Networking

As a young entrepreneur, you may find yourself in a position where you begin accepting résumés. If you've ever spent time creating a résumé, you might remember how much time you spent on it. If you are anything like me, you may have ensured that you used high quality, watermarked paper. You probably spent a good 30 minutes making sure that no ink was smeared, the watermark was as close to the center of the page as possible, and that when held up to the light, it was readable from left to right. When you accept a résumé in person, remember your experiences creating one. Here's a list of what you should consider doing when given a résumé:

• Smile
• Sincerely thank the applicant for their interest
• Review the résumé for a few seconds while they are there to let them know that you will at least read it

Here's a list of what you should NOT do when given a résumé:

• Frown
• Fold or crease the résumé
• Set it upside down on a big stack of papers
• Give the applicant the impression that it will not be read
• Throw it away

What other items can you think of to add to the lists of "do" and "don't" above?

One common notion that young entrepreneurs have is that they need a partner in order for them to really have a business. I had partners in my first four endeavors, and I'm pretty sure that unless I can't get by without one, I won't have a partner in my next venture. My experience with partners is that you have to be 100% open about expectations, or there is too much room for "misunderstanding."

Partnership #1 - The Equity Lesson

In my first partnership, I was the sole financial contributor. We both did quite a bit of work when it was time, but I felt like my work was equal to my partner's, while I had a financial contribution as well. Since we were both 50% owners, we felt that we had to talk about every single decision. Because of that, many decisions weren't made that needed to be. When it came time to make another investment, my partner was not in a position to do so. He is not really a risk-taking guy, so he wasn't prepared to toss a paycheck into the business not knowing what would become of it. I wasn't too thrilled about the idea of "dumping" more money into the business and still being just a 50% partner, either. I valued the friendship much more than the business, so slowly we let the company die.

Partnership #2 - Open Communication

In my second partnership (different partner this time), both of us invested equally. We both had the knowledge of the industry, and knew which decisions to make and when. Having learned from my first partnership, if one of us wasn't around to make a joint decision, the other would do their best to make the right decision. This type of trust is important, but uncommon. We both worked gruelling hours through the summer developing a foundation for the company, made a fair amount of money, and hired a contractor to help us out when we needed it. We were both college students at the time, and once the school year got busy, I let my grades suffer (no second thoughts there, I'd do it the same way again). My partner let the business suffer. He felt bad that he was not able to dedicate himself to the company, and he didn't really want to communicate that he wanted out. He decided that the best way to handle the situation was to avoid it. After cornering him a couple times, we talked about the company, its future, and each of our parts in it. We both decided that the best thing to do was to let it go, and pursue other paths.

Partnership #3 - Partners' Skill, Honesty

This partnership was started in order to participate in a business plan competition. We were a group of seven with an excellent idea, two well-respected scientists, an existing line of product (owned by one of the scientists), and a big geographic divide. We all took part in the creation of the plan, and had a good time raising over $35,000 for a feasibility study. Unfortunately, there were a few patterns that I was uncomfortable with.

Our financial guru turned out to not be such a guru. She had a hard time projecting numbers, and each time we came across a breakthrough, she wanted to take a step back and review the process. Entrepreneurs like myself find it hard to not just do something when the opportunity presents itself. The team had a discussion which went rather badly, and two of us (myself included) expressed that we were not proceeding if she insisted on remaining. She resigned, in a very bad mood.

Another pattern I found was in one of our partner's life experiences. He, being a typical college student, was still into partying hard - all play, and little work. He did not feel comfortable enough in himself to make a solid impression on those he worked with, and we weren't hoping to ride along with his self-development. We requested that he consider not being involved, and he left. He was in a much more pleasant mood than our financial "guru."

That's not to say that I was perfect the entire time - I had my downfalls. This partnership ended on a sad note after our two scientists' tests on the feasibility of the products didn't come back as expected. By this time, I was pretty used to terminating partnerships, and considered this to be a great learning experience!

