Authentic Networking

By Noeline Kirabo

Networking can be referred to as a process that fosters the exchange of information and ideas among individuals or groups that share a common interest. It involves creating a group of acquaintances and associates and keeping it active through regular communication for mutual benefit.[1] Networking is based on the question "How can I help?" and not with "What can I get?"

Networking may fall into one of two categories - social or business. In the latter category, one of the implicit objectives is to form professional relationships that may boost one's future business and employment prospects[2].

For some, networking is about compiling a huge database of names, usually by collecting business cards. Others see networking as the opportunity to get in front of people and personally prospect for business. Still others perceive networking as nothing more than hanging out, with no specific intention except to be seen and socialize.

Ivan Misner (2012); defines networking as - "The process of developing and activating your relationships to increase your business, enhance your knowledge, expand your sphere of influence or serve the community."

Every young entrepreneur is cautioned as they launch their venture to focus their energies on building strong and effective business networks. This soon turns out to be a way of life even as the business or venture grows. Fortunately networking is not limited to entrepreneurs only but rather cuts across all career paths and choices. The business world thrives on networking and so does the employment arena.

As an organisation we were challenged to pull up our socks and get in shape regarding networking. One of the core skills we had to learn is pitching - the ability to interest potential partners and investors in less than a minute. The pitches got better and better but they were not yielding the required results so often times we felt frustrated and exhausted. A wise man helped us identify what was the missing link in our networking efforts.

In an effort to sell ideas or businesses, we soon forget that we are selling to people who want to feel connected to the world around them. People do not buy into ideas, they buy into the connection they have with the idea and its relevance in their lives. So to effectively network, you have to take into consideration what the other person needs and the feedback regarding how they feel about your value proposition.

Having said that; it is important to be authentic and real even as you network.  Nobody wants to buy into a fake idea. If people perceive you as unauthentic, they are likely to brand your idea in a similar way. We have therefore learnt along the way that brilliant ideas are sold by brilliant people. A good idea will not make up for your lack of values or morals. In selling your idea, you sell who you are.

To be successful with business networking, you should understand that it is really about helping others as a way of growing your business. The people you help are more willing to help you or connect you to people they know, therefore it is worth being authentic even as you offer authentic propositions.

Sources:

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[1] http://www.businessdictionary.com/definition/networking.html#ixzz3Ym0xk3FE   http://www.businessdictionary.com/definition/networking.html

[2] http://www.investopedia.com/terms/n/networking.asp#ixzz3Ym0Qjkl8

Personal Financial Planning

You will make financial decisions all your life. Sometimes you can see those decisions coming and plan deliberately; sometimes, well, stuff happens, and you are faced with a more sudden decision. Personal financial planning is about making deliberate decisions that allow you to get closer to your goals or sudden decisions that allow you to stay on track, even when things take an unexpected turn.

The idea of personal financial planning is really no different from the idea of planning most anything: you figure out where you’d like to be, where you are, and how to go from here to there. The process is complicated by the number of factors to consider, by their complex relationships to each other, and by the profound nature of these decisions, because how you finance your life will, to a large extent, determine the life that you live. The process is also, often enormously, complicated by risk: you are often making decisions with plenty of information, but little certainty or even predictability.

Personal financial planning is a lifelong process. Your time horizon is as long as can be—until the very end of your life—and during that time your circumstances will change in predictable and unpredictable ways. A financial plan has to be re-evaluated, adjusted, and re-adjusted. It has to be flexible enough to be responsive to unanticipated needs and desires, robust enough to advance toward goals, and all the while be able to protect from un-imagined risks.

One of the most critical resources in the planning process is information. We live in a world awash in information—and no shortage of advice—but to use that information well you have to understand what it is telling you, why it matters, where it comes from, and how to use it in the planning process. You need to be able to put that information in context, before you can use it wisely. That context includes factors in your individual situation that affect your financial thinking, and factors in the wider economy that affect your financial decision making.

Financial literacy is a core component of the Kyusa curriculum that empowers youth to better plan and manage their finances. We cover the module in the two months training for out of school youth and now we are beginning to offer it in schools and youth groups. To be part of this great offer, send us an email on: kyusa.uganda@gmail.com Feel free to make a recommendation or referral for a young person that can benefit from our programs. We shall be happy to hear from you you.

Sources:
Siegel, R. &Yacht, C. (2009). Personal Financial Planning, Chapter One.