iv. This is because suggestions obtained from other sources like friends and family may not prove useful for your business. Therefore, countries are working towards creating various business organizations which provides opportunities to entrepreneurs irrespective of their fields to meet each other to fulfill each others expectations. The easiest way to expand your network is to build on the relationships with people you know; family, friends, classmates, colleagues and acquaintance’s. And this happened for numerous business events. You may want your contact to report back to you at certain points of time. Keep in continuous touch with them. If the matter is confidential, you should include suitable instructions. Business owners having similar thinking gives you a chance to get suggestions from them. Because, even if you are not able to frame proper sentences or unable to explain things, people are intelligent enough to understand your views. Talking to various people will definitely help to increase your confidence. Business networking is an art form and as an entrepreneur you should be expert in it. By admin entrepreneurship Networking Networking Tip Uncategorized November 10, 2016. In the ecosystem of entrepreneurship, communication and presence with strength are useful ways to help you build strong relations with other entrepreneurs. According to a new research by the Economist Intelligence Unit, prolific networkers are more likely to navigate the hurdles of entrepreneurship. Networking will help you develop and improve your skill set, stay on top of the latest trends in your industry, keep a pulse on the job market, meet prospective mentors, partners, and clients, and gain access to the necessary resources that will foster your career development. This is also a great source of motivation and energy to work for your business. This occurs especially in the start-ups having problems like lack of money, employment issues, technological helps, guidance, resources, market positioning, sales issues, capital allocation problems and much more. As a result, this will lead you to nowhere. Forget about similar lines of business. The most rewarding benefit of networking is being visible and getting noticed. Just have a look on Top 9 Benefits of Business Network. Sometimes, this would involve directly doing things for the entrepreneur or opening other doors for the entrepreneur. Please, try to understand the huge benefits that this global network can give to you. The primary purpose of networking is to get in touch with other people in the trade and commerce field. That’s why attended as much business programs as possible. You have to work on great business connectivity sources for a successful business. Because a lot of people come with their problems. Because who knows, based on your current situation, local connections could be your help meanwhile new connections could not be able to help you. Importance of Entrepreneurship FAQ “The richest people in the world look for and build networks, everyone else looks for work.”. Therefore by providing a suitable help, you feel like ‘I have made my day by proving myself useful and helpful to somebody’. “Networking that matters is helping people achieve their goals.”. You can join the business meets, entrepreneurship events, awards, seminars, etc. At the end or at right time interval, you can go ahead pitching your business. That’s why it is very easy to build a network through Social Media. What is networking? Don’t rush towards unnecessary directions as it will create a lop of one over other. Journal of Small Business & Entrepreneurship: Vol. You can also do it for members belonging to different regions of the world. “If you want 1 year of prosperity, grow grain, If you want 10 years of prosperity, grow trees, If you want 100 years of prosperity, grow people.”. In Business networking, when you meet with people already posses a large connections. There is a very high scope of providing help to people while creating a business network. “It’s great to spend time at a networking event with someone you know and like. As an entrepreneur you need to maintain regular contact with your clients and also make new clients in the process, networking makes that possible . Small Business Success: Whether you are a techie, or a numbers fan, networking is the key to success for any small business. TOS 7. Home entrepreneurship How Important is Networking for Entrepreneurs? You should ask relevant questions to them for contributing to make your network. Hill et al (1997) argue that entrepreneurial networks provide entrepreneurs with ‘their only stable source of accurate information’. Today’s era is a social media era. You need to ensure that from all the development directions you find, follow only those which are in favor of solving your problems in business. They also know, they themselves are making mistakes unknowingly on various other aspects also, so its no big deal. Business networking is all about connecting people which will be beneficial for each other’s business. 2. Such relationships enable you … You should also feel it. Small or upstart companies need local support, and there’s no better way to get it than putting your name out there. ii. It’s about connecting people with people, people with ideas, and people with opportunities.”. What are some common mistakes entrepreneurs do at networking events? In most cases such references lies under your capabilities. Guest Editor: Ekaterina Turkina, pp. It is important to have a network of entrepreneurs at your side, the idea being to facilitate the exchange of contacts and especially business. Entrepreneurship is important as it has the ability to improve standards of living and create wealth, not only for the entrepreneurs, but also for related businesses. The best way to make good lasting connections is to actually find ways using which you can give a value to them without expecting something in return. Business network obviously get yourself known to all the people who attended business network programs. That’s one of the qualities of an entrepreneur i.e. Your goal is to expand your network by meeting new people.“. Therefore, business networking is important for new […] The more you gain your identity, the more suggestions, references and supports you get from people. You can get the needed experience through mentorship. Instead, you just stand there and try to know their conditions. Sometimes all our careers need is an influencer who can help things go … Further the way these people express their gratitude is also lovely. Forum (2009, p.7) highlighted the importance of entrepreneurship education on entrepreneurial development “…education is one of the most important foundations for economic development, entrepreneurship is a major driver of innovation and economic growth…”. Business networking is the process of establishing a mutually beneficial relationship with other business people and potential clients or customers. Communication and strong presence in the entrepreneurial ecosystem are productive approaches which will help you along your way to building strong relationships with other entrepreneurs from different age groups, nationality and fields of interest. They should provide you a scope for improving, developing and diversifying your business. Raising your Profile. Privacy Policy 8. It provides them with potential contacts. Due to which the individual gets tired from extracting their required information and reading it. Possibilities of business development directions depends upon motivation of people met during business networking. Because after the session, large number of participants meet each other irrespective of their working fields and relations to get knowledge, guide, inspiration, motivations, etc. They are all unique in their way. This is to prevent misunderstanding and ensure that they do not end up doing something else in a misguided attempt to be even more helpful to you. v. With complex tasks, you may need to explain the background of the task and your role in carrying out the task, especially if there are other people involved too. Sometimes, you may not even require to approach them. This is very true in business. Such directions include finding right Investors, Customers/Consumers, Partners. Importance of Networking for an Entrepreneur! Unfortunately, the … If motivation of people is high, directions are vast and if motivation of people is low, directions are less. You should generally avoid pitching about your business at initial case. It does not pay to have very high expectations of your network. if anyone is interested they will join you. This can contribute towards J-Curve of your business i.e. There are infinite opportunities. 30, Social networks in entrepreneurship and business development. Further, you can also achieve it by talking about general situations which entrepreneurs face, people suffering in job, etc. Further, bad or weak motivation will highly poison your performance and management towards business development by bringing laziness, tiredness, irritation, etc. They will also understand your needs and will do the same. This will simply grow your identity to many people. 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