Networking in the Connection Economy

Online, most people are still working in the industrial economy, not in the connection economy. In the industrial economy, media was used to broadcast ideas and information about a product or service. Media was a soapbox. 

In the connection economy, we are suppose to engage with each other online. It’s not easy. The connection economy takes more work and needs to have a personal connection. Only when that is done, we get rewarded (with a new client or referral).

In the words of Seth Godin:

A good job is largely anonymous and forgotten (but still important). A personal job, on the other hand, is humanized. It brings us closer together. It might not be remarkable, but it stands out as memorable because (however briefly) the recipient of the work was touched by someone else. Often, remarkable work is personal too, but personal might just be enough for today.

The revenue of networking is:

Cash

Attention and Trust

Referral

Some networkers network for cash. They want to make a sale and they want to make it right there and then. This is very short term.

The second group are soft selling. They are looking for people who will do business some time in the near present or distant future when that person needs that product or service. This is a good approach.

But the best approach is one of mutual benefit – the referral. If networkers can reach the point of understanding and trust with each other that when someone they know is looking for a Realtor, a mobile website service provider, a graphic artist…they can say “Call this guy, he’ll take great care of you”, then you’ve helped your friend and you’ve helped your network connection. You’ve also helped yourself.

I was recently listing to a podcast about this very topic. It was by Seth Godin. If it were in print I’d link to it here. The guy is a marketing genius.

Here’s another related thought (also by Seth Godin). Are you a freelancer or an entrepreneur?

If you’re a freelancer, your networking style is for cash or attention and trust. If you’re an entrepreneur, you’re working for referral. Entrepreneurs are great at getting people to work for them. Freelancers work for themselves.

Here’s some questions:

If you were to go on holidays for a month, could your business continue without you?

Who do you have working for you?

Are you effectively networking?

Keith Marshall is a Realtor with Royal LePage. He blogs at keithmarshall.ca and 365 things to do in Kitchener Waterloo 

Kitchener-Waterloo Entrepreneurs on LinkedIn begins to take on Regional flavour

Charles Borras' LinkedIn group, Kitchener-Waterloo Entrepreneurs, has turned out to be the starting point in an expanding network of entrepreneurs in Southwestern Ontario, Canada with tentacles now reaching to U.S. border cities.

The nearly 1400-member Kitchener-Waterloo Entrepreneurs group on LinkedIn represents the cream of the crop of the entrepreneurial community of the Twin Cities.  All the major players in entrepreneurial activities in the area belong to the group and its membership continues to grow on a daily basis.  The London Entrepreneurs group is not far behind at nearly 800 members and also continues to grow.  Both the a Toronto and Guelph Entrepreneurs groups now have nearly 200 members each. 

Smaller cities in Southwestern Ontario are also part of this growing network.  How the network will continue to grow remains of interest to many observers.  The organization is unique in that it offers access to local entrepreneurs by other local entrepreneurs in their home town with the ability to access similar groups in other towns.

Mr. Borras is unaware of any other similiar entrepeneurs organization with this regional appeal.

The Network of Entrepeneurs starts where you are

Entrepreneurs are found everywhere and that is why Kitchener-Waterloo Entrepreneurs is part of a network of LinkedIn groups in Southern Ontario.  With this arrangement, everyone can network within their home area, but can also look to see what is going on in other neighbouring communities.

Affiliated networking groups include:

Barrie Entrepreneurs
Brampton Entrepreneurs
Brantford Entrepreneurs
Burlington Entrepreneurs
Cambridge Entrepreneurs Ontario
Chatham Entrepreneurs
Goderich Entrepreneurs
Guelph Entrepreneurs
Hamilton Entrepreneurs
Ingersoll Entrepreneurs
Kitchener-Waterloo Entrepreneurs
London Entrepreneurs
North Bay Entrepreneurs
Owen Sound Entrepreneurs
Sarnia Entrepreneurs
St. Catharines Entrepreneurs
St. Thomas Entrepreneurs
Tillsonburg Entrepreneurs
Toronto Entrepreneurs
Whitby Entrepreneurs
Woodstock Entrepreneurs

New Bloggers Welcome

I want to thank all those who have agreed to become bloggers for this blog.  I look forward to reading your posts.  You are a diverse group of people who are all entrepreneneurs in Kitchener-Waterloo.  I also look forward to seeing in what directions the content of the blog goes.  This is still a big experiment.  Just how the community responds to the articles will also be very informative.

Last month the blog had 300 page views and 17 followers.  With the uptick in readership, I invited new bloggers and many people volunteered.  I am still looking for more bloggers, so if you are interested in letting the Kitchener-Waterloo Entrepreneurial community know what you think, feel free to contact me, Charles Borras.

The Elevator Pitch in 5 Simple Steps

The goal of entrepreneur is to sell themselves as a product or service. After all, clients decide to hire your company for your services to work with you. You are the face of your company and have to be able to sell your skills. How are you going to win them over?

What you need is an Elevator Pitch. An Elevator Pitch is based on a simple concept. If you were on an elevator ride with someone who could further your business, what would you say before they left the ride? You only have a short amount of time to sell yourself. So, if you were a computer engineer or software developer and you saw Mark Zuckerberg or Mike Lazaridis, what would you say? You have under a minute to form a lasting impression.

Here's a general outline on creating an Elevator Pitch. These are crucial for networking events, such as KW Chamber of Commerce galas, or trade shows. Remember to keep it short, precise, and under a minute.

1. Introduce yourself.
2. Say what you know about the other party. 
3. State two skills or ways you can contribute to the other party. Remember to be short and concise.
4. State what you hope to achieve by talking to them. Do you want a job interview? An introduction to their business connection? An acceptance on Linkedin?
5. Conclude by thanking them for their time and summarize the aforementioned two skills you want them to remember you by.

Some other key points to remember are to keep your Elevator Pitch short and precise. Present yourself with proper body language. Always be prepared; have your business card available at all times.

This has worked for The Event Firm Inc. many times. While supervising our client's events, we have met other business professionals who wanted more information about our company. We have booked many clients using this method and paired it with the fact that most customers are repeat and referral customers.

So keep trying your Elevator Pitch! You never know when it will come in handy. Comment on your experiences below!