Social Capital Archives - Page 3 of 8 - Dr. Ivan Misner®

Does Business Networking Have a Place in Formal Education?

In this short video, presented by Applied Transformation, Inc., Roger Green asks me about my view on the idea that high cost education doesn’t necessarily prepare students for the real world.

In answering him, I talk about my feelings on where business networking fits into the world of formal education and I share some statistics about the true effectiveness of networking which, to me, are mind boggling; I also tell a personal story about having lunch with the Dean of Business at a prominent university and how his words to me speak volumes about the current position business networking holds in the world of higher learning.

What are your personal feelings on where business networking currently fits into, or currently should fit into, the world of formal education?  Did you study business at the university level?  If so, what was your experience?–Did you receive any education about networking while you were working on your degree(s)?  Please share your thoughts/experiences in the comments section.

When Does Going Faster, Make Things Slower

When Does Going Faster, Make Things Slower?

I start this blog with a riddle: When does going faster, make things slower?  Well the answer is: when you are rushing a relationship.

A few years ago a close friend of mine, Dr. Emory Cowan, contributed an article for my book Masters of Networking.  I’m sharing his contribution in my blog today because I think it is a great concept to think about as we start the new year.

Building a word-of-mouth marketing plan requires developing a trusted network of partners — which means cultivating relationships. But relationships require time, energy, persistence, and, most of all, patience.

I believe that patience gives us the most difficulty. We live in a quick-fix, immediate-gratification society where patience is neither valued nor encouraged. We want our sales now, our business fully grown now, our satisfaction in wealth now. But when I grow impatient with the tedious process of developing relationships, one of life’s many humbling lessons comes back to remind and instruct me: Drink no wine before its time.

Many years ago, I bought some peaches at the farmers’ market in Atlanta. They were the famous Georgia peaches, grown in orchards in the Fort Valley region and renowned for their sweet, juicy taste and wonderful aroma. I took them home, visions of peach pies and cobblers dancing in my head. We ate some right away; most sat out on the kitchen counter.

One morning I was awakened by the aroma of peaches filling the house. I knew that something would have to be done with them soon or they would spoil. Wine, I thought. Why not make some peach wine? I knew my parents, who lived fifteen miles away, had an old ceramic crock and an old family recipe for fermenting wine from fruit. I found the crock, cleaned it, and, on the way home, bought cheesecloth for the top, along with yeast and sugar for the ingredients.

By the time I got home, my excitement over this project was so great that I could almost taste new wine as I cut up the peaches, added the sugar and yeast, and closed the top with the cheesecloth. But the process of making wine is slow, and I was impatient. With the crock safely stashed in the cool basement, I drove home from work each day with growing excitement. I would go immediately to the crock and smell the brew. As the days went by I became more intent on having the wine ready for consumption. But it was not happening fast enough for me.

So, one afternoon, frustrated that it was taking so long, I carried the crock to the kitchen, determined to speed up the process of fermentation. I removed the contents, used a blender to further emulsify the peaches, and added more sugar and yeast. Smug and satisfied, I returned the crock to the basement, and three days later I had — vinegar!

My vinegar-making triumph has become a life-shaping parable for me. When I am tempted to rush the process of forming relationships, whether in business, in a networking group, or in my personal life, I am reminded that some things just take time to happen. I am aware that letting my impatience force the process can turn the potential of new wine into vinegar.

Patience in developing relationships is a virtue. It leads to solid networked contacts who can help you with your business, your interests, and your life.

This is a powerful lesson for us all to consider for life and for networking.  Good wine and great relationships both take time.

What are your thoughts about this story?  Have there ever been times where you tried to rush a relationship and had a bad result?  Share your story here with us here.

 

4 Steps to Building Social Capital

Social capital, otherwise known as the value behind your social contacts, can be an extremely important resource in both business and life.  If you take as much care in raising and investing your social capital as you do your financial capital, you’ll experience benefits that can greatly enrich your life as well as multiply your material returns many times over.

