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The Truth About Networking
 

HowardRoark's picture
O
(Orangutan, 339
 
Points)
 on 5/29/13 at 4:00pm
shy-monkey.jpg

From observing the general population in America, I've come to the conclusion that most people are awful at networking. The vast majority of people in this country, especially those who are students or newly entering the workforce, simply don't understand how important one's network of contacts is for their careers. And furthermore, if they do realize its importance, they do nothing about it.

I see this all the time at my college. Most people carry a very traditional mindset: work hard, get good grades, graduate, and the rest will fall into place. Not in this day and age, and certainly not in this economy.

So then you have the folks who have read Never Eat Alone, or have a better understanding of how the world really works, and then proceed to "network." But even then, most of them fail miserably. Usually it's for two reasons...

1) They'll meet people at conferences, they'll meet alumni, and they'll get introduced to potential opportunity-makers, but they won't follow up after the initial meeting.

2) They'll follow up, but they'll be unaware of the dynamics of the relationship, and expect to get much more than they put in.

Following up is easy. We have so many methods of communication today-- you can call them, send them an email, write them a letter, etc.

The second thing is harder to correct, and it requires a huge mental shift. There was recently a thread where a potential analyst was outraged that an MD he had been networking with didn't help secure him an interview. Truth be told, if I was the MD, I would've been even less helpful.

It's incredible to see kids that are brilliant in their Econ majors, and are looking to capitalize on capitalism, who don't understand the economics of human behavior. Human beings respond to incentives. Yes, the people higher up have a duty to recruit... but trust me, you need them much more than they need you.

What you have to do is build a genuine relationship. Instead of calling once or twice a month, take them out for drinks or lunch, and get to know them as people. Send them emails with random articles they might be interested in. Find out if they run or play a sport, and challenge them to a game during their free time.

Genuine relationships cannot be faked. I've found highly successful bankers to be incredibly high-EQ people-- after all, it takes a lot of people skills to get up in the world. Instead of seeing network as a means to an end, see it as the end. The analysts and MDs I've taken out are some of the funniest, most down-to-earth people I've ever met. Trust me, if they see you as someone who genuinely likes them, they'll help you out in ways you could never imagine.

jacobzhang.net - my thoughts and portfolio.
"Money doesn't talk, it swears." - Bob Dylan

See my other WSO Blog posts

Comments

SirTradesaLot's picture

I've never understood why so

 
Points)
 on 1/24/13 at 10:42pm

I've never understood why so many people on this site think that cold-calling someone and asking for a job = networking. Not that I think it's bad to cold-call for a job, but let's not pretend that it's networking.

I'm a lover, not a fighter, but I'm also a fighter, so don't get any ideas.

My WSO Blog

Moneyball's picture

Great post. I've always had

ER
 
Points)
 on 1/24/13 at 10:50pm

Great post. I've always had the impression that if I would contact someone to network, it'd better be about work/career; I didn't want to make them feel like I was wasting their time on frivolous things. You make a lot of more sense though. Gonna pick up a copy of that book. +SB

Moneyball
See my other WSO blog posts

target for life's picture

I've noticed the easiest way

AM
 
Points)
 on 1/24/13 at 11:14pm

I've noticed the easiest way to network is just to simply attend the right school. You get to meet the most relevant people, in the most relevant positions and probably have to make the least amount of effort to do anything - a.k.a. maximize efficiency.

As far as following up, I think that is simply a function of proximity and time. The easier you can meet someone face to face and the more time they have - the easier it is to follow up. Especially when meeting with 100s of different people. That is too costly both in terms of time and money.

leveragealltheway's picture

It's about damn time someone

CF
 
Points)
 on 1/25/13 at 1:14pm

It's about damn time someone wrote a post like this. I shake my head every time I hear someone say I cold called and emailed but got no help. NO SHIT! My god, if you go through your whole life relying solely on the kindness of strangers the world will hit you hard. A relationship is never just business, its always highly personal. Maybe I was blessed and able learn early on to communicate intelligently with older people at my father's work parties but by the time you graduate college (unless you sat in a dark room all day) you should know how to make people like you as a person. Its not that difficult.

My 3 rules for networking

1) Smile. Its puts people at ease.
2) Dont take shit too seriously, laugh at jokes (make a few of your own)
3) LISTEN MORE THAN YOU TALK. If they want to know more about you they will ask. This usually comes after they realized that you're pretty fucking awesome and they want you to marry their daughter.

"The whole problem with the world is that fools and fanatics are always so certain of themselves, and wiser people so full of doubts." - Bertrand Russell

yeahright's picture

Once you meet in person, you

O
(King Kong, 1,208
 
Points)
 on 1/25/13 at 1:18pm

Once you meet in person, you are on the right level of networking. Getting a beer, lunch, attending an event... thats when you know you are in good shape. Emailing back and forth is rubbish. Talking on the phone is getting there.

Frank Sinatra - "Alcohol may be man's worst enemy, but the bible says love your enemy."

