In a fiercely competitive startup market of established and rising entrepreneurs, a new venture usually finds itself drowning in a sea of unknowns, unsure of what to do or where to go. The best way forward would be in making some connections and establishing your foothold in the startup club. This is where we introduce you to your new best friend: Networking.
Whilst bringing up bad memories of horrifying subjects for most engineering graduates, the concept of networking is basically the startup equivalent of socializing. The point all startup founders must realize is that: it’s more about who knows you than whom you know. The people you meet in startup events are your friends, your guides and your mentors in the startup world.
If you’re a big fan of watching movies at multiplexes, you may have seen a pre-screening ad of JustDial where Mr. Amitabh Bacchan states, ‘contacts se hi sab kuch hota hai’. The way to making these contacts in the startup world is through networking events. Many entrepreneurs state that the returns from networking are huge: not just in terms of the people you meet but also the amount of help that you get.
Networking is mostly free. A networking event is a collection of like-minded individuals under the same roof, sharing a drink, some food and getting to know each other. It’s a fairly informal gathering, but these informal talks can lead to some mind-blowing opportunities and chances of collaborations. A networking event always has people from diverse entrepreneurial backgrounds, and it’s amazing how much you can learn from the past experiences of others.
Networking also builds up your professional network. Professional networks are your gold mine in the entrepreneurial world. The amount of untapped potential in your professional network ranges from talented people whom you can hire, opportunities to learn from skilled individuals to potential fundraising opportunities. The thing about investors is that: they do not appreciate being approached directly by founders. They would rather someone from within their network recommended or introduced a startup to them. This is basic human psychology: people trust their friends.
All entrepreneurs must create a dedicated networking plan to improve their reputation. An entrepreneur’s time is vital, and it must be carefully planned out in order to utilize it to the fullest. Before going to a networking event, an entrepreneur should have an idea about the kind of people he or she wants to meet. Generally, the following kinds of people are vital to a good professional network: investors, skilled professionals, veterans in the entrepreneurial world, key bloggers and local market specialists. The importance of publicity for a startup, and learning about local markets, cannot be under-emphasized.
The other important reason why you must attend networking events is to build up a potential customer base. Often, the point where ventures lose out is a lack of brand recognition and customer base. Networking events help you reach out to potential customers, and helps further your brand value. Several networking events even allow for startups to pitch their ideas on how they’ll make someone’s life easier or better, which can prove to be an invaluable opportunity. Involvement in round table professional discussions help startups grow and mature. Do not hesitate in talking to people who seem to be your superiors. They all want to help you succeed.
The core idea of networking is to stay connected. Your relationships don’t end at the chime of the last hour. It is expected that you’ll stay in touch with the contacts you make, via LinkedIn, email or other social media. Stay in touch with your contacts, gain access to their networks and see it work wonders for you. So never miss out on networking opportunities. Take a break from the workplace, let the proverbial hair down, attend a meet and make new friends. It’ll work wonders.
