Is networking a skill required by established entrepreneurs? Apparently it is1, even though many entrepreneurs consider themselves too busy doing exactly what they need to do to build their business for the random unplanness of networking.
There are zillions of blogs with advice for attendees on how to navigate the social and logistic challenges of networking. Here, I ponder what differentiates a great event from a mediocre one, inspired because I’ve discovered PitchitTO/York/Durham/etc 2. The Pitchits are 3 for 3, as far as I’m concerned. Being the analytical type, I need to dissect to find the ingredients that makes them so good.
I recommend networking to entrepreneurs for three reasons: learning, community, and building the business. Controlled serendipity is a rush. There’s magic when you bump into the person who:
1. can explain something you’ve been trying to figure out (or you’re the explainer and help someone else), [learning]
2. has the same challenges you do, [community]
3. wants to hire you to do a project you know exactly how to do [business].
Recent examples I experienced from each category:
1. On marketing. Do you find it hard to speak convincingly about your own abilities – key if you provide knowledge-based services? Someone said to me: ‘Consider it a natural ability that you should share.’ Wow! That sounded so much more palatable than pushing services. It turned ‘I’m selling this thing and I think you should buy it’ into ‘Let me help you because I know how’. [learning]
2. Sleepless nights. Even though I do a lot of speaking in front of (sometimes) critical audiences, it makes me nervous. Sometimes, so nervous I can’t sleep. Hearing someone else, a successful, public-speaking someone else, recount the same experience, only worse, gave me great comfort that even when it looks easy, it isn’t. [community]
3. Clients. Yes, I’ve found clients at networking events. [business]
A good networking event makes it easy for every attendee to find people to learn from, share with, and do business with. And this happens how? I won’t pretend to have the perfect recipe, but can make a few observations based on years of attending everything from the dullest events where no one moved from their front-of-the-room-facing seats, to ones that were so high energy I needed several hours to calm down afterward.
Here’s what I think makes a good event:
- The right physical space. Find an interesting, quirky setting. Maybe it has natural beauty, sunlight, water, or a forbidden quality. Make it somewhere people feel good. If they have to sit down, have them do it at large tables. Small ones form hard-to-enter cliques. Treat the attendees like house guests. Give them food, drink, bacon even.
- Invite well. We all know the marketing rules about reaching the right audience – publicize to find unconnected but like-minded people and those with a breadth of experience from seasoned to fresh out of school. Stack the deck of attendees with people you know will mingle and be inclusive. It’s a numbers thing3 – if enough of the attendees are determined to talk to everyone, then everyone will talk to everyone.
- Awesome leadership. It works in large corporations and small, and networking events. Good leadership – vision, coaching and walking the talk, will set the tone. The message should be loud and clear that everyone is there to help each other and learn from each other and do business together (see above three principles).
- The Program. Putting effort into crafting a stimulating program will get people talking. Inciting excitement gets the room riled up and ready to chatter.
- Fun. The culmination of all of the above, the atmosphere, the attendees, the leadership, and the event schedule, should be fun – enjoying life while making things happen.
Finding networking events that deliver all these things won’t happen all the time. And there is an element of personal fit. Not every venue, topic, or style energizes everyone in the same way. My latest find – the Pitchit events – have all the right elements – atmosphere, appropriate crowd, supportive message from the organizers, presentations every entrepreneur can related to, and serious fun.
Go find the perfect event for you. There will be people there you should know.
1For example, this academic study suggests so: Morris, M., Webb, J., Fu, J., Singhal, S. (2013) A Competency-Based Perspective on Entrepreneurship Education: Conceptual and Empirical Insights. Journal of Small Business Management 51(3), pp. 352–369.
2 Pitchit is a new GTA thing where several startups are given ten-ish minutes to present their business to the crowd which contains a variety of potential investors and fellow entrepreneurs.
3There’s a mathematic model here somewhere, but let’s settle for: if there are three people, one of whom is determined to talk to everyone, and the other two who are cliquing, everyone will talk to everyone because the outgoing one will intervene with the other two. To get the idea of how many zealous networkers you should invite: multiple by one third of the number of expected attendees after subtracting the people who look like they are networking but are really running the event. Divide the program time by the time it takes for a good networker to have a conversation. Combine these factors. Do this in hexadecimal and it should predict the logarithm of the number of new dollars invested because of the event. 🙂