Rodeo Report, part 3: N(o)tworking
So much of life revolves around the relationships we build, few careers are a better example than investment banking. Whether its M&A or S&T it sure helps to know a BSD who can pass along your resume or help you out somehow.
But how to utilize these brushes with power to your best advantage? Better yet, how not to complete ruin your opportunity of ever building an effective relationship with this person?
This past weekend at the Energy Rodeo, one presenter stood out with regard to these thoughts. Though his presentation was impressive, that was not it. There were quite a few sharp people, bringing a variety of perspectives to various panels.
This guy, however, had his own entourage following him from the cafeteria and through the hallways. Hanging on his every last word, as if his story about Starbuck's actually meant:
I am hiring you all right now and giving you a seven-figure bonus.
So without further ado, here is today's mini networking guide. This is an advanced model to be used when confronted with an influential man or woman, who is used to being looked to for help, advice, guidance and leadership.
It is a guide of what not do, which should shed the light on what to do.
How NOT To Ride the BSD:
1) Don't Fall in Love
After the presentation was over, I gave this guy a slap on the gut and told him that he managed to morph from a regular guy into the hot chick at the bar. He knowingly laughed, though a few bystanders did not. Nobody takes the hot chick home guys, not when there's a line of suitors groveling at her feet. On the same token, his business card becomes pretty worthless in your hands when you're one of the horde.
2) Don't Sell at a Sampling
While our favorite character was being hounded by the fans, a few went further than others. Asking for a job, asking if there's room on a particular desk, asking just about anything direct in relation to a job, (especially as part of a large group) will get you remembered. As an idiot. Don't do it. Autographs are for trade shows, keep your distance.
3) Don't Be a Giggly Girl
This is a gender neutral comment. It applies even if you are in fact, a giggly girl. Yes, this man is in a position you would someday like to occupy. Yes, he has knowledge of and power in a field you want to work in. Yes, I get it. Yes, he has something you want. The problem?
He knows this, as well.
This is precisely why laughing at everything he says. Hanging on his every breath and being so obvious about it, has the value add of swallowing a bullet.
He knows that he is not that funny and is ultimately not looking for a squire or a hype man to tell him how great he is. Don't be the giggly girl if you want to be looked at as a business person. Remain his equal, because you already are.
4) Don't Ignore, Listen to What is Being Told
So there I sat and laughed under my breath. For about 45 minutes I listened without much interest, but hearing every word and rolling my eyes. I couldn't believe how many utter fools were ruining a beautiful opportunity. There was our guy, telling them precisely what he looked for in a candidate and there they were, not displaying a drop in the bucket of what he was looking for.
HINT: The next time you are at a financial industry related networking event and a presenter tells you he is looking for: a strong interest in markets...
do not spend five minutes talking about your leadership experience in your local quilting society! Don't say you really love to travel! Don't talk about food!
Maybe he went to a football game last year, maybe he played football in college, but being a star quarterback on your junior high school team is not what will get the ball handed off to you at this point.
Focus on what he told you, not what you think he wants to hear.
5) Don't Follow the Pack
Since there was lots of action, I cannot say for sure if someone actually did the smart thing.
But kudos to anyone that did and open your ears to anyone that didn't.
Financial markets are a great example of how the herd mentality can fuck things up, not just for the crowd but for the world outside it. Yes, you can make money when markets move...but...if everyone jumps on a given bandwagon at once...the tide will change.
When there is 20 people huddled around one guy, hanging on his every word... NO you do not want to meet him, right then and there. You are just making yourself another face in the crowd not worth remembering.
Wait until there is room to breathe. Wait until the closing seconds of the event to take you shot at glory. A novel move may be to get business cards printed if you don't have your own.
Trust me, a business card that reads ambitious student with eyes on the prize will be far less douchy then a complete dining room set worth of ass clown cheesing and greasing palms.
The Bottom Line
The gatekeepers on your path to success are just people. They may carry impressive titles and hold important roles, but they bleed like the rest of us. There is no reason to stress them out or stress out over them. When going into any networking situation or a big event like the Energy Rodeo, keep this in mind.
More importantly, keep the following firmly at the front and center of your brain:
Your success in this industry or any other, hinges on your ability to get things done.
Standing around, waiting to talk to people gets nothing accomplished. No matter who they may be.
That's enough on the subject from me.
