Networking is especially important for entrepreneurs, however it is often misunderstood. Networking is necessary for all aspects of a company including funding, sales, marketing, and recruiting. However, I think many people have a misconception about what it is to network and how networking should be used for entrepreneurs.

My definition of networking is the creation of a long term and mutually beneficial relationship where everyone involved succeeds more because of the relationship than without it. The key phrase is "long term and mutually beneficial". This means networking is not just meeting people to help you grow, but you also have to be willing to help others succeed as well.

The main mistake entrepreneurs make when it comes to networking is getting caught up in how busy they are trying to get their own stuff done. They often use this to justify not helping others, and as a result they get myopic in their own company. They are not really reaping the benefits of networking.

Other questions I have for experienced entrepreneurs are:
1. How many entrepreneurs have succeeded without the help of anyone else?
2. Why do you personally think the role of your network is in building a company?

In the early days of the SKU accelerator (which was previously called Incubation Station), people used to ask me “what makes you think you can run a consumer product goods and services accelerator? Who are you?”

My reply was “It’s not who I am; it’s who I know.” Then, as now, I create networks of success for people, as my job – that’s what I do.

Funny thing, now that we’re in our fifth year, I rarely get asked those questions anymore…