We rise on the shoulders of those who help us. So it’s time to start acknowledging their contribution. At least that’s the belief of Ryan Blair, writing in a guest article for Portfolio.com. Blair is the author of Nothing to Lose, Everything to Gain: How I Went from Gang Member to Multimillionaire Entrepreneur (Penguin, August 2011).
Blair’s premise is this: the concept of being a “self-made millionaire” is a myth. The most successful business people, whether they are serial entrepreneurs or buy-out kings, have relied heavily on personal mentors and pivotal business contacts along the way to reach their goals. “Self-made”? Hardly. “Socially made” may be more accurate in Blair’s opinion. In fact, the more “social” you become, the better your chances for success.
So how does this apply if you’re searching for a private equity job or trying to move to the next rung up the ladder? Blair offers these tips for becoming a socially-made millionaire:
– Take an inventory of your network. The key is to partner with people who are knowledgeable or good at doing things that you aren’t. Or finding people who can help you strengthen your weaker skills.
– Listen to your network. Applying the advice and wisdom from someone in your network is the best way of thanking them. Next to outright imitation, it’s a sincere form of flattery.
– Honor your mentors. Go one step further and always give public credit to those who had a hand in your success.
– Evaluate your network. This next suggestion may seem crass, but Blair says to actually try to put a price tag on the value of an individual connection. Prioritize who has the most value to you in your network, based on the skills or contacts they bring to the table.
– Pay it forward. Always ask yourself what value you bring to the people in your network. And try to return the favor as best you can, whether it’s inviting them to events and parties, sending copies of a book or article that may interest them, or even just buying a nice bottle of wine or champagne when you’re out with them. They need an ROI for their time and effort, too.
– And finally, Blair urges us to protect our network. Don’t jeopardize your network by pitching questionable ideas or anything that will be a short-term gain for you but have questionable long-term value for your contacts. You could lose potentially million-dollar contacts in the process.
What about you? What is your single best networking suggestion? And have you been as diligent about cultivating your network as you’d like? Add your comments below.
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