Over the years, several mentors have given me some great advice, advice that has really helped me on this journey as an entrepreneur. In this post I will share 3 pivotal ones that have had a definitive effect on my journey.

1. Only work with or hire A+ players: One of the reasons I struggled in my earlier ventures was my inability to partner the right people. I was connecting with people who were like me, or shared similar competencies. This resulted in an inability to effectively execute plans because there was always some critical skill set that was missing on the team to help us achieve our goals. I did some extensive research on partnerships, it resulted in my ideal 8 characteristics checklist. Since then, I have had much greater success. Getting the best to work with you on a startup is challenging. However, if you want to succeed in your venture, this has got to be the main focus of your startup efforts. I firmly believe that a strong team is far superior than coming up with the next big idea/concept.

2. Product to market as soon as possible: Startups are all about speed. At this very moment you can be sure that all around the world there are multiple teams working on the same business model as you. The deciding factor between success or not, is the ability to show your product to prospects and illicit feedback as quickly as possible. This is vital to ensure that iterations take place at a faster clip, and the product meets the demands and expectations of the target customer. Sitting on your idea, spending time perfecting it, is the fastest way to burn through all your startup funds. You are then placed in an extremely vulnerable situation, since customers do not really need/want what you have spent all that time and money perfecting. Rapid prototyping is essential for success.

3. In the end it is all about cash flow: Without revenue, a startup can literally count the days it will take them to reach the dead pool. The concept of building first and then figuring out how to monetize later, may work for companies who have the ability to raise millions of dollars, for the rest of us working on extremely limited budgets, this is a mistake. Misappropriation of funds leads to product delays, layoffs, low morale and essentially, failure. If you have inventory cycles, figure out ways to optimize them, if you use several vendors for your product development, find ways to extend credit terms, if you sell big ticket items, devise smaller offerings to complement them etc. Models of recurring revenue streams create stability and take a massive load off business shoulders. From the day you launch your business, the focus has to be on how to start generating revenue with what you have right now. I wrote a related post a while back on 5 tips for better cash flow management.

What has been the best piece of advice you have been given as an entrepreneur? I look forward to hearing from you.

The feeling just before a big meeting or pitch is a most exhilarating time for an entrepreneur. The possibilities of what could be, excites and scares at the same time. There is a strange feeling inside that begins to question whether you have it in you to deliver the results or not. Thoughts of what may go wrong cross your mind, although you attempt to do whatever possible to ensure that all contingencies are put in place. Overall, with an elevated heart beat, life seems to come pleasingly alive. It’s like school all over again, when you studied for that big test and came to crunch time.

I believe at times like these, it is good to first sit down and breathe. The worst thing that can happen at this point is to become paralyzed by the fear of the unknown. We need to embrace the fact that there are many things we cannot control and all we can do is to be prepared as best as we can. Even though adrenaline levels are high, a balance must be struck so that delivery of the pitch does not suffer. Once I have calmed my nerves, there are a couple of things I like to do:

1. Do your research on all the participants of the meeting or presentation. Have you interacted with them before? What were your notes? What are they expecting?

2. What value are you providing to your client or investor? Be very clear about this, and make sure that this message is repeated multiple times during your presentation.

3. What is the agenda of the meeting? How much time have you been allocated? Do your best to plan the entire meeting or presentation down to the last minute.

4. Visualize the meeting or presentation in your head. Make a mental note of who you will be meeting or presenting to, and visualize how you want the meeting to go. Whether it is closing a customer or getting an investor, you need to be able to visualize the best case scenario.

Repeat this process multiple times until you are completely confident about your delivery. Ideally, this should be done a couple of days before the big meeting or presentation. On the day of the presentation, before starting, remember to take a deep breath, and act confidently. You are now as ready as you can be for the crunch time.

How do you prepare for a big meeting or presentation? Do you have a step-by-step process? Look forward to hearing your comments and suggestions.

