episode 7-season 1-the-power-of-networking-for-MSME-entrepreneurs

00:00:00 Speaker 1: Hello and welcome to episode seven of empower Biz MSME Growth Mindset,Abanibhusan Bera here. Your dedicated host, a revenue growth strategist and sales coach. My mission is to help 100,000 MSME entrepreneurs grow their businesses through strategic revenue growth and sales excellence with liberation, impacting country's economy and job creation. 00:00:29 Speaker 1: Today, we are diving into a topic that can significantly boost your business success. And the topic is the power of networking for MSME 00:00:43 Speaker 1: entrepreneurs. 00:00:45 Speaker 1: Networking is not just about exchanging business cards, it's about creating meaningful connections that can lead to new opportunities, partnerships and growth. Let's explore how you can harness the power of networking to take your business to the next level. 00:01:06 Speaker 1: Now, what's the importance of networking for MSME entrepreneurs? Networking is a crucial element of business success for several reasons. Number one, building relationships, networking helps you build and maintain relationships with potential clients, partners, mentors and other entrepreneurs. 00:01:30 Speaker 1: Number two, access to opportunities through networking, you can discover new opportunities for collaboration, partnerships and business group. Number three, knowledge sharing networking allows you to exchange ideas, gain insights and learn from the experiences of others. Number four, increased visibility 00:01:57 Speaker 1: effective networking can increase your business visibility and reputation within your industry. And number five is support system networking provides a support system of like minded individuals who can offer advice, encouragement and assistance. 00:02:18 Speaker 1: Now, applying my proprietary growth business model to networking can provide a structured approach to building and leveraging connections. It has got six points like six 00:02:33 Speaker 1: point of an Hexagon. So number one point of the Hexagon is goal setting, 00:02:40 Speaker 1: define networking goals, set clear goals for your networking efforts. Are you looking to find new clients, new partners or new mentors? Knowing your objectives will help you focus your efforts and then track progress, keep track of your networking activities and their outcomes. This will help you assess what's working and make necessary adjustments. 00:03:08 Speaker 1: Second part of the Hexagon is research, identify key networks, research and identify the key networks, events and platforms where you can connect with relevant individuals in your industry and then understand the landscape, 00:03:26 Speaker 1: learn about the interests, needs and challenges of the people you want to connect with. This knowledge will help you engage more effectively. 00:03:37 Speaker 1: Third point of the Hexagon is options analysis, explore networking opportunities, evaluate different networking opportunities such as industry conferences, trade shows, online forums and social media platforms and then prioritize high impact networks, focus on the networks that offer the most potential for achieving your goals. 00:04:05 Speaker 1: Fourth point of the Hexagon is weighing risks, first, assess time and effort. Networking requires time and effort. Assess the potential return on investment for different networking activities to ensure you are using 00:04:22 Speaker 1: time wisely and then mitigate risks. Be aware of the potential risks such as over committing your time or encountering untrustworthy individuals have strategies in place to mitigate these risks. Fifth point of the HEXAGON is trusting intuition 00:04:44 Speaker 1: first, follow your instincts, trust your instincts. When it comes to forming connections. If something feels sharp, it's ok to step back and then be authentic. Authenticity is key in networking, be genuine and transparent in your interactions to build trust and credibility. And the final sixth point is hustle 00:05:12 Speaker 1: be proactive, take the initiative to reach out and connect with others. Don't wait for opportunities to come to you and then follow up after meeting someone, follow up to maintain and strengthen the connection. A simple follow up message can go a long way. 00:05:31 Speaker 1: Now, let's discuss on some of the practical strategies for effective networking. First is developing a networking mindset to be successful at networking, cultivated networking mindset first, be open and approachable, 00:05:50 Speaker 1: be open to meeting new people and approachable in your demeanor, smile, make eye contact and show genuine interest in others. Second, listen actively, listen more than you speak, show genuine interest in what others have to say and ask thoughtful questions. And number three is provide value, 00:06:15 Speaker 1: look for ways to provide value to others. Whether it's sharing knowledge, offering assistance or making introductions being helpful. Can strengthen your network. 00:06:28 Speaker 1: Second is building strong connections, strong connections are built on trust and mutual benefit. So as talk first be authentic authenticity builds trust, be yourself and be honest in your interactions. Second, follow up, consistently regularly follow up with your connections to maintain and strengthen the relationship of help, 00:06:53 Speaker 1: be willing to offer help and support to your connections. This can create a positive reciprocal relationship. 00:07:03 Speaker 1: And finally, in leveraging online platforms in the digital age, online platforms offer vast networking opportunities. Linkedin. For example, optimize your linkedin profile to showcase your expertise and attract potential connections, join relief in groups and participate in discussions to increase your visibility and engage with others. 00:07:29 Speaker 1: Number two is social media is social media platforms like Twitter, Facebook and Instagram to connect with others in your industry, share valuable content and engage with your followers to build a strong online presence. And number three is online communities, join online communities and forums related to your industry. Participate in discussions, ask questions and share insights to build relationships. 00:08:00 Speaker 1: No 00:08:01 Speaker 1: dive into the difficult part of it, which is overcoming networking challenges. How do we overcome networking challenges? First is dealing with networking anxiety, networking can be intimidating, especially if you are an introvert or new to it. Here are some strategies to overcome networking anxiety first is prepare in advance research the event and the people you want to make 00:08:31 Speaker 1: having background information can make conversations easier, prepare a few conversation starters and questions to help you engage with others. 00:08:42 Speaker 1: Number two is set, set realistic goals, set small achievable goals for each networking. Even for example, aim to meet three new people or have one meaningful conversation, celebrate your successes no matter how smart to build confidence. And number three is practice active listening, focus on listening to others 00:09:07 Speaker 1: rather than worrying about what to say. Active listening can reduce anxiety and make interactions more enjoyable. 00:09:17 Speaker 1: Next challenge is related to making the most of networking events, networking events are excellent opportunities to meet new people and expand your network. Here is how to make the most of them 00:09:30 Speaker 1: first arrive early arriving early, gives you a chance to meet the organizers and other early attendees, which can make you feel more comfortable and connected. And early arrival also allows you to choose your spot and settle in before the event gets crowded. 00:09:52 Speaker 1: I know it the very hard way, you know, I have the example of arriving late and how I have missed opportunities and there are events where I arrived early and I've got a lot of benefits out of that. 00:10:07 Speaker 1: Next is be present, stay present and engaged during the event, put out your phone and focus on the people around you show genuine interest in others by asking questions and actively listening to their responses. And then number three, follow up 00:10:25 Speaker 1: after the event, follow up with the people you met, send a personalized message to express your appreciation for the conversation and suggest ways to stay in touch, connect to linkedin or other social media platforms to maintain the relationships. 00:10:43 Speaker 1: Now, in conclusion, networking is a powerful tool for MS M entrepreneurs looking to grow their businesses and thriving in a competitive landscape by applying the principles of the growth model, 00:10:59 Speaker 1: cultivating a networking mindset, building strong connections, leveraging online platforms and overcoming networking challenges. You can harness the power of networking to unlock new opportunities and achieve your business goals. 00:11:16 Speaker 1: Thank you for joining me in this episode of EmpowerBiZ: MSME growth mindset. I hope the insights and strategies help you build a strong supportive network that drives your business success. If you want to be a part of a community to connect a network, please go to my venture website, https colon slash slash msmegrowthhubdotcom 00:11:46 Speaker 1: I'm saying it again. It is msmegrowthhubdotcom. Until next time. Keep connecting, keep growing and keep thriving.