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How to network as an introvert
5:35AM | Wednesday, 22 May'It's who you know, not what you know'. People I trust drilled this truth into me, along with an injunction to extend my network. So I go to meet ups, conferences, dinners and other events to meet people who might help me on my journey: Investors, other entrepreneurs, media, mentors and so on. It's a tough road and you need as much help from the best people you can find. Anyone who looked at Posse from the outside would conclude I have an incredible network, so I must be an expert schmoozer. Our shareholder register includes the founder of Google Maps, high profile Silicon Valley venture capitalists, senior executives from eBay, MTV, Macquarie Bank, Wotif, NineMSN and many others. But I'm nothing of the sort, quite the opposite in fact. As an introvert, I've always struggled with networking. Here, I'll share some challenges I've experienced and how I've learned to build a powerful network despite my natural reticence. This past week I've been at the annual MaiTai conference in Maui, hanging out with 130 of the world's top tech entrepreneurs, investors and pro kite surfers. We started each morning at 8am with inspiring and educational panels featuring some of the most interesting people I've come across. At midday, we all headed to the beach to kite surf. I'm still a beginner so I took lessons from 2 – 5pm, but other than that, we chilled out on the beach drinking beer and forming friendships with people who'd influence and help us in business and life. At night, there was a formal dinner or event followed by after parties that ran until pretty close to the start of next morning sessions. Some people can walk into any event and charm the room. They're confident, funny and can form close relationships with anyone seemingly without effort. I always wished I was like that but in truth, I'm not. When I look around a room at a party where I don't know many people, I find it daunting to approach just anyone and strike up a conversation. It doesn't come naturally. I'm an introvert, and all these networking events are designed for and work better with extroverts. This past week has been amazing fun – I’ve met some awesome people with whom I'm sure I'll stay in contact for years to come. But it wasn't all easy. Am I the only one who feels this way? My guess is, lots of us go to these events and struggle. We stick at it because we know it matters, and as we progress, we learn to hide our discomfort and improve our skills. I'm a perfectionist and hate not to be good at something, but I have to accept that this is just me. I've developed techniques to help me to form important relationships and improve – even enjoy – the process of networking: 1. Focus on what you are good at Although I find large informal groups like parties a challenge, I know that I perform very well in formal presentation settings or one-on-one conversations. Instead of beating myself up about not being able to charm groups at the dinner table, I focus my efforts in learning how to build on my more natural skills of engaging people one-on-one, and public speaking. An ability to kill it at a one-on-one presentation is all you need to build a great network, because if you leave that person inspired then they'll want to introduce you to their friends. That's how I've built my entire network. 2. At events have short conversations with lots of people then follow up later I find it difficult to form deep connections at informal events, instead I try to have short conversations with as many people as possible, making sure I have everyone's details so I can follow up later. Then I'll reach out after the event, setting up a lunch or coffee. That's an environment where I know I'll be able to win them over. Story continues on page 2. Please click below. 3. A network isn't about having lots of shallow relationships, it's about forming a few close relationships Some people have hundreds or even thousands in their network. Other than on social networks where I don't know most of the people to whom I'm supposedly connected, I'd say my close business network includes about fifteen people - but these people are special. Every year I'll meet between one and three new people who are just magic, and I know they'll have a profound impact on my life. It's never 'what can this person do for me,' it's a realisation that I've encountered someone awesome who I want to be connected with and learn from. I've always thought the whole 'networking' thing wasn't for me, and when I reflect on why my network is so powerful despite this I'd say it comes down to how much I value and nurture these relationships. Almost all good things come to me from one of these fifteen people. 4. Don't beat yourself up about not being an expert socialiser Some people are born extraverts and some are introverts. That's fine. We introverts have different strengths: feel good about your quieter disposition. And check out this great TED talk by Susan Cain on 'The Power of Introverts': I spent years thinking that I should be different - louder, funnier, more extraverted. Now I recognise the need to be grateful for the talents that I do have. This is just another thing I'll continue to work on. 5. Stick at it and it gets easier When I think back 10 or even two years, I've become much more comfortable at networking as I've practised. Now, I hardly notice my introversion and some people are surprised when I reveal that I find large events difficult to navigate. Being invited to events like MaiTai is such a privilege. I've come to meet so many incredible people, learned a new sport and had a tonne of fun in the process. The first time I went a couple of years ago, I only knew two people - and not even very well - and I stayed in a house with a group of about ten whom I'd never met before. As an introvert, I found the whole week daunting. But I pushed through, and I'm glad I did. As an entrepreneur the road is tough, but events like these and the people that you meet can make the journey so much more fun, attainable and ultimately fulfilling.
