CHAPTER V
NETWORKING: RISKS, BENEFITS, AND TIPS
If you link your career success to one boss on one career path, your career portfolio will have limited assets. It is the equivalent of buying one lottery ticket in hopes of hitting the jackpot.
Networking is a better approach that can broaden the number of people you know, the number of people who know you, and the number of opportunities you are presented during your career.
People who network are more likely to advance by better connecting the dots to a successful career. Networking is the key to developing relationships, differentiating yourself internally, and expanding your career opportunities. Networking builds your social capital. I think of social capital as the value created based on reciprocity, trust, information and cooperation within your social network.1 Networking was crucial to me as a junior person in professional services, and it is just as critical to me today. Networking can benefit you at every point in your career and can lead to finding sponsors who can change your career trajectory.
Few people understand how to network effectively and many regret not networking as seen in Figure 5.1. There are many good books about how to network. I like the book Never Eat Alone by Keith Ferrazzi and Tahl Raz that provides practical tips about how to leverage the power of relationships and networking to thrive in business.
Figure 5.1 Take the Networking Fork
Even though there are a lot of networking books and people know networking is important, many people avoid networking because they are afraid of rejection. Some people think that if they network, others will find them insincere or overly political or pushy. Other people do not think that they have time for networking or think that they are too junior to begin networking.
The late, great Yankee Yogi Berra said, “When you come to a fork in the road, take it.” Every day you come to work, you come to a fork in the road. You can choose to either embrace networking, despite any misgivings or fears about the potential outcomes, or not embrace it. You can choose not to network because you are afraid of the potential outcomes. For example, “I am afraid of being perceived as too political.” Or perhaps, “I am afraid of being rejected. I don't want to face the pain of rejection.”
However, based on my experience, I am convinced that you will have professional and personal regrets if you do not network.
If you ask people at the end of their lives if they regretted more the risk they took or the risk they did not take, virtually all of them will say they regret the risk they did not take—the girl they didn't ask out, the trip they didn't take, the job they didn't try for. Don't miss the opportunity to network because you are afraid to take the risk.
“Twenty years from now you will be more disappointed by the things you didn't do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover.”
Mark Twain, American author and humorist
BENEFITS OF NETWORKING
Networking helps you to know more people inside and outside of your firm. That means you will have more people in your network to lean on when you need professional or personal guidance. People with well-developed networks benefit professionally. They find out about new job openings more quickly, do not get trapped in dead-end situations, and find better resources to leverage throughout their career.
Networking is like holding multiple lottery tickets. Networking can help transform you from being a well-kept secret in your firm to being a well-known person with a diversified career portfolio, multiple advocates, a range of opportunities, and many sources of motivation and assistance. Networking is key to identifying new opportunities and advancing your career. Some of the best tips I have received have come from acquaintances in my network rather than those people with whom I was close.
BE SYSTEMATIC
Networking is an ongoing activity; you can always do more to strengthen your network. Be systematic. Keep a list of people in your network, and make sure that you stay in contact with them. I like to connect with everyone in my network at least once every six months. When I am on a plane or commuting to work, I go through my calendar and say, “Okay, this is April. Who did I see last November, so that I know who I am due to catch up with again?”
If I have not worn something in my closet for many months, it is not truly in my wardrobe and those clothes get sent to Goodwill. It is the same thing with networking. If you have not seen someone in six months, you may think they are in your network, but they are not.
Once I figure out the people I need to connect with, I send them a quick email with the subject “Overdue.” The email says something like, “Hey, we are overdue. Let's catch up. How about coffee?” And now for the magic words: “No rush.” That lets them know that I don't need something from them right now, but I simply want to stay in touch and keep them as part of my network. It is a pretty soft approach, but it is effective.
ICEBREAKERS
If it is your first meeting with someone, particularly if the person is senior to you, you might be concerned that you won't know what to talk about. Just remember that most people's favorite topic is—themselves.
You can ask a question like, “How did you get started in this business?” You are likely to get an eager—and often lengthy—response. Whatever you do, do not interrupt. The more the other person talks, the better you are doing.
This technique works with all kinds of people. If you happened to meet the Pope, you could ask, “How did you get started in religion?” You can use this icebreaker with anybody.
Once you ask the question, be sure to listen carefully to the answer. Eliminate distractions, and make eye contact with the speaker. Nod or use other cues, such as, “Tell me more,” to show you're listening—but don't pry. It can be helpful to paraphrase or restate the speaker's points, if needed, to make sure you understand them correctly. Assure the speaker that what he or she is saying will remain confidential.
As you listen, look for common interests and points of connection that you have with this new person. Once you find out what you have in common, you can point out the common interests or connections: “I enjoy Italian movies, too,” or, “I like cooking.”
Also listen for the person's priorities. If you know what this person is working on, then you can look for articles that might be of interest that you can send to the person. That is a way to begin to build a relationship, and it all begins with the simple question: “How did you get started in this business?”
CURRENCY
It is useful to have “currency” when reaching out to someone in your network. Reciprocity is important for effective networking, so focus on how you can be a resource for others. What benefit will they derive from your relationship? Your ability to help someone in your network depends on the strength of the connections in your network.
If you are working on a project or with a new client, think about what might be topical or interesting to your audience. Then search online through a system such as Google News Alerts to find information on that subject. You can set it up so that you get a daily email from Google with news on that topic. I get up early and read my Google alerts. I frequently find stories that are about to be in that day's newspaper, and I send them to people who would be interested in the story. I get about a 91 percent response rate on sending articles that might be of interest to people in my network.
You also can check finviz.com, which provides aggregated financial research, analysis, and visualization. Under the News tab, the most up-to-date news is in the left-hand column and blogs are down the right-hand side of the page.
I also look for opportunities to send someone a congratulatory email, such as when they have gotten a promotion, won a deal, been mentioned in an article, received an award, and so on. I send a quick email that says, “Hey, way to go. I saw your name in lights.” I get a 100 percent response rate on congratulatory emails.
Remember to contact people in your network when they face adversity as well. Often no one reaches out when something bad happens, even when that might be the moment a person most needs the support of a network. People remember who cared about them in bad times.
Finally, take a long-term view of networking. Don't wait until you need something to build your network. Cultivate networking relationships over time, so that they will be there when you need them.
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