In Part III of our five-part series of excerpts from The Entrepreneur’s Mind, a book by Ugandan entrepreneur and engineering specialist Joel Jaffer Aita, the Joadah Consult Founder writes about the importance of network building for entrepreneurs and innovators keen to grow their businesses and, ultimately, their net-worth.
Your net-worth is often determined by your network. The power of your net-worth is determined by the people in your network. Whoever is your colleague speaks a lot about you. It has an impact on your decisions and what kind of life you will live. A breath-taking narrative is the story of an Arab king and his servant Abdallah.
Every year, the king would award his best-performing servants. So, in this particular year, he decided his best-performing servant was Abdallah, his shoe polisher. Abdallah had an option of a price of 1 million US dollars or a gift of his choice worth that money.
After a week of contemplating, Abdallah came to the king to tell him what he wanted. Abdallah requested that the king should call him and whisper something in his ears while delivering the national address immediately after Friday prayers. The king said, ‘’Is that all you want?’’’ And Abdallah said yes. All the other employees of the king threw insults at him.
On that Friday, a smartly dressed Abdallah showed up in the mosque. As he had earlier requested, when time came for the king to deliver his address, he called Abdallah to come to him and whispered something in his ear. Abdallah replied to the king’s ear and the king nodded as the whole nation watched. The whole scenario took less than 10 seconds.
After the service, everyone wanted Abdallah’s telephone contact. By Monday, Abdallah had $100m worth of gifts and cash. Everybody knew that Abdallah was a man in the king’s network.
Who is your network? Check, evaluate and validate your network. What is your net worth? If you are not happy, reshuffle your network. The story of Abdallah and the king must be a wake-up call to us as far as networking is concerned. Most times our network is for drinking alcohol and gossiping about other people. How do you spend 4 hours every day talking about people? STOP!! Abandon that network. Have you realised this has been the same for the past 5 years or more?
Networking is an important process as far as net worth building is concerned. Networking can come in business conferences, corporate hangouts or get-together parties. Always endeavour to carry your business cards to a couple of business get-togethers.
There are people you will meet once, so grab such networking opportunities by the horn and always exchange business cards. Just like Abdallah, many people will support you if they know you hang out around important people. If you are an event organiser and you invite important people to your events, people will come in big numbers. The people who are in your network must be those who add positive growth to your life, not only those who drain you from all corners. They must be people usually encourage you even by their actions, not those that demoralise you.
Another example of network building can be seen in the story of a fashion designer named Felista. Felista was a very talented fashion designer. She had a couple of clients who at times would bargain off the prices for her products. There are times when Felista felt like her prices were too low compared to the quality of her products. One day she met a businesswoman, Eve who picked interest in her works. Felista designed a beautiful gown for Eve and she liked it. Eve was a friend to the President of the country. One day the president invited Eve to a delegate’s dinner and she wore that very dress. The president liked it and inquired from Eve: ‘’You look gorgeous, who designed your beautiful dress?’’ ‘’It was designed by a hard-working lady called Felista,’’ Eve replied.
From that day on, the president, the first lady, the entire first family and so many other people became clients of Felista. Felista’s network grew to include: ministers, MPs and corporate businessmen and women. It was a known fact that she was the president and first family’s fashion designer. Felista increased the prices on her products from there on. At last, she felt that the work and worth of her high-quality products were no longer subject to bargaining.
Who is in your network?
Get a pen and paper, write down the names of the people in your network. How beneficial are they to you? Your network is your net-worth; if you don’t have a network that is worthy to you, then you need to reshuffle it.
The narrative about Isaac, a poet, will illustrate to you that your network is your net worth. Isaac developed interest in poetry at a tender age. Everyday, he walked the talk when it came to poetry; he got involved in a couple of concerts across his country and state. He later decided to publish a poetry book. During the process of selling his book, many supported him while some mocked him. A copy of the book cost 15 dollars but there are some people who would bargain to buy it as low as 7 dollars. With the knowledge in his book, Isaac always felt like the book was worth 20 dollars. Many told him that if he sells it at 15 dollars, no one would buy it because that would be too expensive. They insisted it should go for 5 dollars to make it affordable for many. Isaac, many times, unwillingly sold his books at prices that put him in losses, but usually had numerous buyers who also valued the book.
One day, someone picked interest in his book. Isaac did not know who this gentleman was. This buyer was different; he was a Nobel Laureate. One day, Isaac was invited by this Nobel Laureate to speak at a conference. Isaac delivered the keynote speech. The Nobel Laureate later reviewed Isaac’s book. Within two days, all Isaac’s books sold out. He printed more copies through his publisher and sold more than 4 million copies.
Everybody was curious to read the book that was generously reviewed by the Nobel Laureate. Isaac’s books were sold at 20 dollars without bargaining.
From the story of Abdallah, Isaac and Felista, we learn a lot about the fact that it is not a sin to reshuffle your network. Your network is your net-worth. It is not an offence to reshuffle your network. What value are people in your network adding to you? Your network should be so rich that the presence of people around you should yield you success in one way or the other.
Look out for the fourth part of this series, out tomorrow, Thursday.
To buy a copy of Joel Aita’s book, please log onto his website, www.joelaita.com, click on the “My Book” section and make your online purchase.