As an entrepreneur, networking has been an essential part of my journey and growth. However, even if you are not an entrepreneur, networking is something each one of us should be doing at some level. Networking provides us with the opportunity to reach out to individuals from all walks of life with whom we share similar passions or interests. We also meet individuals with whom we have very little in common. Either way, through this interaction we grow as individuals and start to see the world from a multi-faceted view point, rather than just our own. To some of us networking and conversing with strangers is easier than it is for others. However we must all make an effort to put ourselves out there and see what develops. Listed below are a couple of tips which have helped me become a more effective networker:

1. First Impressions: These are formed quickly, we need therefore to be vigilant about how we present ourself, and our attitude and overall body language. When meeting individuals for the first time, take an active interest in what they do, see if there is potentially anything you could do to assist them. It is important that we do not come across as pushy or just wanting to get the other person’s name card and move on. Will we always get the right impression across? Probably not, however, we have to do all we can to make sure that the signals we are sending are well aligned with the impression we want to create. To learn more about creating the right first impression please click here.

2. Business Cards: These are a vital component of effective networking. They have the ability to form a link between two strangers and potentially help that link grow into a mutually beneficial relationship. One needs to pay a lot of attention to the design of business cards and make sure that all the information is legible and well presented. Always carry an ample stock of your business cards and give them out liberally. When exchanging business cards, if required, ask politely for potential referrals. Lastly, business cards are essential, if you are not associated with any company, have personal name cards printed for yourself. To learn more about the importance of business cards please click here.

3. Following Up: This is a critical aspect of effective networking. Exchanging business cards is only the creation of link, it is our responsibility to convert that link into something greater. Three tips for following up more effectively include the 48 hour rule, which is essentially making sure that you follow up with a contact within the specified period to keep the link alive. Secondly, make it a point to follow up in context to the conversation that you had with the individual. Lastly, periodically follow up with individuals on your contact list whom you have had limited contact. To learn about each tip in greater detail please click here.

4. Building Online Networks: Online business networking is skyrocketing these days. With a plethora of websites being added almost daily, one is able to connect to just about anyone from around the world. Three ways to plug into the world on online networking is, joining Linkedin a leading professional networking site, creating a twitter account to connect with people in your niche and lastly, begin blogging to get the attention of your target audience. It is essential for today’s entrepreneurs to be plugged into the online networking cloud. To learn more about each of the services outlined above please click here.

5. Building Offline Networks: I believe developing a strong offline network is just as important as building an online one. Through these activities one is able to connect with a host of individuals around a common point of interest. It also helps bring balance to our busy lives, specially since more often than not our professional lives seem to completely take over. Join groups and events related to the business that you are in, or join social work projects that may be of interest to you or a group to play sports or social games together. These activities help increase your business networks as well as help you grow personally as an individual. To learn more on how to develop offline networks please click here.

Networking effectively, takes a lot of patience and time. We have to work on developing our networks every day by reaching out to people we have connections with as well as adding new connections. There is a need to add value to the people whom you know for those actions to be reciprocated. I would really like to get to know the readers of my blog and find ways we can help each other grow. You can find links to connect with me below.

Related Posts:

- 5 Steps to Better Conversations

I discussed online networks in some detail yesterday. Today I will cover the importance of developing offline networks. These networks require us to put ourselves out there to find opportunities through which we can grow professionally as well as personally. When I mean offline networks, I am not restricting them to only business mixers or rotary functions. To me, offline networking involves a host of shared activities with individuals who share the same passions and interests as I do. I believe developing a strong offline network is just as important as building an online one. Through these activities one is able to connect with a host of individuals around a common point of interest. It also helps bring balance to our busy lives, specially since more often than not our professional lives seem to completely take over. Some segments to look into to develop offline networks are listed below:

1. Business: Having set up one of the largest network of entrepreneurs in Far East Asia, I have witnessed first hand how effective joining an entrepreneurial club or society can be. The ability and opportunity to actually meet a host of people enables one to create stronger connections a lot faster than developing them online. I recommend entrepreneurs look into entrepreneurial clubs and societies as I believe they can be a most beneficial. Other than this, keep a look out for networking events in your industry where you have the opportunity to meet a host of different individuals. I was introduced to most of my mentors through such events.

2. Social Work: If there is a cause which is close to your heart or an organization you think is doing great work, I recommend joining them to see if there is anything you can do to assist them. The entire aspect of social entrepreneurship is an area in which many individuals are doing excellent work to ensure a better tomorrow. Joining such efforts adds breadth to your network and opens up avenues usually unavailable through traditional routes.

