“If we create networks with the sole intention of getting something, we won’t success. We can’t pursue the benefits of networks; the benefits ensue from investments in meaningful activities and relationships” – Adam Grant
Have you ever heard the adage; your network is your net worth? What are your thoughts about it? Do you agree or disagree? Does it depend on your industry? Does it depend on the individuals that you network with? Take some time to think about networking – is it really that important?
As you may very well know, it is difficult to find an individual that is ‘self-made.’ What is meant by this? As Miller Cole (2019) notes, “for many individuals that have succeeded in their career, the causes have largely been contributed to the strong networking channels they have created over time.” One important consideration beyond who you network with is the relevance that an individual may have to your career, your aspirations, and what you may want to accomplish in life. This leads us to the definition and intention behind networking.
Networking, which often occurs in a business casual setting (e.g., breakfast event, lunch meeting, happy hour, holiday party, networking events, masterminds, etc.), is meant to help individuals/professionals connect with one another with the goal of helping each other grow in their respective careers. Does this mean that attorney should only network with attorneys? Long story short, no. An individual may want to approach networking with the goal of building and developing an ecosystem. According to Gal (2019),
“A (professional) ecosystem is a complex environment, containing multiple types of roles / organization / individuals, that all have a mutual incentive to come together and learn, grow and collaborate.
These are new organizational structures that put emphasis on flat and diverse teams working together in collaboration, rather than the hierarchy / separated structure that ruled until now in the business world.”
Let’s explore this concept in greater detail with a real estate example. Suppose you are a real estate investor, and you specialize in commercial real estate investing. Could you close commercial real estate deal by solely knowing other real estate investors? Potentially. What if you had mentors, hard money lender, bankers, insurance provider, mortgage brokers, contractors, etc. in your network? Would that make it easier? Could each of you help one another grow in your respective field? That is for your to decide!
Sources:
1. Gal, Nitzan, 2019, ‘What is a Professional Ecosystem?’
2. Miller Cole, Bianca, 2019, ’10 Reasons Why Networking Is Essential For Your Career’
This information presented on this site is for informational purposes only and does not constitute an offer or solicitation to sell shares or securities in the company or any related or associated company and is not a recommendation to pursue a specific investment opportunity. Any such offer or solicitation will be made only by means of the company’s confidential Offering Memorandum and in accordance with the terms of all applicable securities laws.
