Networks: why do networks matter?
It is often said, and I believe it, that you are the average of those you know. If you want to get better, you need to upgrade those you know. You want to get better at sports, you donít play people worse than you at chess, you play those people that are better than you at the game. If you want to be a chess master, you play chess masters. Being and entrepreneur is all about taking opportunity when it comes, and the more opportunity you can get coming your way the better the odds one of them will work and you will succeed.
Metcalfe noticed that the value of a network is proportional to the square of the number of users of the system. Two people with telephones can only make one connection. Five telephones can make 10 connections, and twelve telephones can make 66 connections. This is the network effect: The value of a network is proportional to n2, where n is the number of users.
Your network is one of the most important assets you have, and like Reed's Law, the value of your network dramatically increases as you collaborate and share.
Social networks matter. Social sells. Making money involves other people, and other people involved means that making money is social.
There are three different types of networks: one-to-many (like TV and radio networks), one-to-one (transactional networks such as emails and instant messaging), and a group-forming network (many-to-many)
Value your network. Expand it, and most importantly respect it and support and defend it.
Use social media, use the phone, meet people on the street, meet people networking, Facebook, twitter, LinkedIn, crawl, run, walk, and cold call, but meet people.
You need people to make money, and you make money by solving their problems.To solve their problems you have to know their problems.
To know their problems, you have to know them.
Your network becomes more valuable the more connections it has.