In this short video, I explain that you don’t have to purposely become a networker to reap the benefits of social capital and I outline the four key steps to successfully building social capital.

Do you have a standout story about how investing in your social capital significantly paid off for you?  If so, please share it in the comments section–I’d love to hear about it!

Diversity and Networking

When it comes to business networking, you never know who people know.  One of the important keys to being successful at building a powerful personal network is diversity. 

In running a large business networking organization for the last two decades, I often speak to people who tell me they want to network exclusively business professionals who have similar clients.  Although it is good to include these people in your personal network, networking with them exclusively would be a tremendous mistake.

It is human nature to congregate with people that are very much like us.  People tend to cluster together based on education, age, race, professional status, etc… The problem with this is that when we surround ourselves with people who have similar contacts it may be difficult to make connections with new people or companies with whom we desire to do business.

A diverse personal network enables you to increase the possibility of including connectors or “linchpins” in your network.  Linchpins are people who in some way cross over between two or more clusters or groups of individuals; this allows them to link groups of people together easily.  The best way to increase the number of possible connections in your network is to develop a diverse network – not a homogeneous one.

Having developed thousands of networking groups in dozens of countries around the world, I can categorically state that the strongest networking groups I’ve seen are generally ones that are diverse in many, many ways.  I believe that one of the problems in understanding this concept is a somewhat built-in bias that many people have about networking with individuals that are outside their normal frame of reference.  Let me give you an example.  A good friend of mine in Boston, Patti Salvucci, recently told me an amazing story.

Patti runs dozens of networking groups for BNI in the Boston area.  She arrived a little early to the meeting of one of the groups she was visiting that met in a private room at Fenway Park and noticed an older gentleman setting up coffee mugs in preparation for the meeting.  Patti is a master networker and so she struck up a conversation with the man while waiting for members to arrive.  In talking to him, she was really taken by the amazing tenor of his voice.  She mentioned to him that he had an incredible voice and asked what he did before this.  The gentleman informed her that he used to be a commentator for CNN!  He went on to tell her that in his later years, he wanted to work in a less hectic job as well as live closer to his daughter.  He decided to take on the job of managing the owner’s suite at Fenway Park in Boston because it gave him an opportunity to be close to his family while having a less hectic career later in life.

Patti asked him about some of the people that he met during his time in broadcasting.  He shared many great stories with her including an interview that he had done with JFK a week before he was assassinated.  He also talked about meeting Martin Luther King and Nelson Mandela during his career.  It was an interesting conversation that she genuinely enjoyed.

Later when the meeting was in full swing, one of the members, Don, publicly mentioned that he would really like to do a radio talk show someday and was looking for some contacts that could help him pursue this dream.  After the meeting, Patti asked Don… “Do you see that guy over there (pointing to the ex-CNN commentator)?  Have you seen him before?”  “Yea,” said Don, “he’s the guy who sets up the coffee for our meeting.”  Patti said to Don, “did you know that he used to be a broadcaster for CNN?”  Don said, “I had no idea!!!”  Patti suggested that Don introduce himself and learn a little about the man he’s seen every week for the last several months because he may very well be able to make a connection for him in the broadcasting industry.

The irony in this story is that he had seen the man on many occasions but had not struck up a conversation with him because he felt that they had little, if anything, in common.  The truth is, when it comes to networking – not having a lot in common with someone may mean that they can be a connector for you to a whole world of people that you might not otherwise be able to meet.

If you wish to build a powerful personal network – branch out.  Build a diverse network of professional contacts that include people that don’t look like you, sound like you, speak like you, or have your background, education, or history.  The only thing that they should have in common with you and the other people in your network – is that they should be really good at what they do.  Create a personal network like that, and you’ll have a network that can help you succeed at anything.