FrankD&#039;anconia's picture

I've pretty much come to the

O
(Orangutan, 303
 
Points)
 on 5/29/13 at 3:44pm

I've pretty much come to the conclusion that the best "networking" occurs when you have no idea it's even happening.

In reply to leveragealltheway
Cmoss's picture

leveragealltheway: ...3)

O
 
Points)
 on 1/25/13 at 1:32pm
leveragealltheway:

...3) LISTEN MORE THAN YOU TALK. If they want to know more about you they will ask. This usually comes after they realized that you're pretty fucking awesome and they want you to marry their daughter.

So true!

skylinegtr94's picture

Great post. Nothing beats

IB
 
Points)
 on 1/25/13 at 1:33pm

Great post. Nothing beats face to face. Another example I have for misapplied initiative is when undergrads or those currently job seeking attend a conference or networking event with RESUMES IN HAND. Good thought but wrong application in that setting.

One tip our team talks about a lot is, when staying connected with people, to always bring value to the conversation (basically was said in original post like sharing an article in their industry, sports team or alma mater).

See my WSO blog

Bobb's picture

Many need to stop looking it

AM
 
Points)
 on 1/25/13 at 1:35pm

Many need to stop looking it as "networking" and usng it to get a job right now. It is about building a career long relationship where you can work off each other for years to come.

Pwntatoes's picture

Best advice I have heard is:

IB
 
Points)
 on 1/25/13 at 1:55pm

Best advice I have heard is:

"Network when you don't have to. So when you need the oven it's already pre-heated"

"Honey can you please pass the mashed pwntatoes"

Abhi7's picture

But how would that work if I

IB
 
Points)
 on 1/25/13 at 1:57pm

But how would that work if I don't live near the banker/alumni etc.?

southern tide's picture

Solid post. I think the more

(Chimp, 14
 
Points)
 on 1/25/13 at 2:42pm

Solid post. I think the more analysis that is done on this subject makes it seem more and more unnecessarily complicated. DId you read a book before making new friends in college? Did you pore over websites before joining a club freshman year to learn how to talk to other members? Did you ask every one of your fraternity/sorority friends how to socialize before rushing? "Networking" seems to have this special business connotation but it's essentially building relationships with people.

And think about the conversation your networking contact will have with his/her boss when trying to get you an interview. Do you think it is filled with: "He sent me a follow up email right at 24 hours after we met!" "She's called me right on the dot every Tuesday as she promised!" "She initiated the conversation at just the right point during the event" "Her 'elevator speech' was spot-on...I can tell she's been brushing up with the OCR! Or: "I can see this guy genuinely fitting in here. He's down to earth, pretty laid back, and didn't try to hard to impress me. Let's see how he does in an interview."

In reply to Pwntatoes
adapt or die's picture

Pwntatoes: Best advice I have

(King Kong, 1,265
 
Points)
 on 1/25/13 at 3:01pm
Pwntatoes:

Best advice I have heard is:

"Network when you don't have to. So when you need the oven it's already pre-heated"

Dumb advice, you should always be networking

You need to network over alcohol. I cannot stress this enough. People who I've met for drinks have been much more receptive to helping out than others. Meeting people face to face is not enough although it's a must. You need to push the issue on getting drinks with people when you ping them. Even if the person you contact is older than you, it can give them an opportunity to get away from their wife for a few hours at the bar. And if the person is near your age (analyst/associate) try to go out and get completely fucked up with them.

In reply to adapt or die
Cmoss's picture

[quote=adapt or

O
 
Points)
 on 1/25/13 at 4:38pm

[quote=adapt or die]

Pwntatoes:

Best advice I have heard is:

"Network when you don't have to. So when you need the oven it's already pre-heated"

Dumb advice, you should always be networking

quote]

I ready his advice as always be networking, or did i miss something?

In reply to Cmoss
UFOinsider's picture

[quote=Cmoss] adapt or

O
(Human, 10,462
 
Points)
 on 1/25/13 at 5:43pm

[quote=Cmoss]

adapt or die:
Pwntatoes:

Best advice I have heard is:

"Network when you don't have to. So when you need the oven it's already pre-heated"

Dumb advice, you should always be networking

quote]

I ready his advice as always be networking, or did i miss something?

Adapt or die was out boozing and networking?

I just had my first UFO experience.

I called my wife fat while we were making dinner.

Flying saucers everywhere XD

Mike McDermott's picture

I've been waiting for this

IB
(Monkey, 42
 
Points)
 on 1/25/13 at 5:50pm
shoeless's picture

Some decent advice in this

IB
(Baboon, 102
 
Points)
 on 1/25/13 at 10:07pm
mikesswimn's picture

I really enjoyed this post.

O
 
Points)
 on 1/25/13 at 11:52pm

"My caddie's chauffeur informs me that a bank is a place where people put money that isn't properly invested."

