Success Advice
13 Ways To Unlock The Hidden Power Of Your Network To Increase Your Net Worth
Ever wondered how you can use transformational marketing in this new digital age to increase your net worth? Well Porter Gale the Former VP of Marketing for Virgin America shows you how.
The following is an excerpt from Your Network Is Your Net Worth: Unlock the Hidden Power of Connections for Wealth, Success, and Happiness in the Digital Age by Porter Gale, former VP of Marketing for Virgin America.
The 13 Steps to Transformational Networking
1 – Assess the barriers that are holding you back
Your first step in transforming your network is to assess and define the barriers that are holding you back. Do you need to break a habit or routine? What is keeping you from connecting or reaching your goals?
Develop a list of your potential barriers. If you have a long list, don’t worry. Just focus on one at a time. Addressing them will help you experience positive change and make connecting with others an easier and more enjoyable process. Take action, start a conversation when you’re feeling uncomfortable, or ask someone to join an activity: the results may happily surprise you.
2 – Define your core passions and purpose with the Funnel Test
With the Funnel Test you can review your passions and define a purpose to anchor your networking and ultimately help you increase your happiness and prosperity. Start by identifying three of your passions that clearly defines your core interests. The area where your three passions overlap is your sweet spot.
Next, write down how you are cultivating your passions and make a commitment to improve in these areas. Now come up with a with a selected word for your tone. Like a funnel, where the contents flow from top to bottom, envision all of your actions being influenced by your tone. Last, streamline your passions and create a purpose statement of less than twenty words that describes your purpose and use it to guide you down your chosen path.
3 – Create a mind-set of positive productivity
Positive productivity involves developing a mind-set of conscious effort to make the most of your time, connections, and relationships to increase your happiness, success, and true wealth. Try to expand your circle of friends and professional allies; focus on networking opportunities, and positive productivity will help turn obstacles into growth situations.
Remember: In our global, networked economy, you can’t allow your social capital to lie dormant. Each day, to get more energy, be productive and active, and you’ll be unconsciously taking steps to build your future happiness. You’ll be surprised at how much you can accomplish if you take one step a day toward a personal or networking goal that you are trying to achieve.
4 – Develop a Give Give Get attitude
A key to value-based networking is helping others when you don’t expect anything in return. It’s not as easy as it sounds.
If you put giving back and helping others at the center of your networking and relationship building, you are likely to have more impactful and stronger relationships. By seeing networking as an opportunity to help people, you’ll discover that your actions change you for the better and help to transition out of negative states of emotion. Remember that the idea is “Give Give Get”; that is, put greater energy into giving than receiving. What you will find is that the giving will come back to you tenfold.
5 – Commit to shaking it up
Shaking up your routine and exploring new opportunities can change your life. Sometimes change is by choice and sometimes it is due to external circumstances. Regardless of where it comes from, it always has the potential to bring positive growth and learning.
Sometimes change is self-motivated, and sometimes it is a result of outside influences. It’s not always easy to predict, but when you anchor your core values and practice positive productivity, you will more successfully navigate the highs and lows of your journey. Look at ways you can proactively shake it up by changing your routine, trying events designed to meet new people, embracing unemployment (if it happens), and getting outside of your comfort zone.
6 – Accelerate your connections with technology
Technology has increased virtual intimacy and reduced the degree of separation between connections. New and old networking relationships may be just a tweet, a post, or an email away. Toss out the old ideas: networking is no longer about climbing a ladder to success with a Rolodex stuffed in a leather briefcase. A different networking strategy is paying dividends in our global, mobile economy: one that includes understanding your values, having a positive attitude, and connecting with collaborators for mutual inspiration, innovation, and support.
Embrace rather than shun the new online tools and social sites. If used properly, you can make new connections, improve your happiness, and impact your future prosperity.
7 – Cultivate relationships that support your purpose
As your network builds, the way you interact and treat your professional and personal colleagues, especially in your core circle, will have a dramatic impact on your ability to achieve your purpose and find happiness and success.
Your core circle affects how you spend your time and where you socialize, your networking success, and ultimately your happiness. Outside your core circle is your secondary circles, which have a highly important impact on your networking. Your goals are to build authentic, honest, emotionally based connections and to identify if you need any additional support or resources to help you realize your passions and purpose.