3. Sports & Games: Before my ventures completely absorbed me I used to be a regular cycling enthusiast. Along with a friend, I set up the cycling club at my university and we would cycle regularly over the weekends. It was great to get outdoors and get some exercise, it also helped clear the mind and once again meet some very interesting people. I learned a lot about team work, perseverance and even leadership through this activity. If not a sport, there are a host of other activities such as chess, bridge or poker where one can both network and have a good time.

Developing offline networks is an important aspect of the overall development of one’s personality. Even though at times it feels that there are just too many things to do, don’t let these activities take a backseat, find time for them. I feel having strong offline networks is specially important in Asia since there is greater emphasis on meeting face to face. Thus for an entrepreneur in this region, a balance needs to be formed between online and offline networking activities.

]]> http://www.usmansheikh.com/success-factors/building-offline-networks/feed 0 http://www.usmansheikh.com/success-factors/business-networking-online http://www.usmansheikh.com/success-factors/business-networking-online#comments Sun, 02 Nov 2008 23:26:48 +0000 Usman Sheikh http://usmansheikh.wordpress.com/?p=809 - Read More -]]> “During the past year, the total North American audience of social networkers has grown 9 percent compared to a much larger 25 percent growth for the world at large. The Middle East-Africa region (up 66 percent), Europe (up 35 percent), and Latin America (up 33 percent) have each grown at well-above average rates.” Comscore

Online business networking is skyrocketing these days. With a plethora of destinations being added almost daily, one is able to connect to just about anyone from around the world. For someone new to online networking it can be a bit intimidating. With all these tools out there, deciding which one to select and build upon can be a tricky decision. Prior to 2008 I used to rely a lot more on offline networks than online ones. This was primarily because I miscalculated the effectiveness of online networks. Ever since I started blogging earlier this year my eyes have truly been opened in discovering the true potential of online networks. Through these networks I have made some great friends, been introduced to some amazing companies, have been referred business and been able to raise funding for some of my projects. Listed below are some of the tools I use:

1. LinkedIn: This is the web’s leading professional networking destination and it is witnessing tremendous growth. I use linkedin primarily to do reference searches due to the nature of my work and have started using it to develop leads for business development. I have even started using it to identify talent to facilitate the recruitment process. I strongly recommend entrepreneurs to join this network as I believe it can greatly facilitate the development of your business. If you would like to connect with me on Linkedin please click on the link found below.

2. Twitter: This is a micro blogging tool which facilitates short communications between individuals, a group of people or the public as a whole. Essentially twitter users, post short messages detailing information in reference to their line of work or life generally. These messages can either be public or private. Other users are given permission to follow the updates of specific individuals, so as to be constantly updated about their activities. As I write this, it seems like a pretty silly concept and that is what I thought at first. However since becoming a more active user I have seen how these updates can be a source of great information, at the same time it gives you potential access to people whom you normally would not br accesing. I suggest joining it and seeing whether it is something which appeals to you or not. With its explosive growth these days, twitter is quickly becoming the destination to be online. To follow me on twitter please click on the badge below.

3. Blogging: When I started this blog I was unaware of how I could use it as a networking tool. However as time went by I was contacted by a host of very interesting individuals from all walks of life. Over the course of these last ten months of blogging I have made a host of close friends through blogging and actively reading other blogs in the same niche. In the world we live in today, blogging is very quickly becoming an instrumental tool through which one can attract like minded individuals. This can be a great source to find potential partners, employees, investors and even mentors. To begin blogging I recommend selecting a niche and then writing relatively regularly to build a following.

The deal with all of the tools I have listed above is that for them to create opportunities we need to work very hard to constantly build upon them. An empty linkedin profile will not attract anyone, twitter without relevant and interesting updates will not create any meaningful interaction and a blog which is not regularly updated will not become a hub of activity. We have to make a commitment to build our profile online, this is not something which is developed overnight. Like the real world one needs to build a reputation which is trusted and eventually become an authority who is constantly being referred to. I would really like to connect with the readers of this blog and see how we can assist each other in either a professional or personal capacity.

Related Presentations:

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