“If you want to walk fast, walk alone. If you want to walk far, walk together”
In over a decade of experience, I believe in the world of venture capital, where businesses meet investments, the value of networking cannot be overstated. As we navigate through the holiday season, it’s a pertinent time to reflect on the importance of forging meaningful connections, not just for personal growth but for the startup ecosystem as a whole.
Let’s delve into the principles of effective networking, drawing insights from the book “Never Eat Alone” by author Keith Ferrazzi
CC: Connection and Collaboration
In the venture capital landscape, building relationships is akin to fire ants building a raft to cross a pond by bonding together in a tight formation. Successful connections go beyond the superficial exchange of business cards; they involve fostering deep connections based on trust and reciprocity.
Key Takeaway:
- Networking is about forming warm, supportive relationships.
- Collaboration satisfies our fundamental need for connection and belonging.
- By going deep and not forming connections on a closer level, one can crack the code to mutually beneficial collaboration.
Audacity: First Mover Advantage
To network effectively, one has to often make the first move: either in person, on the phone or via email. Audacity to make the first move is thus an advantage.
In the venture capital world, audacity is not just encouraged; it’s a prerequisite. Much like the story of Elliott Bisnow, who transformed a simple ski weekend into the thriving Summit Series, founders need audacity to reach out, seek mentorship, and drive business growth.
Key Takeaway:
- Networking requires a willingness to take a leap of faith and make the first move.
- Audacity brings opportunities for collaboration and is a valuable advantage.
Authenticity and Generosity: 2 Sides of the Silver Coin
In the pursuit of building a network, authenticity and generosity should be the guiding principles. One should focus on creating genuine relationships rather than resorting to 5 minute networking tactics such as talking with a rehearsed pitch, handing out business cards at every instance and ‘wandering eye contact’ looking at every person in your vicinity you must approach while holding a fading conversation.
Key Takeaway:
- Networking is about making friends, not just connections.
- Foster meaningful connections based on sincerity, trust, and reciprocity.
- Avoid hyper-connecting (one to many) and focus on deep connecting (one to one).
Define Your Why and Know Your Mission
Before seeking any kind of support from your network, define your “why” and know your mission. There must be a clear understanding of the purpose. Setting specific, believable goals and creating a “relationship action plan” are crucial steps to align your network with your objectives.
Key Takeaway:
- Goals must be specific, believable, and challenge your comfort zone.
- Create a “relationship action plan” to surround yourself with supportive individuals.
Build Your Network Before You Need It
Networking is an ongoing process, not a last-minute solution. Follow the example of Bill Clinton, who built relationships based on trust and mutual understanding long before he assumed the presidency. One should aim to make friends, breaking away from traditional formalities and building connections through shared interests.
Key Takeaway:
- Don’t wait until you need help to reach out.
- Be genuine, avoid formalities, and establish friendships.
Follow Up and Look for Ways to Help
Maintaining relationships is crucial. Follow up promptly, expressing gratitude for the time invested, and actively look for ways to help others in your network. Show genuine care and commitment.
Key Takeaway:
- Regularly follow up with your contacts.
- Look for opportunities to provide support and assistance within your network.
Takeaway:
As the holiday season unfolds, let’s remember that the success realm is not just about the investments or fund-raising one makes, it’s another form of capital — Social Capital. Building it is not a one-time event but an ongoing process that requires authenticity, audacity, and a genuine desire to help others. So, as you navigate holiday gatherings and networking events, keep in mind that the most valuable form of capital is social capital — the expertise, trust, and value gained from the relationships you cultivate. Cheers to meaningful connections and a prosperous new year…
Author:
Ashish Padiyar
