The Power of a Network — The Essentials
Last Tuesday we had the privilege to discuss “The Power of a Network” with a group of inspiring female investors from Europe including Dr. Aline Vedder (Ananda Ventures), Nina Jetter (Project A), Ines Streimelweger (Creandum), Judith Dada (La Famiglia) and Marie-Helene Ametsreiter (Speedinvest). Below, we distilled nine lessons from the discussion that might help you on the journey to build your personal network!
EXPECT TO LEARN
- How to choose your network and approach people
- How to build up relationships in order to maintain your network
- How to network in times of COVID-19
I. JUST DO IT
A network is something that develops over time. As well as networking skills. The most essential step is: Do it and practise it. You will get better at it gradually.
II. THINK ABOUT YOUR OWN BRAND
Ask yourself: Why am I an interesting person to talk to? What can I bring to the table? What is my passion? What makes me original? Who do I already have in my network and why? By going through those questions you will get a pretty good picture of what your brand stands for. But this is only a snapshot in time and will certainly evolve!
III. APPROACH NEW PEOPLE
When you approach new people always try to understand their needs and make them clear 1. why you are reaching out to them and 2. why you can be of relevance to them. Focus more on the “giving” part and learn to listen.
IV. CHOOSE YOUR NETWORKS WISELY
Be mindful about your own time. Getting into a network also requires effort. Ask yourself: what do I expect to get out of it? Who are the most relevant people? How much time and effort can I dedicate to that? Same applies for events and conferences: who do I expect to meet? Optimize your schedule and make it a full day of networking.
V. STAY IN TOUCH
If you meet someone new/interesting try to stay in touch with them (e.g. schedule quarterly touchpoints or a catch-up for the next conference both of you attend).
VI. BE PATIENT
Most relationships really only show their value after a couple of years. Be patient — your network will pay off some day in any shape or form.
VII. BUILD UP TRUST
Live up to your promises, follow-up on meetings, reach out yourself, etc.
Often it can be important to connect on a personal level, before diving deeper into business matters. Use the first 10 minutes to talk about something personal — this will make the other person remember you.
VIII. MAINTAIN YOUR NETWORK
Allocate weekly time of your calendar to build and maintain your network. Maybe you’ve read an article that could be helpful to someone from your network or you’ve met someone who you would like to introduce to someone else. Not only focus on your needs, but think about what you can share.
IX. QUALIFY (NOT QUANTIFY) YOUR NETWORK
There is no need to measure your networking skills by counting your relationships in numbers. Focus more on the people you have met, their motivations, what you learned through your networks and what you have contributed and helped with. Sometimes the direct outcome of a relationship lags in time. Invest in an advisor network built on trusted relationships and not on volume. Commit yourself and hold your promises. If you decide to bring advisors on board of your business, let the advisors participate somehow, e.g. by incentivizing them through equity shares so that they want to help you (for founders only).
Does COVID-19 change the roles of the game?
All the above shared learnings were made in a non-COVID/offline world. So we asked ourselves: does COVID-19 change the rules of the game and are those learnings still relevant? Yes, but one needs to be more creative and put more effort and time in virtual meetings/coffees/etc.
This might be one idea: Take a more old-fashioned way and do something out of the non-digital life, like writing a postcard or buy a book and send it to someone with a personal note. This shows that you care and that you put some personal effort into the relationship.