ATrad's picture

Everything said is true, but

PT
(Monkey, 56
 
Points)
 on 1/26/13 at 11:05am
stackerquad's picture

Would an email with a

(Monkey, 55
 
Points)
 on 1/26/13 at 4:23pm
eric328's picture

The new cold calling is cold

(Chimp, 11
 
Points)
 on 2/1/13 at 1:57pm
In reply to adapt or die
Tiger Z's picture

How can I fuck up with them

O
 
Points)
 on 2/1/13 at 2:05pm

Live like an artist and work like an analyst......

FrankD&#039;anconia's picture

I love how this thread slowly

O
(Orangutan, 303
 
Points)
 on 2/1/13 at 2:32pm
2Shae's picture

Networking is an art when its

EN
(Monkey, 35
 
Points)
 on 2/1/13 at 3:32pm

If you can't kill them with kindness, just kill them.

cujo.cabbie's picture

What if you ask about their

(Orangutan, 259
 
Points)
 on 2/1/13 at 6:43pm
patience's picture

Preach. What I try to follow

O
(Monkey, 52
 
Points)
 on 2/1/13 at 8:25pm
mr.iceman21's picture

Man, you are a whore, really.

(Chimp, 1
 
Points)
 on 2/1/13 at 9:05pm
In reply to mr.iceman21
SirTradesaLot's picture

mr.iceman21: Man, you are a

 
Points)
 on 2/1/13 at 9:08pm

I'm a lover, not a fighter, but I'm also a fighter, so don't get any ideas.

My WSO Blog

In reply to stackerquad
no8do's picture

stackerquad: Would an email

(Chimp, 3
 
Points)
 on 2/1/13 at 9:09pm
Hayek's picture

Great post with some great

CO
 
Points)
 on 2/1/13 at 10:07pm
matt-rottman's picture

First of all, great post! So

IB
(Chimp, 1
 
Points)
 on 2/2/13 at 12:11am
BTbanker's picture

I'd like to see a WSO college

IB
 
Points)
 on 2/2/13 at 1:09am

"A man generally has two reasons for doing anything. One that sounds good, and the real one." - J.P. Morgan

In reply to matt-rottman
mr.iceman21's picture

matt-rottman: First of all,

(Chimp, 1
 
Points)
 on 2/2/13 at 7:02pm
GPMagnus's picture

Great post - here's another

EN
(Monkey, 42
 
Points)
 on 2/6/13 at 7:47am
wallstdj's picture

This is a good post. You

IB
(Baboon, 150
 
Points)
 on 2/7/13 at 1:39pm
Rafiki2013's picture

I had a job "interview" in a

(Monkey, 38
 
Points)
 on 2/8/13 at 6:07pm

Thanks & regards

huanleshalemei's picture

It's probably easier said

(Gorilla, 546
 
Points)
 on 2/8/13 at 9:47pm

The Auto Show

Fundamentally Undervalued's picture

here's a problem i've had

IB
 
Points)
 on 2/9/13 at 11:31pm

buy it. ride it. sell it.

bxnxiong's picture

It will sounds easy to

O
(Chimp, 1
 
Points)
 on 2/10/13 at 5:13am
In reply to Fundamentally Undervalued
CoochieMane's picture

Fundamentally

(Orangutan, 342
 
Points)
 on 5/29/13 at 3:43pm
madmoney15's picture

Solid article OP. Thank you

(Orangutan, 365
 
Points)
 on 5/29/13 at 3:46pm

See my WSO Blog

In reply to rafalvaro
JYFresh's picture

rafalvaro: I had a job

O
(Baboon, 155
 
Points)
 on 5/29/13 at 3:54pm

When she fucks with The Weeknd, I call her up on weekdays

UFOinsider's picture

HowardRoark: It's incredible

O
(Human, 10,462
 
Points)
 on 5/29/13 at 4:34pm

I just had my first UFO experience.

I called my wife fat while we were making dinner.

Flying saucers everywhere XD

BanditPandit's picture

that's because the world

O
 
Points)
 on 5/29/13 at 4:47pm
ValueAdder68's picture

SHHH!! Why'd you have to go

IB
 
Points)
 on 5/29/13 at 5:02pm

"After a hard day of M&A, there's nothing like bringing home some T&A."

jjjjl241's picture

I also recommend everyone to

(Baboon, 153
 
Points)
 on 5/29/13 at 10:42pm
In reply to adapt or die
OutsideMan's picture

adapt or

(Monkey, 47
 
Points)
 on 5/30/13 at 1:46am

"The cheaper the crook, the gaudier the patter"

Mitt Romney's picture

+1 This was helpful and made

PE
 
Points)
 on 5/30/13 at 5:54am

I'm not concerned with the very poor
-Mitt Romney

JustNumbers's picture

So how do you get over the

IB
(Baboon, 116
 
Points)
 on 5/30/13 at 12:07pm
In reply to JustNumbers
CoochieMane's picture

JustNumbers: So how do you

(Orangutan, 342
 
Points)
 on 5/30/13 at 12:52pm

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