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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