} Networks and nN Founding Teams Learning Objectives: The learners shall be able to: * Assess the power of networks. ¢ Express the value of networking to entrepreneurs. * Recommend some ways of doing networking. * Consider ways to start networking. ¢ Decide which incubators and accelerators to join. * Choose members of the founding team through networking. * Recommend other characteristics of the founding team. I 7” nvr , ene 4 “Effective networking isn’t a result of luck — it requires hard work and persistence. | . - pita a Nv Lewis Howes Communication and strong presence are effective and beneficial ways of forming solid relations among business owners and other entrepreneurs. Hence, networking is a very important approach for entrepreneurs to advance their knowledge, obtain information on the success of other people, acquire new customers and speak about their businesses to others. On the other hand, recruiting a team is not a one-time activity but an ongoing focus. Entrepreneurs must always have an eye for good people who can bring innovation to their companies, Both big and small companies require an entrepreneurial spirit that can trigger innovation. With an entrepreneurial team, any company can be assured of more creativity and innovation. The Power of Networks Networking in business is an art form that ay entrepreneur must be expert about. Networking concerns connecting people which will be beneficial for each other’s business. Networking is done because of the benefits an entrepreneur hopes to earn from good networking. The entrepreneur has to be clear about what he hopes to achieve through networking. He should get some sight people in his network that will improve his influence.industry. Referrals are good source of new custom to achieve business goals easier. particularly those experts of the lers for entrepreneurs who wants Based on recent resea: for their being successful gatherings are the ones # are wh. itches, 78% of new venture: Most of the times, hat offer exact inf at really entrepreneurs need s regard networking as necessary itis the informal relations and informal Ormation coming from networks which The Value of N etworking to Entrepreneurs Basically networkin, with other business peo; Preneur’s business and confidently turn them into networking is intended to increase business revenue. A wise investor does not on! should always be investmentin p customers. Purposely, ly invest in money but in relationships as well. There eople besides spending money and effort in planning. In her book “Your Network I Is Your Net Worth: Connections for Wealth, Succe Unlock the Hidden Power of 8s, and Happiness in the igital Age”, author Porter Gale values like him. She said th; who has similar passions and net of the entrepreneur 'that ill be the interpersonal safety 'tput and personal satisfaction. Here are some of the advantages of networking to entrepreneurs, at the network of people w: makes certain his better ou such as: Better Business Opportunities With strong networking means, there is great possibilities of powerful position and infinite business opportunities. Hence the reason why serious serial entrepreneurs, influencers, deal makers and many, project players opt to look for limited business networking opportunities Most businesses that are al ctively become very successful. These businesses are able to meet possible customers and produce referrals that they can make follow to turn into customer: Soe! s also. Networking may lead an entrepreneur identify for opportunities such as Partnerships, joint ventures or expansion to another, ble to network effe Increased Status Strong presence and being noticed through networking is important in putting up and building one’s career and business, Being remarked and getting seen with Networks and Teams good standing among well-known and highly influential people may enhance ie eae friends and other entrepreneurs in the industry, There must be a great source Of significant connections in a network that an entrepreneur - Srna peSple needs it. Simply with networking, an entrepreneur can tap into i for his business to grow xpert, Networking may build the image of an eee fe rus " is trustworthy, and compassionate person who can be sarah Ee aaapeed connections with people. There is a high chance that suc! aaa get more leads and referrals as he is on top of oreo ene need what he offers. Hence, an entrepreneur should Ree ae ae numerous powerful, well-established and significant a a aa communities. He must also make effort in associating wit a regular basis to stay updated. Enhanced Knowledge i e as effective Most often suggestions from friends and aay dy eae pate and efficient compared with business networks. a a eereuaer and entrepreneurs are able to expand their cae ge po ee eee experts with whom they can have the opportunity gu hee aoaniee at the about businesses and life as well. An Seer a ay Seceneetsne reas viewpoints and