As an entrepreneur, I often get asked about how entrepreneurs can successfully grow their businesses, especially startups. The answer? Building relationships!
Experts have predicted that 80% of startups fail within the first three years of establishment, and my six years of experience as an entrepreneur have made me realize that one of the keys to growing a business to build relationships.
And it shouldn’t just be any form of relationships. Build the right connections!
While it can look difficult or sound discouraging, especially if you’re a newbie in the game, having the right connections could land you that investor or funding to grow your business. Establishing a meaningful relationship with people in a relatively higher place can get you the support needed to grow your startup.
The truth is that the right connections could help you form a partnership that will change the course of your entire company for the better. The right connections could also help you grow your company right, leaving you with enough time to design the future of your company.
Before we discuss the strategies, here’s why having an entrepreneurial network is important.
You Need to Build Your Network
You don’t just get connections as soon as you establish a business. You need to strengthen, build, and improve your network. While you might have had some connections – courtesy of family and friends – you need to form business relationships with people who would be beneficial to your business. Additionally, when building your network, ensure that you create relationships with people with different backgrounds and experiences.
You Need to Improve and Strengthen Your Network
Improving and strengthening your entrepreneur network isn’t just about knowing people. You have to connect with them as well. For example, you might have hundreds of friends on LinkedIn, but how many of them are really your friends?
Would you trust that friend on social media that likes and comments on your posts but hasn’t taken out time to build a real relationship with you? You’d probably be more likely to invest with them if you knew and trusted them, right?
Don’t stress if your entrepreneurial network isn’t where you’d like it to be. Instead of worrying, focus on building and improving your network. As you continue to grow and meet people, your network would expand as well.
If you want to focus on building, improving and strengthening your network, especially if you’re starting as an entrepreneur, these 3 sure-fire strategies which I’ve used and still use will help grow your network.
Attend social events
Being an entrepreneur can be very lonely. I tell people that it’s a lonely journey. From feeling like you’re the only one invested in your business idea, to having faith in your product/service (even when family and friends believe differently), it can get very overwhelming. Going against the grain, taking a risk and coming up with business decisions that will ensure your business’ success can also get tiring.
Therefore, there’s nothing as liberating as taking a break from the office or work to clear your head. And the great thing about attending social events is that it’s a great way to connect with other entrepreneurs and business people, as well as improve your network while having a bit of fun.
While some events are specifically for networking, other events are just some fun parties that turn into networking opportunities. So next time, don’t hesitate to attend private events like menu tastings, gallery openings, store launches, cocktail hours, etc. Go make some connections!
Start talking to everybody
While this can be very difficult, especially if you’re a reserved person, your entrepreneurial network can only grow and improve when you talk. For example, that young junior executive could be very knowledgeable about branding than that consultant you chatted with five minutes ago. Who knows, the receptionist at the lobby could give you that perfect business name you’ve been looking for.
Although your objective when talking to people may be to build your network, don’t make conversations revolve about you or your business alone. Be sincere and start genuine conversations with people. Instead of focusing on selling you or your business, approach people solely to establish a relationship and let the networking happen from there.
Follow-up and engage with your connections
Don’t let those business cards you collected be filled with dust on your table. Follow up! Since the goal of networking is to connect and develop relationships, ensure you follow up on conversations or reach out to your connections just to check up on them. This can go a long way in cultivating relationships that would ultimately benefit you and your business in the long-term.