“Money on the Table”–How to Generate More Referrals for Networking Partners

[tube]http://www.youtube.com/watch?v=9GpIfb-ymqU[/tube]

If you’re not familiar with Power Teams or Contact Spheres, they are two things that any networker aiming for maximum networking results will want to get very familiar with.

I have just released a new book with my co-author, Lee Abraham, called Money on the Table which is all about how to use Power Teams and Contact Spheres to generate more referrals for your networking partners.  Why should you take the time to learn how to get more referrals for those in your network?  Because this will ultimately pay off in more referrals for you and maximum results for your networking efforts.

In this short video, Lee and I talk a little bit about our new book and why we wrote it and we also explain a simple, quick exercise that will get you on the road to making the most of your network and generating more referrals for you and your networking partners.  So, grab a sheet of paper and a pen before clicking the play button–there are six bullet points you’ll definitely want to jot down.

After you’ve watched the video and done the quick networking exercise, come back and leave us a comment about what you thought of it.  We’d love to hear your thoughts!

To purchase a copy of Money on the Table, CLICK HERE.

“Tell To Win: Connect, Persuade, and Triumph with the Hidden Power of Story”

Peter Guber, Chairman and CEO of Mandalay Entertainment, has a powerful new book coming out on March 1st called Tell To Win.

This book is not only an extremely interesting read, it is also an important resource for networkers in every part of the world.  Peter is a master storyteller and, with this book, he teaches readers how to achieve success in business and life by connecting with people and engaging them on an emotional level through the power of stories.

I met Peter at one of his storytelling symposiums which he conducted in preparation for this very book and, I can assure you that if there is one person in the world with the expertise to teach others how to change lives through the power of stories, it’s Peter.  Tell To Win offers dynamic storytelling techniques that are greatly beneficial in a face-to-face networking setting. Below I have pasted an excerpt of Peter’s words, specifically discussing the importance of telling your story in a face-to-face environment.  If you find this material useful, which I have no doubt you will, I strongly encourage you to pick up a copy of Peter’s new bookLearning how to connect with others through storytelling is an ability that will continue to serve you well throughout your entire lifetime.  It is an invaluable skill that you will be endlessly grateful for obtaining and, as you can tell from Peter’s words below, he is the ultimate teacher.

The highest and best use for telling purposeful stories in the room, face-to-face, breathing the same air and reading each other’s micro-expressions–something you can’t do in any other medium.  In writing my new book, Tell To Win, I conversed with the foremost folks in technology–people like Chris Kemp, chief information officer at NASA Ames Research Center, Phil McKinney, the chief technology officer at Hewlett Packard, Arianna Huffington, founder of the Huffington Post, and many others–and asked them if digital or state-of-the-art technology could replace what I call state-of-the-heart technology.  Their response was an overwhelmingly consistent “not at this time.”  In fact, Arianna said it best when she asserted in front of one of my masters UCLA classes (I’ve been a professor at UCLA for over 30 years), that the more time we spend in front of screens, the more we crave the intimate in-person interactions where we tell our stories to realize our dreams.  And, she didn’t stop there!  She exhorted my students that if there’s something incredibly important upon which everything depends, you always want to be in the room.

You can’t yet duplicate the same effects of telling oral stories in the same room, breathing the same air, pressing the flesh.  However, many of the critical elements of telling purposeful stories work in other mediums.  Always motivation comes first which starts with you–your intention.  This authenticity must shine through.  The trick is not to try to be interesting, but to be interested–know what your audience is interested in and deliver what’s in it for them.  All good telling of stories has a goal–the action you want your listener to take.  Don’t hide it.  Interactively engage your listener, your audience, so it’s not a monologue, but a dialogue.  It is a conversation in which the telling becomes a “we” experience rather than a “me” experience.  A critical marker is the willingness of the teller to surrender proprietorship over the story so the listener can own it and viral market it as her own.  The story content is lurking everywhere–first person experience is best, but equally powerful is an observed event, a movie/book/artifact, or even a metaphor or analogy.