8 – Visit power pockets to accelerate networking
Look at environments, clubs, and events to see how they can accelerate or diminish your efforts and ability to live your passions and purpose. If you think of your network as a web of interconnected relationships, it is important to look at where you could get stuck and where you can accelerate your efforts.
Review the importance of your work space and the benefits of what I call “power pockets”: places and events that accelerate networking and support your passions or purpose. Think about your community or places that you visit for travel, identify two to three power pockets, and make an effort to visit or work out of a location that’s not your office. Remember that under the surface, there is learning to be had from every connection.
9 – Hone your connecting skills and learn from hub players
Create value and opportunity by embracing highly networked individuals who thrive at bringing people together. Hub players are the people at the center of the social or business sphere, and they excel at connecting themselves and others. If you are not a hub player or the idea of making small talk at a party makes your skin crawl, don’t worry; those skills can be learned and practiced over time.
When you reach out to a hub player, you’ll find the same dynamic that occurs when you meet a new friend, but with exponential levels of energy and feedback. If the two of you share professional interests and embark on a collaboration, get ready to discover new areas of learning and change.
10 – Create content, products, or services to share your purpose
Having a mindset of being a producer will help you focus when generating content or developing products or services to increase your visibility, build your network, or increase your reach. The goal of being a producer is to add value to the collective good based on your passions and purpose.
As a producer, you should actively seek to create content, products, or services that support your passions. When you do so, those activities will often result in creative enjoyment, sharable assets, and possibly financial gain. The more you enjoy your producing process, the easier it will be for you to share your output and excitement with others.
11 – Develop partnerships to extend your reach
Reaching critical mass can be accelerated by connecting with core influencers, exploring partnerships, and unleashing the power of groups. Use your passions and purpose as a filter to focus your connecting efforts and achieve your goals.
Building your audience and the reach of your personal brand or message online takes effort, but the returns can be multifold. Classic brand-building techniques such as creating partnerships, identifying key influencers, combining press and social media, among others, can be used to target your message and build a following.
12 – Learn to make successful asks.
Get your foot in the door, secure a meeting, or simply get advice; the Ask is a skill people hone over time. With the support of your network, learn to ask for help, move your projects forward and live your purpose.
Succeeding at the ask requires a blend of courage, passion for your work, preparation, innovation, and resilience. Also, remember that often magic doesn’t happen overnight. “Don’t leave before the miracle” is a phrase to remember as you focus on turning your passions and purpose into reality.
13 – Decide what brings you happiness and success: head, heart, or wallet?
Decide what brings you happiness and success: head, heart, or wallet? If your network is your net worth, what role do the people in your core and secondary circles play in your happiness and success? Do the contents in your wallet make you happy? Is happiness and success driven by what you know? Or who you know? Or both?
Remember to look inside first, outside second. Surround yourself with a values-based team, and creatively focus on living your passions and achieving your purpose. If you’re facing pivot points, get productive and don’t let your social capital lay dormant. Help others, be of service, and, remember, Your Network Is Your Net Worth.
Success Advice
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We’re constantly told about how stores are closing down and how shoppers prefer online options, but is it worth questioning this theory?
In 2024, you’d be forgiven for thinking that physical shopping is a thing of the past. We’re constantly told about how stores are closing down and how shoppers prefer online options. But is it worth questioning this theory? (more…)
Success Advice
How to Alter Your Business Approach With Technological Advancements
Keeping up with technological trends has become a challenge for almost every business owner.
Technology’s evolution has impacted everything, and business is no exception. Keeping up with technological trends has become a challenge for almost every business owner. Entrepreneurs unable to do so are being wiped out of the market.
There is no doubt that AI (Artificial Intelligence) and ML (Machine Learning) have taken over the business world. These technological advancements are impacting decision-making, success percentages, and other entrepreneurial aspects.
Adapting to these developments is integral to business success. Let’s explore how you can accomplish these milestones.
Embed the strength of AI and ML.
AI has modified business operations in major ways. For instance, companies have employed bots for customer support. These bots go through an effective learning process via Machine Learning before being able to answer like humans.
Bots can also perform detailed data analytics and make business moves with high success percentages.
ML is used more for the analysis of data chunks and generating successful predictions. This simply means that business owners do not have to worry about large-scale financial losses.
In terms of deployment and usage, a reputed company like Netflix employs machine learning for decision-making.
Blockchain is increasing the count of business opportunities
Tampering of financial transactions is quite common and causes severe monetary damage to customers. With the rise of digital payments, this risk has increased.
