The first myth I would like to debunk is that networking is all about exchanging as many business cards as you can and making small talk to people in a business setting - e.g. lunchtime at a conference or seminar. Don't even worry about your job title on your namecard, most importantly aim to have people remember you very positively. 

Always keep yourself up to date and read widely on business news and technology developments. When you meet business leaders at a networking session, instead of making small talk tell them what you think about current industry trends for example and encourage them to share their insights as well. Do not simply ask questions, but display your knowledge and analytical abilities as well. If you know of the specific people who will be at the conference you would like to meet, follow them on LinkedIn, read the articles they've published and share your thoughts when you meet them.

If you are working in a multinational corporation and there is a Vice-President from headquarters visiting your office, go out and meet them. Do not simply introduce yourself by your job title, but tell them in a few sentences on the initiatives you have to improve the company's processes and what you are doing to achieve them.

In summary, networking is not about knowing a lot of people, it is about winning respect from successful people.