To learn more about Peter Guber and Tell To Win, please visit: http://www.peterguber.com/telltowin


Lessons Learned Wearing a Nametag for 10 Years

Scott Ginsberg is celebrating his tenth anniversary. He’s been wearing a nametag for 10 years in a row. He has never taken it off. That’s right, 10 years = three thousand, six hundred and fifty days = 87,600 hours = 5 million two hundred fifty six thousand minutes = 31 million 531 thousand seconds and counting. He’s the world record holder. He has even tattooed his nametag on his chest and is the only person in the world who has made a career out of wearing a nametag.

Scott developed the nametag profession as a way to teach people how to overcome their shyness and the awkwardness of making that first introduction. In the process, he has become the authority on how to be approachable and turn being approachable into being profitable.

And now he’s taking a crack at trying to jumpstart the whole of humanity to evolve to a whole new realm of human ability.

 “-able is the title of his newest book. In it you will find 35 strategies for increasing the probability of success in business and in life including:

  •  How to be more findable than a smile at a nudist colony
  •  How to be more referable than an attorney hopped up on sodium pentothal
  •  How to be more salable than a case of Coors Light at a Colorado Rockies tailgate party.
  •  And more advance-able, more book-able, more brand-able, more buzz-able, more callback-able, sought-after-able and unstop-able in everything you are trying to achieve in life, and much more.

Scott Ginsberg theory is this: The only thing in life that you have control over is yourself, and that you can’t make anything happen — but you can greatly increase the probability of that thing happening … by making yourself more –able.

In –able, Scott Ginsberg offers up a collection of life-learned practices for advancing things along with wit and humor and wisdom that will have your head spinning in no time flat.

Here are some examples directly from Scott’s book:

1. Ideas are free; execution is priceless. Anybody can wear a nametag. But not anyone can leverage a simple idea into a six-figure enterprise. Lesson learned: Your biggest advantage is when nobody can keep up with you. You have to be dangerously prolific. And refuse to slow down long enough for anyone to catch up. That’s how you out-execute the competition. And here’s how: First, executional velocity. Take action quickly. Second, executional volume: Take action prodigiously. Third, executional value: Take action exquisitely. Finally, executional vitality: Take action consistently. Are you an idea person or an execution person?

2. Never be stopped by not knowing how. Accept that the planets will never be aligned. Don’t wait until everything’s perfect. Don’t wait until you’re experienced enough. Don’t wait until you know what you’re doing. Don’t wait for overwhelming evidence to trust yourself. Heighten your impatience; enter into the heart of action and jump off the high board hoping there’s water below. Otherwise procrastination -– the redneck second cousin of patience –- will rob you of the motivation you need to carry in the cavalry charge. Finished is the new perfect. How will you leverage impatience as fuel for your motivation?

3. Ambition without focus is bankruptcy. How you spend your day -– literally, hour by hour -– will determine how much money you make, how happy you are, how healthy you are and how successful you become.  You almost have to force yourself to create a typical day. Otherwise you get cabin fever and your time not only manages you, it drives you insane. I’m not suggesting you choreograph every waking hour of your life. The challenge is designing a typical day for you, which enforces (some) structure and predictability, while still leaving room for spontaneity and playfulness. As long as you constantly ask yourself if what you’re doing -– in this moment -– is consistent with your No. 1 goal. Have you pictured your ideal day yet?

4. Anonymity is biggest barrier to success. I wear a nametag 24-7. I literally have zero anonymity whatsoever. I’m not suggesting you do the same. In fact, I strongly suggest you do not wear a nametag 24-7. About a fourth of the time, it’s a flat-out pain in the ass. But consider the adverse relationship between anonymity and profitability. A good start would be to throw away your marketing plan and begin writing a visibility plan. Because it’s not who you know –- it’s who knows you –- and, whose life is significantly better because they know you. How are you making people aware of you?

