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Strategic Networking for Business

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    Strategic Networking for Business Strategic Networking for Business Presentation Transcript

    • Strategic Networking
      Which relationships
      can boost your
      career and start-up?
    • Benjamin F. Wirtz
      • Formerly Information Systems
      • Research project on social networks
      • EBIN 2009/2010
      • Business Plan (EBIN group)
      • Execution – with several twists and turns
      • Dissertation: Strategic Networking for Entrepreneurs
      • Now:
    • Many sales people get 80-90% of their business through networking organizations.
      A referral generates 80% more results than a cold call
      74% of all buying decisions are made on a friend’s recommendation
      Meeting 2-3 people at an event and learning more about their needs and challenges is far more valuable than collecting (or giving away) 20 business cards.
      About 70% of all jobs are found through networking
      Socially embedded employees are 40% less likely to quit their job.
    • Overview
      • Lecture
      • Basics of social theory
      • Why networking is valuable
      • How to utilise networks
      • Workshop (hands on!)
      • Analyse your goals and needs
      • Check if/how your network can help you
      • Plan to align your network towards success
    • The lecture bit
    • Talking to people
      Swapping business cards
      Selling yourself
      The art of making and maintaining relationships
      It’s all about exchange !
      Strategic Networking
      What is Networking ?
    • Crucial for exchange in networks:
      Trust (comes from positive experiences over time)
      Perceived value of further cooperation by others
      Social capital = value of information, knowledge and resources, that an individual can potentially access, because others perceivecooperation (for exchange) as beneficial to themselves.
      What is Social Capital ?
      Strategic Networking
    • How can networking be valuable?
      Social Capital
      Value
      enables
      access to
      creates
      Networking
      delivers
      Information, Knowledge, Resources
      affects
      Goals
      requires
      Strategic Networking
    • Four eyes see better than two
      Different points of view
      New ideas
      Complementary information
      Examples
      Students: Where to get a job
      Entrepreneurs: Market insights, feedback
      Managers: Moves of competitors, foresights
      Benefits (I): Information Input
      Strategic Networking
    • Humans specialise
      Complementary knowledge, skills
      Tacit Knowledge (based on experiences, awareness)
      Hard to transfer, needs a lot of trust and time
      Examples
      Students: How to write a successful application
      Entrepreneurs: How to write a business plan
      Managers: How to negotiate good deals
      Benefits (II): (Tacit) Knowledge
      Strategic Networking
    • You don’t own the world
      ...and your friends neither
      But you can help each other out
      “Activate” social capital to get money, time or goods
      Examples
      Students: Getting invited for dinner
      Entrepreneurs: Investment, website redesign
      Managers: Extra staff from another department
      Strategic Networking
      Benefits (III): Resources
    • “Ideas that spread, win” (Seth Godin)
      Visibility (let others know what you need)
      Credibility
      Search (for resources or knowledge)
      Examples
      Students: Get jobs by recommendation
      Entrepreneurs: Market your product for free
      Managers: Get promoted
      Strategic Networking
      Benefits (IV): Spreading Information
    • Networking by itself has no value at all
      Diversity: You can’t do/have everything yourself
      Dunbar’s number: You can’t have more than (roughly) 150 friends
      Cognitive constraint
      Strategic Networking
      Why a strategic approach?
    • Strategic Networking
      What is Strategic Networking?
      Aligning your network towards achieving your goals
      Strategic
      Analysing your needs and haves
      Planning your relationship portfolio
      Tactical
      Planning networking events (which ones and why)
      Juggling socialising and working
      Operational
      The Talking & shake hands part (exchange)
    • The workshop bit
    • Strategic Networking
      Strategic Networking Framework
    • Define a goal (e.g. succeed with a business idea)
      And make a rough plan how to achieve it
      Define your needs
      Information Input (e.g. competitors, market situation)
      Tacit Knowledge (e.g. how to run a start-up)
      Resources (e.g. funding)
      Information Output (e.g. to get a strong partner on board)
      Strategic Networking
      Analyse
    • Analyse what you have and whom you know
      Match to needs
      Plan A (easy) and plan B (backups or ideal)
      Is your relationship at the right level?
      Create your Relationship Portfolio
      Know your “hubs” (people with lots of contacts)
      Ensure diversity
      Strategic Networking
      Plan
    • Use tools to support networking
      LinkedIn (find suitable contacts)
      Plancast (meet them at events)
      Twitter (find out what they are up to)
      Reflect if you are on target
      HandyElephant
      Strategic Networking
      It’s all planned – what now?
    • Strategic Networking
      Networking Cycle
    • For shy/introverted people:
      http://www.slideshare.net/sachac/the-shy-connector
      Ground breaking paper:
      Granovetter (1973) – The Strength of Weak Ties
      For short breaks:
      TED.com (e.g. Daniel Kahneman)
      Wikipedia: Expected Utility Theory, Prospect Theory
      Strategic Networking
      Further Reading
    • Benjamin F. Wirtz
      Email: ben@handyelephant.com
      Twitter: benfwirtz