University of Transnational Business Law

                                                                
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12.6 The Power of Networking


Learning Objectives
1.Learn how to develop a network.
2.Keep track of your contacts.
3.Attend conferences and trade shows.

There is some wisdom in the saying that it’s who you know that brings success in getting a job. Consider the following:
•It is estimated that only 20 percent of new jobs and vacancies are advertised or posted.
•A Web posting for a job typically yields over 150 applicants for a position.
•Sixty to eighty percent of jobs are found through personal contact and networking.

What exactly is networkingThe process of engaging others in helping reach an objective.? In its simplest terms, it is the process of engaging others in helping you reach an objective. Three words in this definition deserve a closer look:
1.Process. Networking is something that doesn’t happen casually but requires thought, planning, and deliberate activity.
2.Engaging. You are looking to have others do something for you—give you information, guidance, other contacts, or perhaps a recommendation.
3.Objective. You need to be clear about your purpose for networking—it is not merely to collect people’s contact information but to further your career development.

The process of networking involves three basic phases: prospect identification and management, making contact, and follow-up.


Student FAQs
•I won’t graduate and be in the job market for a couple years. Do I need to work on résumés and networking now? Yes, absolutely! Even though you aren’t yet graduating from college, there are many benefits to starting now. As a student, you are likely to be applying for part-time jobs, internships, and even volunteer positions. Networking is a process of building relationships, and the strongest relationships are built over time. Having a good network will help identify interesting and relevant opportunities. Having a résumé that summarizes your strengths and skills will give you an advantage over other candidates who apply without a résumé, because job application forms rarely give the opportunity to highlight your strengths. Furthermore, a résumé is an updated record of your skills and experience; it makes sense to capture your accomplishments as they happen and will save you a lot of time in the future.
•I don’t have any work experience. How can I write a résumé? You may not have any work experience, but you do have experience and skills. Focus on your transferable skills, and list examples of how you have used them. Think of organizations you have been involved in and volunteer work you have done. It is OK to include high school accomplishments; you can replace them with college accomplishments as you gain them. It is also OK to include your GPA, particularly if it is over 3.0, because that helps show you are disciplined and organized.


All Contacts Are Equal, but Some Are More So Than Others

The first phase involves identifying whom you should be speaking to and pinpointing the people who can introduce you to them. This is like the game Six Degrees of Kevin Bacon applied to your own life. Whom do you need to speak to? That really depends on your objectives. If you are trying to learn about an occupation, it can be just about anyone involved with that field. If you are in the process of trying to land an internship or a job, you want to reach the person who will make the hiring decision.

Your objective also defines how you get started with your networking. In the first case, you might want to start with people you met at an industry conference; in the job-specific case, you’ll want to think about whom you know in that company or who might know someone in that company. If you don’t have any contacts who fit that description, whom do you know who lives in the town in which the company is based or in a nearby town?

Your success in this phase of networking will be driven by the quality of the candidates (those who can directly influence your ability to reach your objectives) as well as the quantity (those who will lead you to the most contacts). This is why there is no such thing as a bad contact.

As important as having contacts is your ability to access those contacts when you need to. That is where contact management comes into play. Don’t be caught wishing you could call someone you met three weeks ago…if you could only remember what you did with their business card! There are countless ways to keep track of contacts, from writing names in an address book, to keeping a Rolodex, to using a computer-based contact management system. Choose a system you feel comfortable with—comfortable enough to use regularly. A sophisticated system that has all the bells and whistles is no good to you if you can’t use it.

Let technology help you in this endeavor. Your computer, PDA, or smartphone probably has features for capturing contact information and retrieving it based on keywords, and most will even connect with your calendar for scheduling and reminders. Consider Web-based applications such as those offered by SuccessHawk (http://www.successhawk.com) and networking sites focused on professional networking, such as LinkedIn. Whatever your choices, invest the time to learn to use them well; you’ll be very glad you did.

Building a network requires consistent work, and a strong network will take time to achieve. That is why we recommend you start building your professional network now—even early in your college career. Your network should include anyone who might have a connection that will help: family, friends, neighbors, past and present coworkers, bosses, people you met through associations and clubs (especially business associations), alumni from your college, and acquaintances you have met via online networking.

