TOPIC 12: Entrepreneurship and

Networking/Connections

ILO1: Define networking from the business

perspective.
ILO2: Explain the benefits of networking from
the business perspective.
ILO3: Explain the proactive ways of business
networking.
Definition of Business Networking

 Business networking is an art form and as

an entrepreneur you should be expert in it.
Business networking is all about
connecting people which will be
beneficial for each other’s business.
Networking is done because of the
benefits you hope to reap from good
networking.
…continuation
 The entrepreneur has to be clear about
what he/she hopes to achieve through
networking. you should get some right
people in your network that will improve
your influence.
…continuation
 In the ecosystem of entrepreneurship,
communication and presence with
strength are useful ways to help you build
strong relations with other entrepreneurs.
They may belong to different age groups,
nationality and interest fields.
Benefits of Business Networking

1. References for Increasing the Business

2. Business Development Directions
3. Business Connectivity
4. Suggestions
…continuation
5. Identity Development
6. Great Motivation
7. Higher Trust on Yourself
8. A Peace and Happiness by Providing Help
1. References for Increasing the
Business
 References which you receive from
business networking is of high quality. In
most cases such references lies under your
capabilities. You can follow them which
can turn the person giving references into
a client. These references majorly
increases your business.
…continuation
 Furthermore, these references are also
genuine because business network
provides them based on real life
experiences in entrepreneurship, making it
realistic. Following them would yield
genuine results.
2. Business Development Directions

 Possibilities
of business development
directions depends upon motivation of
people met during business networking. If
motivation of people is high, directions are
vast and if motivation of people is low,
directions are less.
…continuation
 Such directions include finding right
Investors, Customers/Consumers, Partners.
Further opportunities include
communication practice, acquiring
business knowledge, selling assets, etc.
There are infinite opportunities.
…continuation
 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 should
provide you a scope for improving,
developing and diversifying your business.
Don’t rush towards unnecessary directions
as it will create a lop of one over other. As
a result, this will lead you to nowhere.
3. Business Connectivity
 Youhave to work on great business
connectivity sources for a successful
business. In Business networking, when you
meet with people already posses a large
connections. As a result, your connections
get add-up with theirs and your net
connections multiply. This can contribute
towards J-Curve of your business i.e.
exponential or compound development of
business.
…continuation
 For business connectivity, you need to ask
right questions to them in order to
understand whether they can contribute
or not. Also, establishing connections with
people having high influencing factor
gives positive impact to your business.
4. Suggestions