The Bitcoin boom: What your business needs to know
4:32PM | Tuesday, 9 AprilIt’s often said that new entrepreneurial opportunities emerge from economic adversity, but it’s rare for hard times to explode an idea in quite the manner Bitcoin has benefited from. The independent digital currency was trading at just $20 in February. And then the Cyprus economic crisis hit, prompting people to pull their cash from the failing banks and into Bitcoin. As a result, the value of a Bitcoin is nearing $200. Heady days indeed for a currency that was only worth around a cent in 2010. Bitcoin is going mainstream. But what exactly is Bitcoin and why should small businesses in Australia care about it? The basics Bitcoin is a decentralised digital currency that allows people to pay each other directly without the need for a financial institution middle man. Payments can be made anonymously in a way, worryingly for governments, that can’t be tracked, traded or taxed – a kind of free market bonanza that cuts down on the hassle and cost of dealing with banks. {qtube vid:= Um63OQz3bjo} The concept was created by a mysterious figure (or group) called Satoshi Nakamoto in 2009. Initially only known about by a select band of hackers and tech geeks, the concept has rapidly taken hold and is now being embraced by some businesses as a payment method, alongside standard credit card transactions and the likes of PayPal. Of course, a currency is only worth something if it’s relatively scarce. To create Bitcoins, you need a highly complex computer algorithm that produces the currency very slowly, with a cap of 21 million Bitcoins to be churned out by 2140. Select bands of Bitcoin ‘miners’ have emerged – Ozcoin Pooled Mining, based in Perth, claims it is the third-largest Bitcoin miner in the world – but most users obtain the currency through Bitcoin exchanges, such as MT. Gox. Physical Bitcoins have been created, but the currency is typically traded digitally, stored on a user’s hard drive in a virtual wallet. Around 11 million Bitcoins are currently in circulation, with 25 new ones created every 10 minutes. The total value is now closing in on the $2 billion mark, more than the currency stock of 20 separate countries. This valuation increase is illustrated by the fact that US programmers who swapped 10,000 Bitcoins for two pizzas in 2010 – at around a cent a piece – would’ve paid $1.7 million for the pizzas in today’s prices. Above: Value of Bitcoins in US dollars over the past year: Source. Story continues on page 2. Please click below. Why should I care? Because other businesses are caring. Yes, there’s the bar in New York that is accepting Bitcoins for a helpful publicity boost, but there are plenty of retailers who are taking a genuine interest. Why? Well, the process is easier – it doesn’t involve a bank and the transactions are processed on the same day, rather than take days. Also, it can be cheaper. BitPay charges 1% on Bitcoin transactions, whereas credit cards will slug you 3-5%. Bowdie Mercieca, founder of Australian online retailer UndieGuys.com.au, has accepted Bitcoin since the start-up launched in 2011, initially as an eBay shopfront. “We use Woo Commerce, a plug-in that’s based on WordPress,” he tells StartupSmart. “The buyer chooses the option of Bitcoin, it works out the exchange rate and the transaction is processed.” “In terms of the process, it’s similar to bank transfer, perhaps a little easier. It takes time to install the plug-in, but it’s very seamless. Previously, the process had to be manual, but now it’s becoming more popular, a lot more software is available for retailers.” Demand for Bitcoin payments in Australia is still small. Mercieca says he’s had just five purchases using Bitcoins, most of them from the US. But there are other benefits – by being listed on blogs as one of a fairly select group of retailers taking Bitcoins, UndieGuys is getting traffic, and therefore customers, that it wouldn’t otherwise have. “With more interest, this possibly will increase – we can see incoming links from Bitcoin websites and there are lots of enquiries about how it works,” Mercieca says. But he adds: “I initially added it