Can You Achieve Financial Success Without Connections or Networking? (My Response)

Summary

In this video, the speaker challenges the common saying 'It's not what you know, it's who you know,' sharing their personal experience of achieving success without relying on powerful connections. While acknowledging the value of networking, they emphasize that it's not necessary for success. The speaker, an introvert, discusses how social interactions drain their energy and how they built a business from scratch without attending networking events. The key takeaway: leverage your existing network and focus on self-awareness and determination rather than relying on external connections for success.

Takeaways

• 😀 Research shows that job referrals increase the chances of getting hired by 12%, meaning 'who you know' can offer an advantage.
• 😀 Nepotism, or hiring/promoting family and friends over more qualified candidates, highlights the power of connections in some contexts.
• 😀 The speaker believes that success is not solely dependent on knowing powerful or influential people.
• 😀 The speaker’s parents immigrated to the U.S. with no connections, and the speaker built their business from scratch, emphasizing that success can be achieved without connections.
• 😀 Being an introvert means social interactions drain the speaker's energy, but it doesn’t stop them from succeeding in business.
• 😀 There’s a difference between introversion and extroversion: introverts get drained by social interactions, while extroverts are energized by them.
• 😀 Even though extroverts may appear more socially active, they can still be socially awkward or miss social cues.
• 😀 The speaker rejects traditional networking events, preferring to rely on personal connections rather than attending structured networking activities.
• 😀 The speaker advocates for leveraging your existing network—family, friends, or colleagues—to help you achieve your goals.
• 😀 The ultimate message is that while 'who you know' can help, it is not essential for success, and you can succeed without a vast network.

Q & A

Why do people often say 'it's not what you know, it's who you know'?

This saying reflects the idea that personal connections and networking can significantly increase one's chances of success. For instance, research shows that if an employee refers a candidate, it increases their chances of being hired by 12%. It implies that having the right connections can give you an edge in job opportunities and promotions.

What is nepotism and how does it relate to the idea of 'who you know'?

Nepotism refers to the practice of hiring or promoting family members or close friends over more qualified candidates. While it may seem unfair, it illustrates how personal relationships and connections can play a big role in career advancement, even if qualifications aren't the primary factor.

Can you give an example of how 'who you know' plays a role in business?

One example comes from the show 'Shark Tank', where investors (the Sharks) often mention how their personal networks can help a business reach major retail stores. This highlights the power of connections in business success, demonstrating that having the right relationships can lead to significant opportunities.

How did the speaker succeed in business despite not having powerful connections?

The speaker shared that they started from scratch—without connections, family backing, or investors—and still became financially successful. This story is meant to inspire people who don't have influential connections, showing that it is possible to achieve success through hard work and determination.

What does the speaker mean by being an 'introvert'?

The speaker defines an introvert as someone who feels drained after social interactions. While introverts can be charming and outgoing, they tend to lose energy in social situations and may become exhausted or disengaged after a certain amount of time.

What is the difference between an introvert and an extrovert, according to the speaker?

The key difference lies in how social interactions affect their energy. An introvert feels drained after socializing, while an extrovert feels energized. The speaker uses a personal example to explain that while an introvert can be social for a short time, they eventually need to retreat to recharge.

How did the speaker's introversion affect their approach to business networking?

As an introvert, the speaker dislikes traditional networking events, which they find draining. They shared an example where a company invited them to a networking event in New York, but they preferred to decline, saying they'd rather stay home and relax. This highlights that some people prefer alternative ways to build relationships.

Is it necessary to attend networking events to succeed in business?

No, it's not necessary. While networking can be beneficial, the speaker emphasizes that you can still succeed without participating in traditional networking events. Instead, leveraging your existing network—such as friends, family, and colleagues—can be just as effective.

What advice does the speaker offer regarding personal networks?

The speaker advises that everyone has a network, even if it seems small. Whether it's family, friends, or coworkers, it's important to make the most of these connections. Even if your direct network can't help you, they might know someone who can, so don't be afraid to ask for help.

How does the speaker suggest overcoming the hesitation to ask for help from your network?

The speaker acknowledges that many people hesitate to ask for help because they don't want to impose. However, they emphasize that most people are genuinely willing to help, and asking for assistance can open doors that you might not have access to otherwise.