prior experience of others possibly in the ®% a ae Advices from a business owner can help an entreprer UR UEPI ee and personal life. An entrepreneur may, Savin Poor ee meetings, or even casual discussions about topics of m Sune experiences of those with similar business, He must inve ee attending advanced training, conferences, and na Bene Pee gee to gain knowledge of countless value. eencubaa ent es Se Sais that he gets significant and factual suggestions from rg) exactly who he is, his situation and his needs. Positive Influences e e with an Those people that has become associated with ae pad fa Roa entrepreneur may influence him on who he will inser eae that he gets along with positive-minded individual Heeler een Through networking an entrepreneur may connect with entrepreneuss, business owners, and successful people who are pursuing excellence personal lives. il . le with Usually positive people show their best attributes cee pe positive mindset may uplift and motivate others to fae ee entrepreneur and asa person. Motivation shall ignite the ne cere and thus consistency work harder to become successful. ‘ Sibert. motivation may poison the successful performance and Sacuiey 5S a ee So, an entrepreneur should always obtain a renewed energy by bei 8 PE ze the network communities of business people who naturally positive and uplifting Networks and TeamsGrowing Confidence Having regular discussions with the right network can build the confidence and optimism of people in business. With theright connections and being connected with a network can boost the confidence of owners and entrepreneurs. Associating with new people especially if a person is not outgoing can also enhance morale particularly during the early stage of a new venture. On a personal note, new friendships with like-minded people could offer inputs from their perspective. Often times new entrepreneurs are too shy because they cannot frame their sentences properly so they are misunderstood. People within the network can intelligently understand enough the views of new ones in the business Certainly, as experienced entrepreneurs they could inspire and motivate people. despite mistakes or deficiencies. They know that everyone in business commit mistakes unintentionally, hence it’s no big deal for them. Personal Satisfaction It is actually personally rew. and opportunity of others especial opportunities in addition to arding to make contributions to the growth ily in business. Networking may offer selfless Breat business rewards. Entrepreneurs need network partners who are willing to mentor, Mentoring is considered vital in networking. Tt was eee Buffett who served as mentor to Bill Gates. For Facebook founder Mark Zuckerberg, he regarded Steve Jobs, the Apple founder to be his mentor. The important virtue of networking is for entrepreneurs to pass on the learned lessons about life and business to others, Positive people in business have inlets where other people can invest in them, at the same time they also have outlets so that they can invest in other people also. In order to be successftil both in life and business there must be a give and take relations with people around. Ways in Doing Networking Business networking is not actual ly a diff ing. Every i time in life but is not able to realize it. be se pee eames, Ho. every Bee te nun coe People make good friends and meaningful relationships. However, in business networking entrepreneurs need to understand that they aust agg tight people around them. Also, the most important thing in networking is that entrepreneurs should branch out their network even with similar nes of business. Entrepreneurs must keep in mind that they should continuously get in touch with their networks. Networking through Social Media Social media is the trend today through it. LinkedIn, Facebook, Twitte groups where entrepreneurs m: although a personal chatting’ p! numbers from social medias a: which is why it is easy to build a network T and even on Google Plus are some business ay join easier and start forming networks. WhatsApp, latform can be used by business groups to get contact nd talk to these people. Networks and Teams In the digital age, meeting people face to face is already old fashioned. Social media such as mentioned are very good means to communicate with customers and business partners. Certainly, they may be considered substitutes but a total replacement for handshakes with owners and entrepreneurs with business networks. The best business networking groups try to establish a mutually beneficial relationship. The members of the network exchange business information, ee aS support with listening as the most effective skill. The focus is to listen in order to help other people in the network. Business networking should be widely spread. Simply an entrepreneur must not only be an active member of few groups to cultivate relationships. Being active is vital and that is notjust