The Importance of Building Your Personal Network

One cannot stress enough how beneficial it is to have a wide arc of connections. Knowing an ever-changing society— with micro-segmentation coming into play, as well as fads, a greener economy, and healthier lifestyles—and being alone in the middle of it all may be a great risk to any businessman, more so now than ever before. Everybody needs a hand once in a while.

Maybe most of us thought that it will be survival of the fittest, and everyone else will become our competitors in applying for a job or in setting up a business. That idea is not entirely true, and this is because you may soon need connections in your business. Here are some of the reasons why:

Co-owners/partners. Taking on a big business venture all by yourself is a bold and tedious move, but doing it with a partner, while still being bold, is less tiring. But there is a risk, especially with a partner you do not fully know. How does he work with other people? How much is he willing to contribute to the business? How professional is he? Will he save you or leave you when the business is on fire? These are just some considerations. Obviously, if you plan to put a large sum of money in a business with a partner, you would want to be with someone who you can trust your life with, and that may happen to be one of your friends back in college. You know your old friends well enough to decide whether or not they can be an effective partner for you.

Suppliers. Every businessman would want to have a supplier who can be trusted, who offers them a reasonable price at the specified quality, and delivers on time. But finding one with all these traits is never an easy task, most especially on the trust part. The trick is to simply find a supplier whom you know to be reliable. Everyone you know from school, from an organization, or from your neighborhood will work sooner or later in different companies— some probably in the food industry, agriculture or even in publications—so keep your contact list updated, and always keep in touch with these people. They may be working in or even running a company that can supply corporate giveaways for your upcoming trade show, organize your own wedding, or provide printing services for your ads.

Clients. Professors, deans, and other members of the school administration may become loyal clients in the future. Surely, even they would look for trusted suppliers, and you, being a student of theirs, may be one. For businesses that just started, finding your first clients will be hard, with all the bigger and more established competitors surrounding your tiny establishment. Having people you can invite on your launch to try out your products or services is a great way to kick off your budding business.

Personal critics. That great idea you’ve thought about and have been dreaming of for so many weeks may not be that great at all once others hear it. Other people may see a lot of flaws or questionable areas that you did not see before. Having people that you can share your ideas with will give you more feedback and opinions that may one day save you and your business. Some of your friends might tell you what the next trend will be, some may warn you of coming risks, and some may suggest what product you can make next season.

Aside from professional benefits like these, having a group of people around you also allows you to talk about things, ideas and events that are not business-related. Living in a sheltered cubicle will never do you any good, both personally and professionally. Business may be a big part of your life, but it certainly is not everything. Build a network of people you know that can help you build not only your business, but also yourself.

*Originally published by the Manila Bulletin. C-6, Sunday, July 20, 2014. Written by Ruben Anlacan, Jr. (President, BusinessCoach, Inc.) All rights reserved. May not be reproduced or copied without express written permission of the copyright holders.