Comments
Fantastic post Midas. Made me
Fantastic post Midas. Made me think of the scene in Harold & Kumar where the club at Princeton is harassing Harold about his IB job.
Financial Modeling Training
Guide to Finance Interviews
GoodBread wrote: Fantastic
Fantastic post Midas. Made me think of the scene in Harold & Kumar where the club at Princeton is harassing Harold about his IB job.
Ha, great reference.
Excellent post Midas. Much
Excellent post Midas. Much of the advice you gave partly explains why I hate networking. Spend 95% of your effort on learning and doing a good job and 5% on marketing it, and the networking tends to take care of itself.
Work hard, play hard.
GoodBread wrote: Fantastic
Fantastic post Midas. Made me think of the scene in Harold & Kumar where the club at Princeton is harassing Harold about his IB job.
"Hi! Kenneth Park class of 2004. This is actually a two-part question. I’m applying for an internship at Brewster Keegan, and I was wondering:
a) what it’s like being an investment banker and
b) would write me a recommendation?”
Agreed 100% great advice.
Agreed 100% great advice. Case in point at the energy rodeo, the first speaker comes up and is being harassed after he finishes with crowds following him around and trying to get face time with him. Then probably not even an hour after we have our next panel; people are on to the next guy with a huge crowd, and I immediately look for the original speaker and there were maybe 3-5 people surrounding. I just laughed under my breath and eventually got time to talk to the original speaker once things died down a bit.
I know EXACTLY who you're
I know EXACTLY who you're talking about Midus. I attempted to talk to the guy but there were 4 or 5 people actually waiting in a line to talk to him. One guy asked him for a job and another asked what positions were open. It was when I heard him say "we're only taking summer analysts" that I quietly walked away and talked to someone else until his crowd went down a bit and try talking to him again. Unfortunately, time ended and he said "I'm going to grab lunch. If you want to know anything else, I'll be in the cafeteria."
I was going to follow him but then realized something: this was all after everyone ate. The guy was talking to people through lunch. So I figured the last thing he wanted was someone hanging over his shoulder while he was trying to eat. I never got a chance to talk to him because we left early which is unfortunate but it was great hearing what he had to say.
IlliniProgrammer
Excellent post Midas. Much of the advice you gave partly explains why I hate networking. Spend 95% of your effort on learning and doing a good job and 5% on marketing it, and the networking tends to take care of itself.
Thanks Illini. We've debated this one before, me and you. Though I agree with you 100% on the logical end, irrationality often rules the day. There's no question that jobs often do not go to the most competent candidate. This is why I sometimes think that a purely mechanical process might weed out those who coast on charm, eloquence and good looks.
But then I stop and think, wait!!!... how the fuck would I ever get a job again?!?!
Where I unload on Twits and take verbal S***s
brooksbrotha wrote: I know
I know EXACTLY who you're talking about Midus. I attempted to talk to the guy but there were 4 or 5 people actually waiting in a line to talk to him. One guy asked him for a job and another asked what positions were open. It was when I heard him say "we're only taking summer analysts" that I quietly walked away and talked to someone else until his crowd went down a bit and try talking to him again. Unfortunately, time ended and he said "I'm going to grab lunch. If you want to know anything else, I'll be in the cafeteria."
I was going to follow him but then realized something: this was all after everyone ate. The guy was talking to people through lunch. So I figured the last thing he wanted was someone hanging over his shoulder while he was trying to eat. I never got a chance to talk to him because we left early which is unfortunate but it was great hearing what he had to say.
I remember you pretty well from the Event and you have a pretty good skill set/approach but you can't be too timid. Of course I'm not suggesting cutting everyone in line but don't be afraid to strike up a conversation with 3 guys in suits talking amongst each other. The chances that they'll remember you are much greater than the guy with a line of would be job seekers. Proactive doesn't have to mean being rude just gotta find that happy medium.
If I had asked people what they wanted, they would have said faster horses - Henry Ford
Great post Midas. I heard
Great post Midas.
I heard some crazy questions, my favorite was..."How's the culture at your firm?"
IlliniProgrammer
Excellent post Midas. Much of the advice you gave partly explains why I hate networking. Spend 95% of your effort on learning and doing a good job and 5% on marketing it, and the networking tends to take care of itself.