attending regularly the meetings. In addition, entrepreneurs should offer something valuable to the group. ! P Networking through Business Events An entrepreneur ought to join business meetings, events, awards and snes so that he can personally interact with people in the industry. LinkedIn, MySpa and WisdomBuilder are some network club sites where entrepreneurs may join. Mostly during business events, participants exchange company oe, oe ae Fae selling their respective products and/or services. Of course, making good lasting connections is important. The best means of keeping in touch is to pro’ one’s network without expecting anything in exchange It is a practical thing to build a good network since it does not ey ae ey and finances. Entrepreneurs just need to understand the needs of the nee ‘i and introduce his business to the people and resources. Likewise, networks sha understand and do the same things with entrepreneurs. Entrepreneurs may join local business groups that meet on a prea ha Normally, local groups many provide discounts from corporate rman Wing workshops and network events, hence providing a lot of ‘opportunities to m: connections with other organizations. In the Philippines, membership with the Rotary Club is a beneficial Ue e network both personally and for business. Here entrepreneurs may mee! no professionals who have diverse backgrounds and could exchange ideas, ora beneficial and lifelong friendships with them. At the same time being a oeued ofa rotary club could be a way to give back to the communities. Really, rotary clubs can be ideal networking groups for entrepreneurs who wanted to combine services to their communities with networking. There are also some professional associations that are specific to industries. Often, specific industries have their own distinct problems and opportunities. Certainly only those that work for a particular industry knows best what they are. ‘Networks and TeamsStart Networking Entrepreneurs know exactly that without those people that helped them along the way they will not reach their success. A strong professional network can help reach the goals of. entrepreneurs. The network may help solve very difficult business problems and can possibly offer word-of-mouth recommendation to increase one’s customer base. Here are some recommendable ways of startin 1g networking to entrepreneurs: 1. Enhancing the profile -Being visible and getting noticed are the rewards of joining ne Gud set an entrepreneur attends business meetings and social events, entree nano Res familiar to other people in the business. A great start for an conirtees Ookee Speer is to have active participation in advisory time and effort in nano erences. An entrepreneur must constantly exert increase the chances ohn comneetions. Being always present and visible shall name and! face of ks or cn ing more leads and referrals due to association of the reneur to the product and/or service that he offers. f eens nag Ae of people are joining networking events because of the problem they are facing that needs to be solved immediately by other The best sean ee ever this must not be the smart reason to build connections. alcatel networks is to ask questions and discover how to add es being faced by others. An entrepreneur must contribute first somethi aaa ay likely vasebe for the network, Once he starts being helpful, his help 3. See Seeaoed “who” and not the “what” which is important to One ener © great sources of connections for any entrepreneur eee aac business. Networking makes certain the great pool gi ections that can provide a lot of benefits. Developing good relationships with 3 ae ith contacts may form numerous milestones for the career and usiness development of an entrepreneur “ Pa ACeagee a - As mentioned earlier social platforms like ee eee eee eae are great and effective means to network for eee ect eer faa ruil id trust among fellow followers an entrepreneur Be arn ae involve with the right industry content. Inbound & can Pe generated by networking in which contacts will find and teach out to the entrepreneu: i r. Hence, the entrepren i less time ti actively seek mote contacts, preneur will need 0 Sy He eae - ye media is an important element of networking. ieee een 'elp in narrating the success of an entrepreneur to a ee os ra trepreneur may create a contact list of media personalities 1 hare his story in business news in order to gain and establish himself in the business world, . 