Examine the importance of networking to an entrepreneur and to the entrepreneurial process
Mariam Peyton is a professional Financial Analyst. She holds a Masters degree in Economics. She specialises in financial analysis and forecasting. Her expertise includes studying the financial performance of companies, markets and entire industries looking for trends, insights and information that can help you glean rich insights for use in academic and market research.
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Networking refers to the process of interacting with one another with the objective of exchanging information and developing social contacts. This process plays an important role during a business start-up but its continued role whilst the growth of a business is not clear. What is entrepreneurial networking? Entrepreneurial networking refers to the process of forming and maintaining social agreements which are to help a business in meeting its future goals and objectives. Currently, networking (strengthening networks) is one of the most important aspects that have to be considered by entrepreneurs when starting up their business, as it is clearly noted that a business’s success is often determined by who you know. Networking is very important to an entrepreneur and it is highly valued because it can bring in a number of important opportunities. Networking is of great importance in the personal growth and development of a business start-up and therefore as an entrepreneur, it is very important to have a network of potential people. An entrepreneur gains a benefit from a network because it provides important resources such as information, employers and employees, and suppliers, it in most cases results in opportunities, and it is great for sharing knowledge and ideas, among so many others. This research was conducted to find out the networking practices that entrepreneurs practice when they are growing and developing a business venture. The researcher discovered that these networking practices involved a number of specific patterns that were required to be followed so as to reach the growth they desired.
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Examine the importance of networking to an entrepreneur and to the entrepreneurial process a Case Study
Key Learning Outcomes
By the end of the case, students should be able to:
- Understand the meaning of networking, its relevancies, and how it has developed over time
- Understand how networking can be useful for an entrepreneur and how it is influencing the entrepreneurial process
- Learn how to apply the concept of networking to real-life situations
1.0 INTRODUCTION
In a textbook titled “Pioneers in Entrepreneurship & Small Business Research by Landstrom”, he noted that entrepreneurship was becoming a popular subject in universities and society. However, history suggests that entrepreneurship started far back in the 1800s and it was deeply engrained in the field of political science and administration. The concept of entrepreneurship in economic science is said to have been introduced by Richard Cantillon and Jean Baptiste. The study of entrepreneurship is relatively a new concept and researchers have had a hard time coming up with a unified definition of the concept. Entrepreneurship has a number of definitions but the uniformity in all of them is that the concept identifies and exploits new opportunities to its advantage. This paper is going to examine the importance of networking to an entrepreneur and to the entrepreneurial process.
According to Global Entrepreneurship Monitors, entrepreneurship and entrepreneurial activities in the world have intensely developed. The entrepreneurial process explains the various stages that an entrepreneur undergoes to start up a business that is from identification of the opportunity to put into practice to the growth of the idea. An important part of the entrepreneurial process is the network which is defined as a set of people that is connected by meaningful relationships. Networking refers to the process of interacting with one another with the objective of exchanging information and developing social contacts. It is not only about exchanging information between the several networks, besides that it functions as an opportunity to create long-term relationships with mutual benefits.
Why is Networking Important for Entrepreneurs? Networking is very important as it is said to open doors and generate opportunities for investment, clients, and growth. A network is one way through which a business will meet its preceptors, imminent employees, consultants, and industry experts among others who will help in the growth and development of a business.
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