When you capture your contact data, use relevant keywords to help you search your database and shape your contact activity. One of the most overlooked pieces of information that you should be sure to capture is the source of the contact. That’s what turns a “cold call” into a “warm call”—and it helps engage the prospect. If a friend introduced you, be sure to note that friend’s name; if you met at a party, note the name of the host and the occasion; if you met at a conference, note the conference and date. You should also use other keywords so that you can quickly find the contacts that will be most effective for each of your objectives; keywords might describe the area of specialization, organization membership, or type of contact (family, friend, colleague, etc.).


Personal Contact

Being in the right place at the right time has much less to do with luck than with the art of personal contact. Contacts are everywhere, and you don’t know when you might turn one to your advantage. You may feel a little awkward following these tips at first, but with practice you will become quite adept at meeting new people and adding them to your network.
•Be prepared. If you are going to a conference, a party, or even a class, know ahead of time which people or kinds of people you want to meet. Be prepared with topics you can steer your contact toward so you don’t spend two minutes awkwardly talking about the weather and then slink away.
•Be confident. Prepare and learn a short introduction for yourself. Be factual, don’t brag, and give enough information about yourself to prompt your contact to ask questions.
•Be curious. The best way to get contacts to want to know you is to show you want to know them. Observe them before you step up to them. Is there something unique about them, the way they are dressed, or perhaps what you may have overheard that you can ask about? “I couldn’t help but notice that lovely necklace; is that from a local designer?” or “You have such an interesting accent; do you mind if I ask where you’re from?” After you ask the question, listen actively to keep the conversation going.
•Be prepared (part 2). Have a good supply of personal cards to give out to contacts; that will prompt them to give you their contact information, too. You don’t have to be in business to have “business cards.”
•Be courteous. If someone you know comes up to you while you are speaking with a contact, introduce them; if you see that the contact is getting antsy, tell them you enjoyed meeting them and then move on. Don’t trap them!
•Be prepared (part 3). Set yourself up for networking success by discreetly writing a word or two on the back of their card to jog your memory in the future. “World-class rodeo clown” will certainly help you remember who Jack Smith at Triangle Financial was.


Make the Call

What you say in your networking calls or e-mails will depend largely on the objective of your networking effort. (Is it to learn about an occupation or industry? Seek a job-shadowing opportunity? Ask for a job?) But some networking basics and elements of etiquette apply to all contacts:
•Be mindful of your contact’s time. Keep your calls and e-mails courteous but brief. If you are calling, ask if it is a good time to talk.
•If this is a first contact, tell the contact where you got his or her name. “I was referred to you by our friend Janet Smith” or “My colleague Richard Stewart suggested I call you” or “I heard you speak at the International Genius Conference” (remember the contact source information in your contact database?). This turns an interrupting cold call into a warm call with an interested individual.
•Be specific about how the contact can help you. Know what you are asking for and do so directly. Don’t be shy.
•Use your network for more than just asking for jobs. It is a great vehicle for learning about new trends in the industry, for launching “trial balloons” for ideas or concepts you are developing, and for seeking advice on practical aspects of your occupation.
•Help others in your network. Networking is not a one-way endeavor. Be willing to offer your assistance whenever you can; the fact that you are still in college doesn’t mean you can’t be of value. You may be able to get an introduction to an instructor for a person in the industry or help that person’s daughter learn about your college.


Care and Feeding of Your Network

Much of the success of your networking efforts depends on what you do after you’ve hung up after a call or received an e-mail reply. The first step is to thank your contact for his or her help. Do this right away; any thank-you after twenty-four hours of your contact can be considered late. Find a reason (not just an excuse) to keep in touch with people in your network. If you read an article people in your network would be interested in, send them the link. If you run across a problem one of your contacts might help you with, don’t be shy—give him or her a call to ask for help. If you meet someone you think a contact would like, make introductions. Send a follow-up note of thanks to a person who gave you a particularly productive lead. Let him or her know what you were able to accomplish. People like to know they are on a successful team. Finally, if a person in your network asks you for help, do what you say you will do.


Key Takeaways
•Networking is an ongoing process that involves identifying and managing prospects, making contact, and following up.
•All contacts are good contacts.
•Common courtesy and follow-through are the catalysts of good networking.


Checkpoint Exercises
1.Give yourself twenty minutes to list one hundred people you know. (Remember the idea of grouping items to commit them to memory in Chapter 4 "Listening, Taking Notes, and Remembering"? You may want to think of groups first and then see how quickly you can draw up the list.) Now give yourself another twenty minutes to write one or two words next to each name to describe how he or she could help you network.
2.
List three things you should do whenever you contact someone for the first time.

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3.
Describe two things you can do to overcome shyness and network effectively in a person-to-person setting.

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