Thursday, April 2, 2009

Grow your Net Worth from Your Network

Jim Piccolo, CEO of Nouveau Riche, is often quoted saying, “Your net worth is directly tied to your network.”

Entrepreneurs are unique individuals and are often faced with unique challenges. All successful entrepreneurs know they must continually immerse themselves in the best educational materials and resources, and nurture strong, lasting relationships with other successful individuals. As business owners, they enjoy the freedoms of setting their own schedules and calling the shots. They’re also responsible for every aspect of their businesses, from accounting to contracts to marketing. And because, more often than not, business owners are specialists in their areas of expertise and education, it’s critical they develop a team of experts who bring solutions, answers and systems to the table.

But where do you find these team members? Accountants with the experience you need or lawyers to handle the type of contracts you’ll need? Questions like these have the potential of bringing aspiring small-business owners to a standstill. But for Nouveau Riche entrepreneurs the answer is simple. Early on, Nouveau Riche Co-Founder and CEO Jim Piccolo conducted a survey to identify the primary reasons people didn’t buy property after becoming educated about real estate. He found that fear, money, time and lack of confidence often held them back. Passionate about overcoming those barriers, Piccolo started several companies, which he calls Benefit Companies, to give Nouveau Riche entrepreneurs the springboard they need to get started and help them overcome the hurdles that any business faces. Success at your service!

Most professional groups attempt to help members gather with like-minded individuals to attract opportunities to increase not just your network of lifetime friends, but also to increase your chances for financial success - which can be measured by growth in your net worth. You may have met some entrepreneurs who do not enjoy actively participating in groups or attending networking mixers. As a reminder, unless you have a strong sales team who can increase your presence and attract business, then it’s up to you - the business owner. Some of the most fulfilling networking opportunities are those that provide a means to build a quality network group while creating projects that allow members to give back to their profession by helping others who might not otherwise receive an "invitation to the table." Helping others is like an investment, often it creates future pay-offs.

So how does networking have the potential to increase your net worth? Take the example of Gary Williams:
“I became a Community Member when I attended the Nouveau Riche Real Estate Investment College and was, at that time, an unemployed minister with no real estate investing experience. I went to College in December of 2005. Just one year later, after building my network through the Nouveau Riche community, my partners and I have 41 properties with an estimated value of $7,525,000, approximately $1.5 million in equity and cash flow of about $11,000/month. I have properties in Indiana, California, Georgia, Wyoming, and Puerto Rico. I have 33 duplexes, 4 single family homes, 3 townhouses, and one 5-plex.” - Gary Williams, Los Angeles, CA

Networking increases your exposure to opportunities that are seldom advertised and allows others to test you out. As you build your network and assess if groups are beneficial for you, see how many "yes" answers you have for the questions below:

Can you attribute current and/or new clients to referrals from the group?
Are you asked to participate on committees or hold leadership roles?
Do you get introductions, leads, public relations opportunities from the group?
Do you feel passionate about the mission of the organization?
Is the group popular for others in your profession?
Are members surveyed at least annually and asked to provide both feedback and recommendation for new possible service areas?
Are the members capable of providing qualified leads, network associates, etc?
Are members provided resources such as newsletter publications, guest speakers, workshops, conventions, referrals to industry guide books?
Are individuals encouraged to network?

As a final reminder, be careful of the "company you keep" because this will affect your company’s bottom line. Make sure the group is legitimate, has a clear mission, provides networking opportunities and best practices tips. If you desire to grow your business into a successful enterprise, you must constantly assess whether your vision is being implemented and others perceive you as a peer with a growing business. If you are on the right track, you should see your personal net worth grow with your network.

Learn More About the Following:
Nouveau Riche Real Estate Investment College
The Nouveau Riche College Experience
Wealth Creation through Nouveau Riche
Education for Real Estate Investing
Real Estate Investor Mentoring
The Nouveau Riche Community Experience
Entrepreneurial Opportunity
Nouveau Riche and Jim Piccolo
Nouveau Riche and Bob Snyder
Nouveau Riche Student Testimonials
Nouveau Riche Training Events
Is Nouveau Riche a Scam?
Nouveau Riche Charity Relationships