The statement itself has flaws and is incomplete, and here's why:
It's not only about “who you know but also about who knows you.” This statement has a complete cycle of knowledge for both ends, you and other people.
For example, you may know the U.S President, let's say Joe Biden, but he doesn't know you, so you don't have anything in exchange.
But if someone knows you, and you don't know that person, there is a very low chance you can do business with them.
The key here is to create a complete cycle of known - you and the others both know each other.
What you know is also important because it allows you to add value to the people you're doing business with.
What you know that carries value will act as a bridge between you and the other person. Let's say you know a lot about accounting and finance, and you meet a person who knows about marketing. Both of you can exchange value for an idea or a startup that needs to get known and run smoothly.
The ability to get known takes a lot of courage to put yourself out there and share goodwill.
In return, you will make friends with people who can help you accomplish your goals. Get creative. Meeting new people, getting into relationships, and doing business together takes courage, creativity, and confidence. This will help other people have confidence in meeting you, get lots of benefits from you, and do a lot with you later.
There's an old saying, "your network is your net worth."
So get out there, get known, and make friends with a lot of people.
Now you may ask, what if I make friends with bad people? Well, there is a solution.
Out of 10 people that you meet, there will be at least 1 good one. Get rid of the other 9, and make friends with the good one. Then you will make friends with the good one's friend. Because mature, successful people only surround themselves with successful people.
No brainer. This is the simplest strategy to scale your great network.
I hope you find this useful.