because my background is IT and I was interested in the concept of it. At the moment, it’s still a bit technical. Most retailers probably won’t consider it until it goes fully mainstream.” The future The fact that Bitcoin’s value has rocketed in recent months does little to dispel the theory that it is little more than an investment commodity, rather than mainstream currency alternative for the masses. But even if Bitcoin is a bubble set to burst, the idea behind it should pose a few interesting questions for start-ups who process payments. What charges are you paying for your transactions? Are you really getting a fair deal? How can you reduce these overheads? And should you be thinking a bit more laterally than just going to your bank? Ultimately, Bitcoin’s legacy may be to help small businesses think a little more about what moving money around actually costs them.
eBay fee hike brings mixed response from businesses
4:50AM | Wednesday, 3 AprilAuction and online retail giant eBay has announced a new fee structure which will see some selling costs increase for many of its members. However, the head of the local eBay sellers' association has told SmartCompany the situation isn't dire. eBay warned sellers about the increases months ago, and in some cases businesses are better off. "They've actually had a lot of reductions in the past few years," says Phil Leahy, head of the Professional eBay Sellers Alliance. "Nobody likes fee increases, but you have to understand, in the older days of eBay they would just up the fees without warning, sometimes by as much as 30-40%. This is much better." While eBay raising its fees may be seen as simply an annoyance for individual sellers, the company has been transforming into a sales channel for small business. While 10 years ago such fee changes may have affected only an individual selling off some second-hand goods, now numerous businesses could be affected by the changes. In 2011, eBay said the revenue of the top 2,000 sellers in Australia reached $12.6 million, up by 38% from the previous year. However, Leahy says, the distribution of sellers' fees is "not that cut and dry". "There are differences across the different categories, depending on what they're turning over." Leahy says based on messages he's viewed on the eBay message boards, there is a mixed reaction to the fee changes based on the size of individual businesses. The changes affect multiple types of listings. For instance, as a casual seller, you can now sell 40 items without paying an insertion fee, instead of just 30. But the fee you pay for the final value of the items has now increased from 7.0% to 9.9%. eBay has also increased the maximum final value fee from $100 to $250. Also, insertion fees have changed and are split into two categories. The fees start at $1.50 for items with a price under $100, and will cost $3.50 for those over $100. So while the fee changes mean users can list more items before paying an insertion fee, Leahy says it really depends on the size of a business as to whether they will be affected or not. "I'm reading the boards, and some are happy while some aren't," he says. But the biggest win is that eBay consulted with the community beforehand, he says. Previously the company has made fee changes with limited consultation which has hurt the community, Leahy says. "We think the last price adjustment cost the company dearly, and it was over-adjusted in some areas. This is a bit of an adjustment back." eBay was contacted by SmartCompany this morning, but no reply was received prior to publication. The company has been attempting to move away from auctions as its sole source of revenue, and instead present itself an entirely new channel for retailers. Last year, the company launched a fashion section of the website in order to convince more retailers to jump on board with sales. It has also been encouraging more businesses to use the "buy it now" feature, as opposed to using auctions as a primary source of revenue. This story first appeared on SmartCompany.
A picture says a thousand words
3:34AM | Wednesday, 13 MarchTake a look at the photos you use to promote your business or your products.