If you read Scott’s new book, let me know what you think.

Use Reporting to Strengthen Your Network

Playing the role of reporter by interviewing a member of your network for an article or while doing research on a subject he’s familiar with, for example, is a great way to elicit information and advice from members of your network.

How can this benefit you? The reporting approach benefits you in two ways. One, you learn more about your network member. Two, he appreciates the visibility you give him. Also, he will probably be more willing to meet and cooperate with you in other situations, thereby strengthening your relationship, and others will seek you out as an authority or ask you to do articles or research on them. People in business like exposure, especially if it’s free.

Here are some tips on how to properly begin playing the role of reporter and getting more from your network:

  • Interview your subject to get information worthy of being publicized–something he’s doing or has achieved, or simply his opinion.
  • Take pictures of, and with, your subject when appropriate.
  • Publish the information for its largest possible audience in school, church, community, local or national publications.
  • If appropriate, offer to include your network member’s name in any article or research to which he has contributed information.
  • Distribute complimentary copies of your articles or findings to people important to your targets.
  • Make no guarantees that what you write will be published.

After you’ve interviewed one or two of your network members and gotten some exposure for them, come back and leave a comment letting me know what occurred as a result of your efforts. I’m betting you’ll be pleasantly surprised at the outcome. 🙂

It’s Not WHAT You Know, But WHO You Know–True or False?

How many times have you heard the phrase “It’s not what you know, but who you know” when it comes to determining success??  I’m willing to bet that over the course of your life to this point, you’ve heard it a lot.  Do you think it’s true?  Well, it’s not–it’s false.  It’s not what you know, or who you know–it’s how well you know them that really counts.

Here’s the difference.  How many people do you know?  Open up your e-mail address book and count the names.  You know as many people as are listed n your e-mail address book and probably a lot more.  Now, reach into your pocket and pull out your car keys.  How many of the people you know would you hand your car keys to?

Surely, now you understand that the importance of how well you know a person.  A contact is a person you know but with whom you have not yet established a strong relationship.  A connection, on the other hand, is someone who know you and trusts you because you’ve taken the time to establish credibility with that person.

Your network must not only be broad but also deep.  When you rely on others to cross-market your business or promote your program to a client, you’re not asking a simple favor.  For true referral networking, you need relationships that are deeper than mere contacts; you need strong connections, established well in advance.

So, beginning this week, focus on taking the time and energy to cultivate deep relationships by giving your referral sources anything and everything you can to help them succeed.  These will be the relationships you can count on when you need powerful connections because it really isn’t what you know or who you know–it’s how well you know them, how well they know you, and how well they know the people you want to meet.

Whoopee in the Cornfields

Here’s the thing with networking: If you want to get more business, you have to  be willing to give business to other businesspeople. That’s why I founded my networking organization, BNI, on the central, guiding philosophy of giving benefit to others–Givers Gain®. It’s an ethical theme that is common to all religions, all cultures: Treat others the way you want to be treated. If you want to get referrals, do the best job you can of giving referrals to others.

I’d like to share with you a story that I originally heard from one of my BNI directors, Art Radtke, which will help you remember this concept.  It was originally called “Sex in the Cornfields,” but I figured “Whoopee in the Cornfields” would be a more decorous title. 😉

Whoopee in the Cornfields

A farmer in Nebraska won the state fair four times in a row with his corn. Nobody had ever done that before, so the paper sent someone out to interview him.

The reporter asked, “What is your secret? Do you use special corn seed?”

The farmer said, “Absolutely. I develop my own corn seed, and that’s an important aspect of it.”

“Well, then, that’s your secret,” said the reporter. “You plant a type of corn that’s different from your neighbors.”

“No, I also give it to my neighbors,” said the farmer.

“You give it to your neighbors?” asked the incredulous reporter. “Why in the world would you give your award-winning corn to your neighbors?”

