people are very lucky if they have two or three truly close personal friends in their life. Do not confuse personal friends, friends and acquaintances. An acquaintance is a person we see from time to time, know in passing, and have basic knowledge of their past. A friend is more likely to be someone we socialize with, invite over the house, and make an effort to schedule in our social calendar. The rare personal friend is that person to whom we will reveal our most intimate secrets, traumas, joys and fears.
You will never have a personal friend, social friend or acquaintance unless you do some kind of networking. Remember the first day at a new school. You want to be accepted, avoid rejection at all costs and meet someone with your values and interests. At first this is an intimidating circumstance, confronting new surroundings and unfamiliarity can be daunting.
After a few classes, or a few lunch periods, enjoy that first innovative conversation with a fellow student. The chat is almost always a series of probing questions. What is your name? Where are you from? Why did you transfer? Are you trying out for cheerleading today? In addition to breaking the ice, fundamental questions set the baseline for building a minimal platform from which to start a potential friendship on some level.
An entrepreneur faces the same networking problems that the new student faces. Usually everyone involved in the field he’s trying to get into is outsider. He probably doesn’t know of the patent attorneys, investment bankers, product designers, sales agents, marketing strategists and many more specialists he might need to bring the invention to fruition.
Successful entrepreneurs are constantly networking. They view every human contact as an opportunity to meet someone who could represent a potential friendly acquaintance and mutually beneficial business contact. Today’s casual acquaintance often turns into a business contact. Perhaps, today, there is nothing more than an exchange of names and handshakes. But, tomorrow, a situation may arise that includes opportunity.
I was recently looking at a house to buy. I had never met the real estate agent trying to sell me the house before the tour. I gave the agent my business card and told her what I do. I already knew that she was a real estate agent. She began asking questions about my business, services, contacts in the pet toy area, and more. I didn’t buy the house, but I did hire a new client. She loves cats and had an idea for a great cat exercise toy that she needed help marketing. This is Networking 101!
It always amazes me how many times I ask someone for a business card and they don’t have it. This is a missed opportunity. I never go anywhere, ever, without business cards. Remove a credit card from your wallet, cut it up, and replace it with some business cards. This is a much more productive use of wallet space.
Networking is possible in almost all public situations. I recently saw a guy in a funny hat at the mall. I had never seen a hat like this: it was fresh, clever and had a winning design. I introduced myself to the gentleman wearing the hat. He removed his hat, proudly pointed out all the features built into the hat, and then told me that he wore the hat in public to gauge the responses he gets about the style. He looked at my card and in disbelief said, “I’ve been looking for someone with his experience to help me sell this cap for two years.”
I encourage new entrepreneurs to immerse themselves in the industry they are trying to break into. If there are industry-specific conferences, attend as many as possible. Ask questions. Stick around afterwards and introduce yourself and give everyone you meet a business card. Don’t drink alcohol. Make sure the business card contains a clear and obvious reference to your project (ie, don’t list Mike’s inventions, but list the new patented, ergonomic paint applicator).
Attend trade shows, walk through showrooms, introduce yourself to potential mentors, join the Lions Club, Rotary Club, and local Chamber of Commerce. Enter contests for new inventions and product submissions. Talk to people, ask questions and listen carefully to the answers. The more you network, the easier it becomes. The bigger your Rolodex, the more access you’ll have to the answers: guidance, contacts, and the experience you’ll need to conquer every task a budding entrepreneur will face. Also, you will expand your base of acquaintances and friends, a nice bonus.
In 1993 I met Jane, who had a project targeting childhood obesity. She was a very nice person but she recognized that she did not have enough passion to succeed as an entrepreneur. We happened to keep in touch. In 2005 I was contacted by another lady with an exciting opportunity in the jewelry category. She called me based on a referral she received from a neighborhood acquaintance, Jane. The meeting I had with Jane in 1993 seemed pointless after there was no positive outcome. And yet, I had made enough of an impression on her that she brought me a new opportunity with a huge advantage.
Networking can take many forms. If you’re really passionate about your new business opportunity, you’ll want to share the details with as many people as possible. Be careful! Learn how to describe your new product without providing details. Never provide details unless you receive a signed and dated Non-Disclosure Agreement (Secret). However, you must paint a picture for your new network generated contacts that excites and creates a thirst to know more. Speak broadly, enthusiastically but without quibbling, about the opportunity. Discuss the benefits that society and consumers will derive from your product without revealing the specific operation of your invention.
You cannot network successfully without a positive attitude and attitude. Unfortunately, many inventors feel abused by the process of launching a new business opportunity or product. They’re convinced they have the next big thing. And, actually, they might have the next big thing. However, the free flow of ideas that are stirred up in the modern marketplace is not always perfectly efficient in choosing the winners and losers that we might consider appropriate in a perfect world.
Some good products never make it to market, while lower-quality offerings often succeed. My experience over many years of working with inventors and entrepreneurs is that ideas and inventions are crucial, but their novelty can be outweighed by personal shortcomings. It can be hard to keep going when the road seems to always end at a stop sign (NO!). Keep networking! Keep pushing, positively! The next stranger you encounter in a networking situation could be the missing link that leads to success. If you don’t keep trying to find and get to know that key person, you’ll be letting down your invention and your potential for success. And you’re missing the chance to make a new friend.