Atlassian rolls out second ‘Hack House’ for budding techies
3:05AM | Friday, 15 MarchThe first class of Atlassian Hack House graduates have highlighted their achievements since participating in the program, after the second class began work yesterday.
Five Aussie start-ups to watch in 2013
3:39AM | Friday, 15 MarchGiven the sheer volume of public hand-wringing by traditional players such as the resources industry and large retailers over threats to their revenue, it seems that some view innovation as something to be wary of, rather than enthusiastically embraced.
Choosing your online revenue model
1:41AM | Wednesday, 9 JanuaryWe know that starting an online business can allow for a faster launch than traditional bricks and mortar businesses.
Ex-Jetstar boss Bruce Buchanan invests in Rocklive, becomes CEO
3:31AM | Monday, 11 MarchDigital advertising venture Rocklive has appointed Bruce Buchanan, the former group chief executive of Jetstar, as its new CEO, with the new boss also taking a substantial stake in the start-up.
Eight start-ups selected for Incubate program at University of Sydney
3:50AM | Monday, 11 MarchThe University of Sydney Union’s Incubate program has selected the eight successful start-up teams who will use $5,000 grants to develop their ideas over the university’s summer break.
Why December 9 is being tipped as the biggest online shopping day – ever
3:50AM | Monday, 11 MarchSunday December 9 will be the busiest online shopping day ever, according to new figures from eBay, with an industry expert insisting it’s not too late for start-ups to get it on the action.
Ruchi Shrestha
3:53AM | Monday, 11 MarchBusiness name: Apex Hunting Age: 25 State: NSW Shrestha heads up Apex Hunting, which supplies archery equipment for everyone from beginners to professionals via a website and an eBay store. It was founded in January last year.
Zynga and Facebook: Why the social media game is changing
12:58AM | Friday, 7 DecemberLast week, we saw the relationship between Zynga and Facebook change. You can read the SEC filings here.
I severely overstocked my business. What should I do?
12:30PM | Sunday, 9 DecemberThis article first appeared on December 8th, 2011. I made the mistake of severely overstocking my sports equipment business. What should I do? This existing stock that you have not been able to shift is utilizing valuable shelf space and tying up working capital, and needs to be cleared to maximise the shop's profit performance.
Niche focus helps eyeclarity take out Independent Retailer of the Year award
3:32AM | Monday, 11 MarchA host of retailers have claimed titles at the 2012 Australian Retail Awards including Oroton, Pandora, Lenard’s Chicken and eyeclarity, which was named Independent Retailer of the Year.
Freelancer buys vWorker, aims to become "eBay for services"
3:39AM | Monday, 11 MarchCrowdsourcing giant Freelancer has acquired the fourth-largest site of its kind, with founder Matt Barrie saying the purchase is just another step in becoming the "eBay for services".
Christmas tipped to see mobile commerce boom
3:50AM | Monday, 11 MarchThe week before Christmas is the peak period for mobile shopping searches, new Google data shows, while findings from PayPal and eBay show mobile is increasingly aiding the “consumer discovery process”.
Skype launches new platform for entrepreneurs
3:59AM | Monday, 11 MarchSkype has launched a free online platform called Skype in the workspace, enabling small businesses to connect with potential customers, partners and suppliers across the globe.
Start-ups tipped to cash in amid second-hand goods boom
3:36AM | Tuesday, 12 MarchNew research suggests the resale value of unused goods in Australian households could equate to more than $40 billion, highlighting opportunities for start-ups in the growing second-hand market.
Is the email still the king of marketing?
10:02AM | Friday, 19 OctoberMany of the marketers and entrepreneurs I most admire still favour email marketing. And I do too. If I could only do one type of marketing, it’s what I’d do.
Make way for a moving story
10:35PM | Monday, 8 OctoberAt 23-years-old, Will Emmett is one of the directors of MeeMeep, a new Melbourne-based online start-up, which is pioneering in the collaborative consumption space.
