Your Network Is Your Net Worth

I first heard this phrase from Robert Kiyosaki in his book "Rich Dad Poor Dad". Then, many people.... start using the phrase again and again, as if it was a phrase from the Bible.

But I though for a while, is it true? Does the extension of your network, simple reflected in your net worth? Or does the quality of your network determine your net worth?

I was curious. So, I ventured out to find the elusive answer through books, friends and eventually I stumpled upon a workshop. A workshop conducted by DU Advanced Toastmasters Club. Here is what I understand from the Singaporean trainer.

(1) What is networking?

Networking can be anybody. For example, the toilet cleaner, your child's friends or your friend's mother, or even the waitress serving you could be your network. They may be the next one, who introduce you to the CEO, General Manager or Head Of Department ("HOD") of a company. If this is true, then in short, networking can be built by anyone, at anytime, to anybody. This simply means you got to be nice to everybody.... huh.. (smiling)

Networking also means sharing your competence with your alliances.

Network refers to someone, who knows someone,... who knows someone,... who knows someone....... who knows someone (They may not do the job for you, but that someone may open doors for opportunity to you when you're in need)

Networking is about being professional, it is about being connected, being involved and being interested in people.

(2) So, why should people even network with you?

There are only 3 reasons, why your friends network with you, now.

(a) Your POSITION,

Just imagine this. If you are the CFO of a company, i bet you, that bankers, lawyers, partners of audit firm and all the HOD will be begging to be in your network. For a simply reason, you have the authority to deposit money into their bank, to appoint/engage them for certain service and also to approve their budgets. But the risk is, what if you no longer working as the CFO of the company? You have to think about it... because nothing is evergreen.

(b) The INFORMATION you can provide them

The second reason why people network with you is because you have certain special knowledge, skill or experience that they don't have. If you know all the gossip at your workplace, I bet, you'll have more friends. Because, whenever your collegues want some update in the office, they will go to you.

Let says if you have always known to be a person, who poses high problem solving skills among your friends. And the next time your friends, have a problem, do you think it is more likely that they will look for you or someone else on the street? Do you think they will want to keep you in their network over someone who have nothing to share. Think about it....

If you know the best place for food, or you know the cheapest car repair workshop or even the best deals for online purchases..... you'll definitely have an edge over your other friends.

(c) The CONNECTIONS you have

You knows everyone in the town, or you know all the bankers..... rather than investing hours and hours networking with hundreds of people, your friend could simply tap on the vast network you already have. The just need to know you and they'll have the key to hundreds of your friends. Likewise, it will be the same for you too.... this is call 'leveraging'.

So, most important question is, which one of the above do you poses? Position, Information or Connection? If you have all 3, well done.... your network should be extensive by now. If you have none of that, your network should be limited.

But no worries. Because, now you already know the three reasons why people network with you and guess what many of your friends, don't even realised it yet.

If you already have a huge extensive network then, well done. But if you have limited network or you would like to expand your network further, here are something you could do:

(i) make the most of your existing connections (re-connect with them thru e-mails, social community)
(ii) build your social capital (e.g. find out the best eatery place in town, the cheapest flight tickets around, the happening events in your area, the best lawyer, the most trustworthy contractors, the most reliably insurance agent, etc) and
(iii) creating new connection

A common networking session that I've been to, often happens in this manner.

First, introducing yourself to strangers, then talking with them, asking them questions, knowing them, having drinks and then...... eventually forgetting about them. Usually the last line is.... "We shall catch up again someday". But the truth is, they never catch up. Maybe at the end of the conversation, they even forget about the person name.

Most people spend time SOCIALISING, but they thought they are NETWORKING... Networking... is about maintaining closed contact thru offering and sharing with other people your social capital, so that both can connect.

Here comes my thought… expansion of network is crucial. But the quality of your network is even more important than the quantity. The simple fact is, if you lie down with dogs you come up with fleas. If you network with positive and like minded people, you'll be positive minded as well. If you network with negative people, you'll turn negative.

It's really not that difficult to figure this out, isn't it??

If you read this article and finid that it is useful, I would appreciate if you could leave me a comment. I read all my comment personally. You could even add me into your facebook to expand your network or simply subscribed to the Sunday Series's Newsletters

, so that I could update you whenever I've any valueable information to share.

Thanks,

Ken Tan