 Businessowners having similar thinking

gives you a chance to get suggestions
from them. These suggestions will help you
to improve business and personal life by
knowing correct balances which you can
maintain between life and business.
…continuation
 Such suggestions obtained from business
networking are very effective and
efficient. This is because suggestions
obtained from other sources like friends
and family may not prove useful for your
business. Further, make sure that you get
strong and right suggestions from right
person.
…continuation
 For that, the person standing in front of you
should know correctly about you, your
situations and needs. Also make sure their
suggestions should be based on their
experiences and should not be
theoretical.
5. Identity Development
 Businessnetwork obviously get yourself
known to all the people who attended
business network programs. That’s why
attended as much business programs as
possible. This will simply grow your identity to
many people. I have seen cases that even
though person do not remember my name
or I don’t remember their name, we
recognize each other by face. And this
happened for numerous business events.
…continuation
 Your identity will entirely be based on how
you represent yourself. This includes your
personality, knowledge, team, resources,
product/service, business pitch, amount of
helping and supporting nature etc. The
more you gain your identity, the more
suggestions, references and supports you
get from people. Sometimes, you may not
even require to approach them.
6. Great Motivation
 Getting along with these positive people in
business seminars is very important as they
will maintain your motivation. Motivation
will maintain the fire inside you to become
successful. As a result your working
capability, consistency will be maintained
for longer time periods.
…continuation
 Further, bad or weak motivation will highly
poison your performance and
management towards business
development by bringing laziness,
tiredness, irritation, etc. You have to
simultaneously work on your and your
team’s motivation at various intervals of
time. Business Networking will definitely
help you to achieve this.
7. Higher Trust on Yourself
 Talking to various people will definitely help
to increase your confidence. This is
because of people responding to you
while talking. Also, people give inputs to
you from their side. Further, as an
entrepreneur, you must have confidence
to talk with people for making
connections. One should focus on
creating business networks if they are not
able to trust themselves much.
…continuation
 Initially, one lacks confidence while talking
to people. But as they put their efforts, their
confidence increases. Because, even if
you are not able to frame proper
sentences or unable to explain things,
people are intelligent enough to
understand your views. Also, they won’t
even make fun of it or demotivate you.
…continuation
 That’s one of the qualities of an
entrepreneur i.e. not making fun of
mistakes or deficiencies. They also know,
they themselves are making mistakes
unknowingly on various other aspects also,
so its no big deal.
8. A Peace and Happiness by
Providing Help
 There is a very high scope of providing help
to people while creating a business
network. Because a lot of people come
with their problems. 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.
…continuation
 Therefore by providing a suitable help, you
feel like ‘I have made my day by proving
myself useful and helpful to somebody’. This
is also a great source of motivation and
energy to work for your business. Further the
way these people express their gratitude is
also lovely. You should also feel it.
Ways of Business Networking
Proactive steps in business
networking
1. Set a goal to meet five or more new
people at each event.
2. Try one or two new groups per month.
3. Carry your business cards with you
everywhere.
4. Don't make a beeline for your seat.
5. Don't sit by people you know.
…continuation
6. Get active.
7. Be friendly and approachable.
8. Set a goal for what you expect from each
meeting.
9. Be willing to give to receive.
1. Set a goal to meet five or more
new people at each event
 Whenever you attend a group, whether a
party, a mixer or an industry luncheon,
make a point of heading straight for
people you don't know. Greet the
newcomers (they will love you for it!). If
you don't make this goal a habit, you'll
naturally gravitate toward the same old
acquaintances.
2. Try one or two new groups per
month.
 You can attend almost any organization's
meetings a few times before you must join.
This is another way to stretch yourself and
make a new set of contacts. Determine
what business organizations and activities
you would best fit into.
…continuation
 It may be the chamber of commerce, the
arts council, a museum society, a civic
organization, a baseball league, a
computer club or the PTA. Attend every
function you can that synergizes your goals
and customer/prospect interaction.
3. Carry your business cards with
you everywhere.
 Afterall, you never know when you might
meet a key contact, and if you don't have
your cards with you, you lose out. Take
your cards to church, the gym, parties, the
grocery store--even on walks with the dog.
4. Don't make a beeline for your
seat.
 Frequently, you'll see people at networking
groups sitting at the dinner table staring
into space--half an hour before the meal is
due to start. Why are they sitting alone?
Take full advantage of the valuable
networking time before you have to sit
down. Once the meeting starts, you won't
be able to mingle.
5. Don't sit by people you know.

 Mealtime is a prime time for meeting new

people. You may be in that seat for
several hours, so don't limit your
opportunities by sitting with your friends.
This is a wonderful chance to get to know
new people on either side of you.
…continuation
 Sure, it's more comfortable to hobnob with
familiar faces. But remember, you are
spending precious time and money to
attend this event. Get your money's worth;
you can talk to your friends some other
time.
6. Get active.
 People remember and do business with
leaders. Don't just warm a chair--get
involved and join a committee or become
a board member. If you don't have time,
volunteer to help with hospitality at the
door or checking people in. This gives you
a reason to talk to others, gets you
involved in the inner workings of the group,
and provides more visibility.
7. Be friendly and approachable.

 Pretend you are hosting the event. Make

people feel welcome. Find out what
brought them there, and see if there's any
way you can help them. Introduce them
to others, make business suggestions or
give them a referral.
…continuation
 Not only will you probably make a friend,
but putting others at ease eliminates self-
consciousness. A side benefit: What goes
around comes around. If you make the
effort to help others, you'll soon find people
helping you.
8. Set a goal for what you expect
from each meeting.
 Your goals can vary from meeting to
meeting. Some examples might be:
learning from the speaker's topic,
discovering industry trends, looking for new
prospects or connecting with peers.
…continuation
 If you work out of your home, you may find
your purpose is simply to get out and talk
to people face to face. Focusing your
mind on your goal before you even walk
into the event keeps you on target.
9. Be willing to give to receive.

 Networking is a two-way street. Don't

expect new contacts to shower you with
referrals and business unless you are
equally generous. Follow up on your
contacts; keep in touch; always share
information or leads that might benefit
them. You'll be paid back tenfold for your
thoughtfulness.
References:

 https://stutalks.com/entrepreneur-
networking/
 https://www.entrepreneur.com/encyclop
edia/networking#:~:text=Definition%3A%2
0Developing%20and%20using%20contacts
,skills%20any%20entrepreneur%20can%20h
ave.