This may be how it should be, but I disagree. If nobody knows you're good at something, then you're not. Perception is reality. If pharmaceutical companies sold drugs just because they work, the companies wouldn’t spend twice as much money on marketing a drug as they do researching the drug.
knaegeli wrote: If
If pharmaceutical companies sold drugs just because they work, the companies wouldn’t spend twice as much money on marketing a drug as they do researching the drug.
Before you say that, you should read Wikinomics.
If I had asked people what they wanted, they would have said faster horses - Henry Ford
knaegeli wrote: Perception is
Perception is reality. If pharmaceutical companies sold drugs just because they work, the companies wouldn’t spend twice as much money on marketing a drug as they do researching the drug.
Absolutely, but pharma is trending my way on this. They used to have armies of pharmaceutical sales reps lobbying doctors to prescribe more medicine, but today, they spend a much greater percentage of their advertising budgets directly marketing to consumers. The next step, of course, is to make sure you've got a great product to market.
Reputation needs to trump networking. I want to get a job because people know my work than just because some guy did me a favor. And you do need to cultivate that reputation, but 5-10% of your energy spent on marketing is all you really need. "IlliniProgrammer came up with his own risk-free arbitrage strategy and a program to help everybody trade off of it? Sweet, if I'm ever running a hedge fund, he's my chief quant."
So my view is that as an employee, you have a responsibility to devote 90-95% of your energy to the task at hand. The other 5-10% is spent making sure people realize what you got done and what it means for the firm "marketing". If you have a high quality product and decent marketing, you don't need much "sales".
IMHO, better to get a lot accomplished and not get as much credit as you deserve than to get very little accomplished and get way too much credit for it.
Work hard, play hard.
IP, I agree but I think the
IP, I agree but I think the majority of that is AFTER you start the job. At the outset (read: when you are trying to find that job) the value of establishing your value, irrespective of your actual abilities, is extremely useful.
If I had asked people what they wanted, they would have said faster horses - Henry Ford
Quote: IP, I agree but I
IP, I agree but I think the majority of that is AFTER you start the job. At the outset (read: when you are trying to find that job) the value of establishing your value, irrespective of your actual abilities, is extremely useful.
Absolutely. That's true. But I still think interviewing well and having a reputation for being a pretty smart guy at a lot of the clubs on campus as a Frosh/Soph if you're going to a school that places well is just as important as networking.
Work hard, play hard.
Great advice, as always,
Great advice, as always, Midas. In my experience at "networking events" and whatnot, I've noticed that a lot of college-aged kids tend to have that deer-in-the-headlights look about them. You have to approach the people you want to get a job from... wait for it... like they are PEOPLE. All too often people see a BSD and see the potential job behind getting on their good side. Yes, there is probably a job there, but if you work to build a relationship (ie- displaying interest in what he's saying and reacting appropriately to it) you will find that not only may he or she be more than willing to help you find a job under them, but they will go balls to the wall to find you a job with a friend or co-worker.
Always remember that you're talking to a person and not a position, that will take you a lot further than knowing what EBITDA or whatever is (actually, if you don't know EBITDA, you're kinda screwed).
"WSO is like the 300 for anti spamage. None shall pass." -happypantsmcgee
"You stop being an asshole when it sucks to be you." -IlliniProgrammer
IlliniProgrammer
Where I unload on Twits and take verbal S***s
IlliniProgrammer
I can attest to this
MSF Website
MACC Website
MSF Twitter
Can you imagine the pictures
If I had asked people what they wanted, they would have said faster horses - Henry Ford
happypantsmcgee wrote: Can
Where I unload on Twits and take verbal S***s
ANT wrote: I can attest to
Where I unload on Twits and take verbal S***s
Yeah, I am trying to think of
MSF Website
MACC Website
MSF Twitter
ANT wrote: Yeah, I am trying
If I had asked people what they wanted, they would have said faster horses - Henry Ford
ANT wrote: Yeah, I am trying
Where I unload on Twits and take verbal S***s
LOL I will think of
MSF Website
MACC Website
MSF Twitter
Not Platinum, but I think it
Where I unload on Twits and take verbal S***s
WOW! I actually didn't hear
I liked when the BSD in
^^^That was pretty funny!
That guy was probably the
"Greed, in all of its forms; greed for life, for money, for love, for knowledge has marked the upward surge of mankind. And greed, you mark my words, will not only save Teldar Paper, but that other malfunctioning corporation called the USA."