“Your network is your net worth!” Dr. Ritchie Karaburun, clinical associate professor at Tisch Center of Hospitality Innovation at NYU, equated social capital to money in a bank account and credited networking for his successful career. In the fast-paced realm of business, the significance of networking cannot be overstated. The ability to network holds significant importance. Building meaningful connections opens doors, creates opportunities, and paves the way for professional success. Insights from It’s Personal Stories, A Hospitality Podcast shed light on strategies from industry leaders:
- Keep Going; it Gets Easier: For many, networking can be daunting. Walking into a room full of strangers can evoke anxiety. Stephanie Ricca, editorial director at HNN, candidly shared her early struggles with networking but stressed that it becomes more natural and enjoyable with practice. Rupesh Patel, an award-winning hotel owner, investor and industry advocate said, “We all wake up the same way every morning.” He stressed the universality of humanity and the importance of approaching others with confidence and sincerity. “Connect with a lot of people, and don’t burn any bridges,” he advised.
- Take Genuine Interest in Others: Susie Grynol, former president and CEO of the Hotel Association of Canada, said, “I always start every conversation asking how people are doing as a human being. It’s not a line. I actually care how people are doing as a human being.” Likewise, Thom Geshay, CEO and president of Davidson Hospitality Group, advocated for a genuine interest in others: “Be interested; don’t be interesting. If you’re genuinely trying to get to know people, they will open up.” Chip Rogers, past president and CEO of AHLA, highlighted the depth of personal connections, stating that building lasting relationships involves connecting on a real, personal level.
- Foster Transformative Connections: Liu Xin Xin, president of H World Hotels (China), emphasized a win-win approach, focusing on adding value to relationships rather than extracting something from them. Chip Conley, industry veteran, sought-after speaker, and best-seller author, went a step further and introduced a two-phase networking process – building a network and cultivating it. He urged a reciprocal, non-transactional approach to build a network and encouraged social alchemy to cultivate it – bring people together to create “collective effervescence” where people feel transformed. Successful leaders introduce networks to other people to foster networking.
- Connect Authentically in Comfortable Settings: Leslie Hale, president and CEO of RLJ Lodging Trust, doesn’t golf and doesn’t drink beer, but emphasized being true to oneself and finding comfortable ways to connect, regardless of conventional networking activities. Similarly, Jin Lee, CEO of Acrophyte Hospitality Trust, advocated for authenticity in conversations, recommending scheduling lunch or dinner meetings to showcase one’s humanity.
- Four Points: Stacey Silver, the founder and president of Silver Hospitality Group, teaches a networking class at Cornell University. She emphasizes:
- There’s no quid pro quo. You have to be authentic.
- You have to be present – eye contact, be in the moment. Don’t look at your phone. Actively listen and engage. Be focused.
- Do your research. Know whom you want to meet at a conference and know what you want to say to them.
- Man plans, God laughs. Sometimes things don’t work out as planned. It’s ok! You will do better next time.
- Follow Your Curiosity: Frank Nardozza, chairman and CEO of REH Capital Partners, said, “Networking is not just something that one might do, it’s a necessity to succeed. I’m curious. I want to know what makes people tick, why they are the way they are, and how companies and businesses work. I read a lot and it’s not just about real estate and hospitality. It’s about politics, economic markets, ports, social matters, entertainment, healthcare, biomed, manufacturing… So I feel pretty comfortable that if I’m sitting on an airplane and talking to somebody cold next to me, chances are pretty good that I’m going to strike up a conversation and not just at the superficial level.” Frank also mentioned he has monetized the benefit of reading the Wall Street Journal front to back daily into the millions of dollars. He has uncovered countless leads, and either through his network or cold calling, he has won advisory assignments.
These insights offer a diverse array of strategies, highlighting authenticity, reciprocity, and genuine interest as key networking principles. As revealed by these leaders, networking goes beyond mere contacts; it’s about cultivating meaningful connections that foster long-term success. After all, “it’s not just what you know, but who you know” that can accelerate your career.
What’s your experience with networking, and what advice do you offer to those navigating it? You’re not alone on this journey. By sharing experiences and insights, we can collectively thrive and excel in our professional pursuits.
It’s Personal Stories, A Hospitality Podcast showcases the inspiring journeys of leaders across the hospitality industry, empowering listeners with actionable insights for personal and professional success. With a library of over 200 episodes, the podcast features candid advice and stories from C-Suite executives, educators, life coaches, best-selling authors, and other influential voices in the field. Launched in 2022 by industry veterans David Kong, Dorothy Dowling, Rachel Humphrey, Lan Elliott, and Huilian Duan, It’s Personal Stories has earned recognition as a top hospitality podcast by the International Hospitality Institute every year since its debut. Discover these powerful stories and more at www.ItsPersonalStories.com.
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