Your Network Will Decide Your Net Worth

Social

By Pallavi Rakhecha

4 min read

Nov 29, 2024

According to the Forbes’ 35th Annual World’s Billionaires List, the top 5 people with the highest net worth are:

Jeff Bezos, the Founder, and CEO of Amazon; Net Worth- $177 Billion
Elon Musk, the Founder and CEO of SpaceX; Net Worth- $ 151 Billion
Bernard Arnault , CEO of LVMH ; Net Worth- $ 150 Billion
Bill Gates, Co-founder of Microsoft Corporation; Net Worth- $ 124 Billion
Mark Zuckerberg, CEO of Facebook; Net Worth- $ 97 Billion

Do you know what makes these magnates have the World’s highest net worth? It is their NETWORK What is the first thought that strikes your mind when you hear the word “Network”?

Perhaps a big Conference, with people all suited up, shaking hands and exchanging business cards. This definition of networking is ten to one deluded but this is exactly what most of the people who refrain from networking believe in. Their reason for saying a nay to networking is probably their introverted nature or lack of knowledge about how they can leverage the power of this puissant tool.

What they fail to understand is that the concept of Networking is different now. We have long passed these redundant ways of networking and have entered an all-new tech era where networking is more efficient and enjoyable.

Why is building a network important?

Your Network defines Your Net-worth. If you read the biographies & autobiographies of people who have done wonders, they all have one thing in common, networking with the right people. There is a point mentioned by Barbara Annis and Associates in their White Paper, Solutions to Women’s Advancement, that one of the major reasons for the perils in women’s career their inability to network strategically.

The report reads that “While men network for transactional reasons, women will network for relational reasons. That is, men will network to obtain something, while women network for relationships and connection.”

Even Stan Lee recognized the power of Strategic Networking In his Marvel Comics, Lee depicted how Spiderman built relations with Tony Stark, the inventor of electromechanical suits of armor and alter ego of Iron Man. Tony then designs Spiderman’s new hi-tech suit which was fitted with newfangled gadgets and taser webs. This proved to be a new lease of life to Spiderman.

If networking can create such a huge impact in the comic world, then imagine how powerful it can prove to be in real-world, if used correctly.

How to Network effectively?

If you type this question on Google, you will probably find legions of articles stating ten thousand different ways of networking. All of them swear by the fact that their ways are the most effective ones. But there is one basic rule that most of them fail to state, Networking cannot happen overnight. It is not like you will hand over your business card to someone in a community business gathering and an incredible opportunity will suddenly fall on your lap. The truth is you will have to practice networking consistently like a discipline and only then, over the years you will be able to reap its benefits. My favourite book on Networking is “Never Eat Alone,” by Keith Ferrazzi and Tahl Raz. This book speaks about the importance of using content to build relationships along with treating the readers with important tactics that can help them to enhance their network.

Quick checks to help you in your networking journey

01. Reach out to people

One mistake that most of us do is refraining from approaching people. This proves to be the biggest setback when it comes to networking. Remember “If you don't go after what you want, you'll never have it. If you don't ask, the answer is always no. If you don't step forward, you're always in the same place.” So it’s essential that we reach out to the people who we feel can add up value to the growth of our careers. We never know if, during the process, we get to strike the gold! Here’s a wonderful article to help you ace your networking skills 10 Powerful Business Networking Skills to Build Rapport Quickly

02. It is not about only your Community

Another mistake that we do while networking is, building relations only with the people from our industry. However, the rule of networking is the more the merrier! The more people you connect with within and outside your community, the better are the chances of you getting unbelievable benefits. Of course, the more connects here refers to the more strategic connects.

03. Build a network before you need it

No one likes to be approached in times of need. Even if your aim is selling your product, don’t aim to build relations for selling. It will never work. Instead, start building connections long before you even need them and you will see that you won’t have to try hard to get what you aim for from the network. Gradually everything will fall into place.

04. Give, Give, Give before you Get

This is one of the most important rules of networking. You should strive to look for ways with which you can help your network before you get any help from them. The rule is always to provide enough value before you seek favors.

05. Leverage the power of Social Media

In this modern tech world, the Internet is considered the most powerful tool that can help you to build and expand your network. Various social networking sites like Facebook and LinkedIn are available on-hand, to help you with stuff right from Building a community to finding your dream job. One should use this to ace the networking game.

We tend to invest a lot in building our wealth, but how about investing in building relations that can multiple our wealth in ways that are beyond belief!

About the Author

Pallavi Rakhecha
Deputy Strategist and Content Writer