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Showing posts with label EconTalk. Show all posts
Showing posts with label EconTalk. Show all posts

Sunday, May 22, 2011

How Solid Is Your Network?

New York State Capitol viewed from the south, ...Image via Wikipedia
It’s not what you know, but who you know.  This saying still holds true.
In order for networking to be effective, people must decide what they want from their contacts: Money, power, or fame.  Then seek contacts most useful in that area.  Expect your services and contacts to be used as well. 
The three focuses of networking:
1.  Giving and getting support. 
2.  Exchanging information. 
3.  Doing business. 
Once you’ve decided on your goals, make a list of 100 contacts.  Rank them in four groups. 
Group A- Ten vital contacts whose aid you need.  You should contact them within the year. 
Group B- These contacts may be able to help you in three to five years from now.  See them periodically. 
Group C- Not terribly important, but make a note to keep in touch with these contacts.  It is possible that they can help, but it’s hit or miss.  (Probably 75 % of your contacts fall into this category)
Group D- Cross them off your list.  These contacts not only can’t help, they can hurt your career. 
Questions to ask yourself to evaluate your networking system:
If I got promoted tomorrow, who are three people more advanced than I am in the business world that I would call? Who are three, people on my level and on a level below me? 
If I got stranded on a trip, either business or pleasure, who are three people I could call to wire me $300?
If you find your own network unsatisfactory, be prepared to invest a lot of time and money for lunches and other social occasions to establish new contacts.  Only people who take time for others, do favors, and establish rapport are likely to get help from others. 
Networking is not a substitute for skill.  Unless you can demonstrate an expertise for good work, people will be unwilling to help. 
Source: Alina Novak, Networks Unlimited Inc.  a group set up to help people to increase their contacts to achieve career goals, 150 W.  52 St., New York 10019.  

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