Build a network

"It's not what you know, but who you know."

Welcome to the latest post in my journey to build financial literacy for young adults and their families. Today’s post is about networking - what networking is, why it's important and how to network in an authentic and genuine manner without being shallow.

It's the end of August and we're a couple of weeks away from taking my son to his university. As he prepares for school, I've been talking to him about the importance of networking. In addition to the academic learning, networks are one of the key values of college. Unfortunately, it is a topic which many young people don't consciously think about, but will be of great importance in their lives.

What is networking and why is it important?

"Networking involves establishing and developing long-term relations of mutual benefit with people you meet in different places." (Capital Placement).

There are many benefits of networking, with the following three being the most important to me:

• Broader mindset and expanded access to skills and knowledge: A broader range of people with whom you interact with leads to a wider range of topics and viewpoints to which you are exposed. In addition to helping you become more openminded, this exposure can identify skills and knowledge that you might lack and open doors for you to build those
• Exposure to new opportunities: The more people you know and interact with, the better the likelihood that you will hear about or be recommended for new and emerging opportunities. One simple example is finding a new job. A recent article by Zippia says that the vast majority (85%) of jobs are found through networking and 70% of jobs are never publicly published (What percentage of jobs are found through networking?). It's human nature to be more likely to offer key opportunities to people that one knows and trusts, or is known and trusted by a close acquaintance, so this statistic isn't surprising. By being connected to the people who are hiring for jobs in which you're interested, you will have a great opportunity to learn about and get those jobs
• Makes you a better person: Good networkers are those who believe in and contribute to the "mutual benefit" part of networking. By giving selflessly and supporting others in your network, you become a better person who others are happier to be associated with. While you should not view your network as a transactional grouping, karma does exist, and an added benefit is that your network will be there to support and give to you in return

Networking is difficult to do. Especially for those of us (myself definitely included) who are more introverted. It requires taking the time and effort to get to know others and then to maintain the relationship. For many of us, it also takes an extra jot of courage to make that first step to introduce ourselves to somebody new and then keep in touch with them. However, it is something that gets easier as you do more of it.

How to network in an authentic and genuine manner

The best way to network is to be curious about what other people are doing and take a genuine interest in what matters to them.

Most people like it when others take the time to listen to them and the things that matter in their worlds. They also appreciate having the good things that they've done pointed out to them. So, it actually isn't that difficult to say something nice to someone when you first meet them - for example, that was an interesting comment that they made in class or they made a great play on the sports field. Follow that up by asking some simple questions that encourage the other person to talk more about what was going on in their minds as they made the comment in class or the play on the field. By encouraging them to talk, you learn more about what makes them tick. As the conversation continues, share something about yourself that may be a common interest or experience.

Much like making a friendship, building a network is about finding commonalities between you and the other person. Because networking is difficult for everyone, you will find that most people will appreciate the efforts you're making and will reciprocate. Of course, there will be a few who don't reciprocate, but that's OK as you don't need everyone you meet to be part of your network.

Being genuinely interested in others is also a great way to avoid a major pitfall of networking - viewing relationships as transactional and being focused on "what's in it for me". Most human beings have great intuitions and can easily sniff out someone who's being shallow, so don't be that person. Be genuine in your conversation with the other person and make the effort to truly learn something about them and also share things about yourself.

Once you've established a new relationship, you need to make an effort to keep it up. In today's world, there are so many ways that make it easy to keep in touch with your network. Social networks like LinkedIn or Discord are very easy ways to keep in touch with folks with whom you've started a relationship in ways that are very relevant to them. For example, my son set up a Discord group with the other kids in his high school who are going to the same university. He didn't actually know several of them well during high school, but they've been exchanging messages on signing up for classes or what to buy for their dorm rooms. Similarly, he's LinkedIn with a number of the other teachers from his summer job (where he taught young kids at a coding agency). Many of those other teachers are also studying Computer Science in college and I'm sure they'll be of help to each other when thinking of which classes to take or looking for internships. The key here is to find something which is of relevance to the folks in your network and maintain periodic contact. Over time, this repeated contact will deepen the strength of your relationship.

This completes today’s post on networking. The practical steps you can start taking from today’s post are:

• Make a conscious choice to network: when you meet or work with someone new, take the initiative to develop and then maintain the relationship
• Be authentic in relationships within your network: Be genuinely curious about the other person and try to "understand where they're coming from". This will transform your relationships from the transactional part of networking that most people dislike to authentic relationships
• Remember that networking is a two-way street. Make sure to unselfishly support and help out people in your network. Beyond making you a better person, this also makes it more likely that you'll get help and support when you need it most

Thank you again for joining me on my journey to build financial literacy for young adults and their families. If you have found this post interesting and have friends and family who would benefit from it, please share it with them. If you are interested in reading more of my posts, please consider becoming a subscriber by clicking the button on the right. You can always access all the posts I have published on my author page at https://vocal.media/authors/sudhir-sahay. Additionally, if you have any questions on today’s topic or if there are any topics you’re interested in my broaching in future posts, please let me know. I can be reached at [email protected].