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"Who you know" is very important In business

Discussion in 'General Business and Entrepreneurship' started by William Clements, Mar 23, 2016.

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  1. William Clements

    William Clements Moderator Member

    Some might believe that it is more important on "What you know" about the business your in or want as to start but "who you know" is more important. You do need to know about the niche and if you do not you can always do research to learn about it. However, in "Who you know", these are relationships built connections that may or may not seem relevant to your business but can be what makes you or breaks you.

    Those who know other people in business might be able to turn those within their network into prospects or business partners and those people that are successful that they cannot do so with can become mentors and help you lead to an successful business. At times, they might even be at a position to help you get your business off the ground and running in no time by their wealth of knowledge, in a financial way, and/or by being in a position to help you advertise your business/tell you where to advertise or what keywords to use, etc.

    "Who you know" is typically important in life even outside of business. There are many other situations where this would be the case but business is still one of them and can be the stepping stone to succeeding or failing.

    What are some of the other situations?
    • Getting accepted into the college you want.
    • Getting a job you applied for that you want.
    • and more...
  2. Ladyferoz

    Ladyferoz Member

    I completely agree with that. Chinese have a word called "guanxi" which means a relationship. In society it relates to the dynamics of who you know, the closest western equivalent is called networking.
    It is a mutually beneficial agreement between two parties, so sometimes it can be abused and used as a shortcut to certain jobs. Say your father did a nice favour for someone a few years ago, it has to be paid back so when you grow up, you might get a nice government job based solely on the fact of guanxi.
    Who you know can make or kill your business, especially with the influence of social media.
  3. jona

    jona Member

    This is absolutely true. People fail to realize how much business gets done simply because the persons involved know each other and had worked together in the past, I am talking about contracts awarded or hiring decisions. I am not talking about nepotism, which is pretty bad, I am talking about people naturally preferring to do business and deal with other people that they already know and trust.

    The practical advice that you can get out of this is the following: network all the time and always be professional when you are leaving a job, you never know if you are going to be seeing these persons again under different circumstances.

    Another advice: if you are considering to start your own business, choose an area or market where you have lots of contacts and know a lot of the key people that are in charge. If you happen to know a lot of people that work in the medical profession, for instance, see if you could get something going in that area.
  4. Alaine

    Alaine Member

    This is why everyone should [even if you don't know people] forge new relationships on social media networks. Earning the trust of some people might not be easy but keep your eye on what you'll be gaining when you eventually earn that trust . . .

    One thing I learned whilst "hanging out on Facebook" is that even if you don't self-promote as long as people know who you are, and what you sell, even if they don't intend to buy something from you, they could still help promote your business if any of their friends want to buy something that you sell.
  5. William Clements

    William Clements Moderator Member

    I would have to agree with the comments the 3 of your made so far on my post. I do want to add that building relationships especially building lasting and trusting relationships does take a lot of work and time. I have relationships with people I have built with and took year to get their trust and others that did not take as long. Although, it is a slow process it is the most successful way to go.

    For those who are looking to get rich quick or a program to do that with, good luck! Those programs lie to you and do not work. Most people continue and pay for another system after another when they do not work. I am here to tell you, there is no such thing as a get rich quick program that is true to its word.
  6. Biju

    Biju Member

    I cannot stress the importance of networking. I do it all the time for my freelance clients. Also being able to spot opportunity is great. There's been a posting by a very large, well known, and reputable company for months now. i applied to it, but I can imagine they have thousands of applications to shift through. So time and time again, mine probably was never even seen.

    Anyway, I spotted a listing from a recruiting company that seemed very similar to the job I just described. On a hunch, I just applied. The very next day, I get a phone call. Turns out I was right. It was for that job I really want.

    Having the connection with the recruiter got my resume in front of the company's hiring manager. I am now gearing up for a 2nd phone interview. So, it just goes to show you.
  7. Valerie

    Valerie Member

    Reading everyone's posts, I think I've nodded so much I've given myself whiplash. Seriously, almost every single job I have ever done (minus the anonymous freelance transactions done online), has been through a build up of connections and "I have a friend that can help" scenarios. Hearsay is a very powerful tool in human society. It's the reason why marketing and promotion is such a successful business.
  8. remnant

    remnant Member

    At the root of who you know is the fact that the human resource is the most important element in the economic continuum. All the physical and structural aspects of life including space exploration emanate from the intangible realm in the form of an idea. Networking is extremely crucial and this is demonstrated by a recent Nobel Peace Prize winner for economics who postulated that there is a mismatch of supply and demand due to lack of information. This can only be secured through human interaction.
  9. Nancy

    Nancy Member

    Yes, yes, yes! 'Who' is as important as 'what' you know in your business. In my 25 years in a niche business, the only ones who made it for the long haul networked and had good relationships with others in the same niche. Those who kept their distance and would not work together are long gone. Those of us who networked and worked together were able to help and support each other to the benefit of our individual businesses; it was not a detriment as some seemed to think would happen.
  10. jikajika

    jikajika Member

    To add to this, it's not just about "Who you know, but how you know them".
    I can say that, "I know Pat Flynn".
    Other: "Oh, how do you Pat"?
    Me: "I listen to his podcasts every week".

    But that doesn't mean that I know him. It means that I know OF him.
    I know him if we exchange emails on a monthly basis. I know him if I know his middle name.
    See the difference?
    So, I know you're thinking, "Well how to do I get to KNOW this person"?
    Read and comment on the articles they write and post on Facebook. Retweet their tweets. If you do find their email address, drop them a line on a book/article/podcast you think they'll enjoy because they just got finished writing about something similar. In essence, provide them with value from time to time and DON'T. ASK. FOR. ANYTHING.
    Like in life, build a relationship with the person. Then WAY DOWN THE LINE when you need their assistance, they'll be happy to help.

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