“The farmer said, “Well, you’ve got to understand how corn is pollinated. It’s pollinated from neighboring fields. And if you’ve got fields around you that don’t have this top-quality corn, your field is not going to grow top-quality corn either. But if my neighbor’s field has this really strong corn, I have awesome corn. And that’s how I’ve won at the Nebraska State Fair the last four years in a row.”

This story is a great metaphor for how networking works.  Put simply, if you’re going to be an effective networker, you need to go into networking with a commitment to helping other people because that is how you’ll be helped in return.

Learning to Use the Law of Reciprocity: 4 Tips

I posted a blog this past Monday explaining what networkers need to know about the law of reciprocity, and I promised that I’d follow up today with some tips on what to keep in mind as you learn to use the law of reciprocity in your networking efforts. Below you will find four very important things to remember:

Tip No. 1–Giving means helping others achieve success. What is your plan to contribute to others? How much time and energy can you spare for this? Do you actively seek out opportunities to help people? You could volunteer to help out with something that’s important to someone in your network, offer advice or support in time of need, or even work hard to connect someone to a valuable contact of yours.

Tip No. 2–The person who helps you will not necessarily be the person you helped. Zig Ziglar says, “If you help enough people get what they want, you will get what you want.” In other words, what goes around comes around. If you focus intently on helping others, you will achieve success in the end.

Tip No. 3–The law of reciprocity can be measured. It is a myth that networking cannot be measured and, in my latest book, Networking Like a Pro, my co-authors and I use the Networking Scorecard Worksheet, part of the Certified Networker Program offered through the Referral Institute, to measure networking. If you apply the law of reciprocity, you will see your weekly total networking score gradually rise.

Tip No. 4–Success takes getting involved. Contrary to Woody Allen’s assertion that “90 percent of success is just showing up,” you have to do more than simply be present to be a successful networker. If you join a chamber of commerce, become an ambassador. If you join a BNI chapter, get involved in the leadership team. If you join a civic organization, get on a committee. The law of reciprocity requires giving to the group; it will pay you back many times over.

A master networker understands that, although networking is not the end but simply the means to growing a business, service to your network of contacts must always be uppermost in your networking activities. Once you have established a solid reputation as someone who cares about the success of others, the law of reciprocity will reward you with an abundance of high quality referrals.

What You Need to Know about the Law of Reciprocity

The term reciprocity is at the center of relationship networking, but it is often misunderstood. Webster’s dictionary defines reciprocity as “a mutual or cooperative interchange of favors or privileges,” as when actions taken for the benefit of others are returned in kind. This leads many inexperienced networkers to expect an immediate return for any actions they take on behalf of another.  Givers gain, right? Wrong.

Not every act of giving will be immediately rewarded by the recipient, and if you go into relationship networking thinking that simply giving a referral is enough to get you a referral in return, you’re confusing a relationship with a transaction. On the contrary, the idea driving Givers Gain® is actually the principle of giving without the expectation of an immediate return. In networking, this idea is called the law of reciprocity ,and the law of reciprocity differs from the standard notion of reciprocity in that the giver cannot, should not and does not expect an immediate return on her investment in another person’s gain. The only thing she can be sure of is that, given enough effort and time, her generosity will be returned by family, friends, colleagues and others–many times over and in many different ways.

Put simply, the law of reciprocity in networking means that by providing benefits (including referrals) to others, you will be creating strong networking relationships that will eventually bring benefits (especially referrals) to you, often in a very roundabout way rather than directly from the person you benefit.  This makes the law of reciprocity an enormously powerful tool for growing your own business’s size and profitability.

I know a lot of experienced networkers who have amazing stories about how the law of reciprocity has proved to them that there’s far more business to be gained by referring business to others than you might at first expect. If you have a story you’d like to share, I’d love to hear it, so leave a comment. Also, be sure to check back on Thursday for some tips on what to keep in mind as your learn to use the law of reciprocity.

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