Blockchain is used to elevate your experience for monetary transfers. It combats penetrating events to extract confidential customer information.
Most business sectors are using block chain but finance and supply chain management sections have a higher count. These two corporate sections have several monetary deposits and withdrawals taking place.
In terms of percentage, approximately 72% and 5% of finance and supply chain firms have implemented block chain successfully.
Dedicate Yourself to Continuous Learning and Individual Development
You invest in learning some of the very important skills, including digital marketing, financial management, and how to gain customers as an entrepreneur.
You need to set up your knowledge base about doing business on Coursera and Udemy with the basics that are necessary for the business, building further by networking with experts through webinars.
Besides, Agile methodology will introduce elasticity to your company: this review and feedback system with further correction regularly will allow for enhancing efficiency and promptly reacting to the market.
Developing key skills to achieve goals
Running a business successfully is not only about having niche/domain knowledge. Business owners need to have communication / soft skills as well in addition to niche information.
Here are some key technical/domain-related areas that business owners should have a strong grip on.
Data Storage on Cloud: These days, companies do not store their data on physical servers. Therefore business owners should know how data is stored/edited/removed/updated via AWS, Azure, Google Cloud, and other platforms.
Data Analysis/Interpretation Qualities: These days, data is as precious as gold. Business owners with data analysis abilities make correct predictions. As a result, their ventures grow in volume.
Development/Coding Knowledge
Programming knowledge gives business owners an edge whether the application is developed in-house or outsourced. It assists in getting updates deployed and handling application underperformance without getting professional support every time.
Hacking proof framework
There is no benefit of having an advanced automated system if can be penetrated. Successful business owners have above-average knowledge of cyber security and hacking attempts. They are able to choose top-notch anti-hacking software without much of an ambiguity.
Communication Abilities/Soft Skills
Here are some key communication qualities that business owners should have:
Communication/Conversation: Business owners should use to-the-point sentences in both written and oral communication.
Issue Resolution Abilities: Business owners should be able to drill down to problems and solve them. This is done successfully only if an entrepreneur has in-depth business domain knowledge.
Agile Implementations
It is mandatory for business owners to have knowledge of iterative/agile models. With such a competitive environment, it is impossible for business owners to succeed without adopting an agile framework.
Create a productive well-crafted Business Strategy
A productive business venture starts with a clear vision. The first factor making a business successful is the idea behind it. It helps with endless growth and combating competition successfully. Katherine Philips once mentioned that business goals are inevitable if goals are set concretely.
- Goals should be based on smart achievements instead of complexity. Focus on the value that each one of them adds.
- Business objectives should not be vague. Key indicators should be constructed to measure the success/failure of each milestone.
- Be realistic when setting goals. Do not aim at impossible milestones since they can be demotivating.
- Milestones/goals need to be time-bound. Set a completion deadline for each one of them.
- Business goals should not be alien. Owners can think out of the box but not be obsolete / unrelated.
Create a productive well-crafted Business Strategy
Business owners cannot succeed without having a network. Some tips help in this case. Attend conferences and professional gatherings to connect with other entrepreneurs.
Here are some other related points business owners should pay attention to.
- Attend meetings and conferences to stay updated with trends and meet business owners who already have well-set ventures. This helps in enhancing the learning curve of new / growing entrepreneurs.
- Being a part of business communities/groups is very productive. When one shares opinions and discusses decision-making tactics, it helps in preventing errors and enhancing success rate.
- Even the most experienced business owners have mentors as learning never stops. Take part in mentorship programs so there is an assurance that you are following the correct roadmap.
Conclusion
There is absolutely no doubt that business dimensions have evolved with technological advancements. Successful entrepreneurs have grabbed these changes in due course of time and continue to evolve. On the other hand, people following old paths and conventional steps fade out of competition. In a nutshell, keep an eye on the processes and practices you follow as these factors decide success rate.
Success Advice
Understanding the Power of Yes and No: How to Create Boundaries For Success
These words have a significant impact on how our success unfolds
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Motivation
From Couch Potato to Go-Getter: A Step-by-Step Motivation Plan for Everyone
By understanding what motivates you, you can turn your dreams into reality
Are you tired of feeling like a couch potato? Do you want to transform your life and become a go-getter? You’re not alone! Many people struggle with motivation, but the good news is that change is possible. (more…)
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