My take-away from this is if you have a hard time working with one partner, DON'T TRY SEVEN.

Partnership #4 - The Good One

This partnership is still hanging in there. I partnered with the same person as in Partnership #1, only with expectations set up front. We also brought in a third partner, a promising entrepreneur who has vision and the desire to succeed. He's not scared of hard work. We aren't making progress as quickly as we had hoped, so the first partner gracefully backed out of the partnership. If we start making headway, we'll probably ask him to join us once more, since he is a very valuable part of the business concept. The other partner and I both maintain full time jobs, and focus much of our time on them. We are geographically separated, but will travel to meet when we need to. I have to say that he pulls more than his fair share of the weight, which is excellent, and he's pretty good at communication. I recognized his good work ethic and positive attitude, and took a chance on asking him to work with me on the project. I would gladly add him as a partner on any business that he can add value to.

The Take-Away

After four partnerships, I think I've got a grasp on the do's and don't's when it comes to picking a partner for me. What I look for is

• Good communication
• Ability to take financial risk
• Set expectations properly
• Hard working

Unfortunately, my biggest problem in choosing partners is that I tend to not think about each person from a neutral point of view. I lean towards looking at the best in people, which has gotten me in trouble a few times. If you absolutely have to have a partner, make sure you choose wisely. Think about the qualities that you value the most, and think about what benefit your partner will add to the business. If there's any doubt or hesitation, talk about it with the potential partner. If you can't do that openly, it's just not going to work. And if you decide to partner with a friend, do a little role-playing. Practice yelling at each other, and act like you mean it. You'll find yourself in a similar situation eventually, and you need to know that after the fights are over, the business will still be there.

Many young entrepreneurs are so focused on the work they do that they don't pick up on the subtle differences between an excellent networker and a poor one. Here are a few tips that I have picked up by participating in networking events such as the Oklahoma Venture Forum.

Wear your name tag on the right.

This tip was given to me by one of the founders of an extremely successful securities company. When at an event, wear your name tag on your right side so that when shaking someone's hand, they can easily find your name. This helps them to remember your name; it also removes the awkward feeling associated with not knowing your name if they've been introduced to you before.

Introduce yourself to new people.

This one can be extremely difficult without practice. Networking is about meeting new people, learning about new businesses, and making others feel good about themselves. If you never branch out and introduce yourself to new people, accomplishing your goals will be much more difficult. Having a tough time introducing yourself? Here's how I do it:

1. I find a person I'd like to meet.
2. Make my way to that person, and take note of whether they are engaged in a private conversation.
3. If not, listen in, or join in.
4. When the opportunity presents itself, I simply extend my hand and say "Brad Fair."

That four step process seems difficult to those who haven't practiced it, so I encourage you to practice EVERY chance you get!

Find out your acquaintance's line of work.

This one is pretty easy. It should go something like "So, Bob, tell me about the work you do." It's even easier when their name tag has their company name on it: "Joe, I see you work with the University. What do you do there?"

Take note of what they say, too. I have met people whose services I needed shortly after meeting them. I have also referred friends to people that I have met, which is a win-win situation for every party involved (read on).

The priceless question.

This is the pièce de résistance for young entrepreneurs. This question will thrill your acquaintance, and make them happy to have met you. It works so much better when you actually make use of its answer, too. The question:

"How can I tell if somebody is a good prospect for you?"

Your goal here is to be able to refer this person business. This single question has often been the difference between somebody remembering my name and business, and someone forgetting who I was the moment I walk away. Also, any time you can refer somebody to an acquaintance, they will think very highly of you - after all, you've just helped put money in their pocket!

I know that networking can be hard, especially for those who are shy. The only way to get better at networking for business is to do it constantly. Don't worry if you make a weak impression at first. The thing about weak impressions is you get to try again after they forget who you are! Try for a strong positive impression by following the steps I've outlined above.