Dear Entrepreneur, Your Net Worth is the same as Your Network

On Saturday, I got an opportunity to attend a business coaching session by Barry Mitchell at the University of Nairobi.

From that brief session, I learned something about entrepreneurship that many entrepreneurs don’t know.

“Your net worth is the same as your network,” said Barry Mitchell.

He said that many people have networks but they never benefit from such networks because they do not know how to present themselves.

Networks in business, are either individuals or other companies whom you are in good terms with and can be your potential clients but you haven’t made the move to approach them.

Networks are the same as connections. The “do you know anybody” rule applies here. These are the people you know, in different fields and who can be your potential customers and clients.

“Social media does an amazing job in marketing a business but to sign a deal, you have to physically knock doors,” he said.

According to Barry Mitchell, your network can either be in the same field as you are or in a different field. To utilize your networks to the advantage of your business, Barry proposes the following steps:

i) Identify your networks. Let them know that you exist and what you do.

ii) Know what your networks are doing. Know their strengths and weaknesses.

iii) Capitalize on their weaknesses to offer a solution to them. Approach them and explain to them how you can help them.

“To succeed in business, you have to think smart. You have to think big. You have to have energy,” said Barry.

In most cases, clients will not approach you unless you make the first move. Get out of your office and literally look for them.

“Sometimes you have to make tough decision if you want to move on. Remember, a decision not made is still a decision. Sometimes, you may just decide to decide not to decide!” He said.