University of Engineering and Technology Peshawar

Name : Muhammad Ilyas

Section : M

Registration No : 20PWMEC4918

Assignment No : 02

Submitted To : SIR FAWAD

Submission Date : 09, December , 2021

What Is Business Networking?

Business networking is a term that refers to meeting other business owners,
potential suppliers, or other professionals who have business experiences—to
help you grow your business. Networking gives you a pool of experts that range
from competitors to clients, and allows you to offer something to them; hopefully
in exchange for their services, advice, knowledge, or contacts.

Developing relationships as a business owner and offering assistance to others

does more than give you potential clients or generate referrals. Networking
assists you in identifying opportunities for partnerships, joint ventures, or new
areas of expansion for your business.

How Does Business Networking Work?

Networking events or local business luncheons present you with opportunities to
find others who are in similar circumstances as you work to grow your business.
These events are generally put together for the purpose of introducing new
concepts and methods being used while providing a platform for local business
people to meet and exchange ideas.

When you meet someone, be sure to exchange business cards, and follow up
later discussing points or topics brought up in conversations you may have had
with them. After a few conversations, you may be able to bring up the issues you
are facing. If they open up discussions first, you might be able to begin
exchanging information, seeking knowledge, or exchanging business contacts.

Most business people are optimistic and positive. Regular association with such
people can be a great morale boost, particularly in the difficult early phases of a
new business. You'll find that many, if not all, business owners have experienced
similar trials of ownership.

You should not only attend the meetings of your networking group regularly but
go prepared to offer something of value to the group. Choose the networking
medium that's best for you.

 Benefits of Business Networking

Business networking might allow you to create awareness of or keep abreast of
the latest trends or technology in your industry. A network can also provide you
with professional mentors or contacts who might be able to assist you with
problems you might need help with.

For example, if your business needs the services of a bookkeeper, accountant,

or lawyer you may find the ideal candidate through your network. If your business
needs equity financing you may be able to find an angel investor or venture
capitalist through networking channels.

Networking is ideal for expanding your knowledge by taking advantage of the

viewpoints and prior experience of others. For instance, if you are thinking of
exporting your products or services, you may be able to get some valuable
advice from someone else who has done similar business internationally.

Types of Business Networking

As you attend events, look for indicators that someone might be in a position to
benefit your business, where you have something to offer as well. This could
simply be conversations about your industry's market conditions as well as the
trends each of you may have noticed within your industry. You can work together
to develop an understanding of the market you both operate in.

Business Seminars

Look for and attend some business seminars—cultivate new working

relationships with your new peers and business associates, then communicate
on a regular basis to help you all stay current.

Networking Groups

The best business networking groups operate as exchanges of business

information, ideas, and support. There are many groups online that offer
networking services and communities—LinkedIn is an example of a large
networking group or site that can bring professionals together.

Professional Associations

Organizations exist that are comprised of like-minded individuals in similar

industries and fields of work. These organizations may have entry fees or other
selection requirements, but they can prove vital for small business owners
looking to expand their network. The American Management Association and the
American Marketing Association are two examples of industry-specific
associations.

European Business Network

The European Business Network (EBN) is the initiative of the Ambassadors of Austria,

Belgium, the Czech Republic, Estonia, Ireland, Romania and Spain, bringing together our
business communities here in Lithuania and supporting them and Lithuanian companies in their
efforts to grow our trade and investment activities.

The mission of the EBN is to stimulate and facilitate the growth and development of
commercial and economic links between Lithuania and EBN members. As well as to
bridge opportunities for both Lithuania and EBN members.
 
The EBN is a unique organisation; it provides a common platform for building productive
relationships with the corporate sector and Lithuanian government through networking
via the embassies.

As a member you
 can participate in all EBN events free of charge
 will have unique networking possibilities
 can meet with Ambassadors during all events and discuss your concerns with
them