What is networking, and why does the crypto business need it?

How to build an effective network in the crypto business and why it is so relevant now. The editorial board of BeInCrypto asked these questions to Guy Yanpolsky, CEO of the Yafo Development consulting agency.

In traditional business, there is a theory of ” 6 handshakes”, according to which each person knows the other through six other acquaintances. In other words, all people in the world know each other, if not directly, then through intermediaries and can use these connections in business, sports, hobbies, and so on.

The same theory works in the crypto business and is particularly valuable for it. After all, you can always find the right acquaintances, experience, and investments through your network of contacts. The editors of BeInCrypto discussed how to build an effective network in the crypto business with the founder and CEO of the Yafo Development consulting agency, Guy Yanpolsky.

About the role of networking in the crypto business

Networking is a professional activity aimed at solving tasks as quickly and easily as possible with the help of acquaintances and connections. This significantly accelerates the implementation of investment projects and the launch of new products, reduces the cost of consulting or finding solutions, and much more.

“Networking is already a way of life. Judge for yourself, in everyday life we constantly use networking: the TV is broken — we are looking for contacts of a repair specialist through negotiations with relatives, friends, neighbors. If you want to arrange a child in kindergarten out of turn, then urgently look for the contacts of the head, so that he “attached” your child quickly. This is a normal practice, ” explains Guy Yanpolsky.

The crypto business somehow uses the “6 handshakes ” theory and practices networking constantly. If a startup wants to attract investment, it starts calling familiar investors or familiar investors, that is, it uses the so-called “warm” and ” hot»  contacts, because in this case, it is much easier to get the desired finances.

Guy Yanpolsky

“I will tell you a secret that this is how many projects received their first funding. Most often, the first and main investors of large projects were close relatives, friends, acquaintances, colleagues, i.e. those people who were in direct contact with startups,” explains Guy Yanpolsky.

Read also: How FOMO and FUD from the Crypto World are Taking over the Stock Market

As an example, the expert cites the launch of the Coinbase crypto exchange. The main investors were people from the inner circle of Brian Armstrong, namely Fred Ersam, who later created Paradigm Operations, billionaires Fred Wilson of Union Square Ventures and Chris Dixon of Andreessen Horowitz.

According to the same principle, investments were attracted to Pavel Durov’s startup TON. Most of the investment was made by Russian investors from Durov’s entourage. For example, Roman Abramovich allocated $300 million for the TON project.

“Whatever you say about the prospects and significance of the project, a strong team of professionals, a unique product, your connections will be crucial for the implementation of the idea. The more of them, the better, ” says the head of Yafo Development.

How to make friends and find the right people

It often happens that startups do not have the necessary connections, which means that the world of the crypt can remain closed to them forever. You need to get a whole baggage of acquaintances as soon as possible. And then the question arises, where to look for the necessary contacts and how to get acquainted with them.

“Most often, it happens that all the necessary contacts are within your reach. You just don’t know it. Remember the theory of 6 handshakes. Ask your friends, acquaintances, colleagues. Among them, you will surely find the connections that you need so much. Or get ideas on how to find the right people, ” says Guy Yanpolsky.

If you haven’t found the right contacts, then the best way to go and meet people is to go where they most often go: thematic events, meetups, exhibitions, and much more. It’s just the perfect place to meet people.

“Remember the old joke that said that if you want to marry a millionaire, then go where millionaires spend their time. It’s the same in business: you need an investor-join closed investment clubs and attend all events dedicated to investment. Need blockchain developers? Sign up for all hackathons, ” advises Guy Yanpolsky.

According to the expert, Yafo Development holds dozens of events a year just to help startups find investors, companies-staff and customers, users-new solutions and means of earning money. It’s just the perfect win-win model.

The role of media, bloggers, and opinion leaders in networking

Another problem is finding the right connections. Thanks to the media, becoming a blogger and opinion leader is very easy, but does the person have exactly the knowledge, capabilities and competencies that you expect?

“Today, everyone can become an opinion leader, and this is bad. The Internet is simply flooded with incomprehensible bloggers who broadcast from all social networks, media that are poorly versed in the market situation. This significantly harms networking, as you can not really assess the possibilities of contact and can falsely hope for its support, ” comments Guy Yanpolsky.

Read also: How information affects the value of cryptocurrency: experts ‘ opinion

This topic is particularly acute when choosing advisors for startup projects. It is not completely clear whether this person is really so important and significant in the crypto environment and can help you with advice, acquaintance, money, or not. Therefore, before choosing a person for dating, you should study information about him from open sources, ask friends and acquaintances, read publications on the Internet and in the media.

“Of course, there are cases when a very influential person remains not public. But this is an exception to the rule rather than a standard practice. If you have not found a single publication about a person, his achievements, then most likely this is not the one you need, ” Guy Yanpolsky is sure.

How to make the right connections every day

You need to make the right connections all the time, otherwise the business will start to die. Guy Yanpolsky himself recalls his experience as follows:

“I was once trained by a well-known personal growth coach, Tony Robins. And I liked one of his parting words: set a plan for creating new acquaintances for the day, month, and year. Since then, I try to make new contacts every day and recommend them to you.”

Here are some tips on where to look for useful connections:

  • review your social media contacts and check your recommended contacts. You should pay special attention to Facebook, LinkedIn and Twitter.
  • attend professional events at least once a year and set yourself a plan for the number of business cards received and new contacts.
  • try to be a member of professional associations. I know for sure that in Turkey, the United Arab Emirates and a number of other countries there are associations of altcoin holders, bitcoin enthusiasts;
  • subscribe to thematic groups and chat rooms in Telegram. Feel free to ask questions and ask for the contacts of the people you need.
  • be active and interesting, so that people themselves are eager to get to know you.

And remember that the right connections are much more important than money. It is not for nothing that they say: “Do not have a hundred rubles, but make a hundred friends.”

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