6. Opportunities - The opportunities for an entrepreneur is abundant when he joins networks. Opportunities such as joint ventures, client leads, partnerships, speaking and writing breaks as well as another business are among the extensive Networks and Teams opportunities in the list. However, an entrepreneur should always be cautious of grabbing only the right opportunities. Such opportunities must be consistent with his line of business. Otherwise, he might end up pursuing seemingly good opportunities that will bring him nowhere. Incubators and Accelerators The Philippines is known as a good testing ground to launch and nurture startups. Besides having a low cost living, the country has a growing number of young and tech-savvy population who speaks English. There is also plenty of room for upgrading like bridging the gaps in business services, tech, and financial inclusion of the unbanked. There is actually a misconception from early entrepreneurs about who is really an accelerator and an incubator. Here are some of the differences of incubators and accelerators: Basis of Distinction Accelerators Incubators Definition Accelerator is a place for Incubator is a place for new small existing business that helps businesses and startups that them achieving growth in their | offer support staff and equipment businesses. for further development Objective ‘Support startups with an array | Support startups with a of business support resources | structured program along fixed and services, orchestrated by | curricula incubators Time Period Intense three to four-month Less time pressure and less program intensive Business Model Large mentor-driven business | Smaller mentor network network Entrance All can apply Restricted and depends on the incubator Selection Extremely selective Usually less selective i Equity Ratio Take 6 to 8% equity stake No equity stake was taken Resources Ample Some Areas The Web, mobile, IT Biotech, Medtech and products Selection Process Competitive — essential to Competitive — based on available business model space and resources Services Fast-test and validation of Management support, IP rights i ideas, with mentoring support | assistance, networking and from experienced entrepreneurs | access to extemal financing and seed-funding Table 14 Incubators vs. Accelerators ‘Source: httpsi/vwwr difference. wiki/accelerators-vs-incubators! Networks and TeamsAn incubator i ‘ nee : business place that helps startup businesses and new ogee st lop their products and ideas by supporting them with services resources and ren pBement support, intellectual property (IP) rights assistance red office and facility spaces. Nowadays, a lot of incubators are offered by i iti i 'Y universities and educational institutes besides. economic. development agencies and government groups. Incubator i vets Hera some noe aco gg fr sari em 1. AI-Dado Banatao Incubato Makati City, it was launche Located inside the AIM building in Legazpi Village, ee 2016 through the partnership of Philippine (AIM). The goal of this partn ee and the Asian Institute of Management and support network ae ership is to give startups the mentorship, training, Kickstart Venture on wey need to build’and grow their businesses. for six monthe wicavis 1° & Subsidiary of Globe Telecom that offers mentorship solve real life Lee stot betiod and even fund those chosen startups that can incubator thet ora ain gi°bal problems. Some of the chosen startups of this Apptivate. 'Y successful include Kalibrr, Tripid, Ava, ZAP and Ideaspace Fi on WH is Syne a aes foe is offered by Globe, this time Ideaspace y its competitor which is Smart Communications. N 9 4. Launchgarage - This ie Kickstart Ventures and web woe ‘Ves as connection t is i : technology | ion to other incubators especially with Venture Captal This bose {icaspace, Plug and Play Tech Center and Narra assistance to aspirin, “UP Enterprise Center for Technopreneurship offers services in the field of phareeend who, wanted to develop products and/or communications techeoiop muta heath services, and information and 6. DOST-PEZA Open Tech : es Tecra nesy Business Incubator (Open TBI) - The Department of a partnership to she and the Philippine Economic Zone AutHority created nation grow IT- and ce tech-inclined entrepreneurs. This would help the technological assistance Rants oe companies with its legal, marketing, and : rtups. processing fee in addition to the pie a leet need to-pay a Php 5,000 ‘Networks and Teams pul and help in a successful product launch. At the end of the-term the businesses shall have the chance to make a pitch addressed to capitalists for securing financial assistance. Here are some distinguished accelerators in the Philippines: * An accelerator is another business place that offers a program with a fixed term which includes mentorship and educational components and usually ends in public itch event. The objective of an accelerator is to assist in the rapid growth of business 1. The Founder Institute- Based in Manila, this global idea-stage accelerator offers aspiring entrepreneurs with a structure, mentorship, and ‘robust network needed to win the challenges of their startup journey. The program here is very tough and only 30% of accepted founders are able to reach to the finish line. Those accepted in the program of the institute should pay a course fee to cover the costs of the entire course. : 2. A Space’s _PASSPORT - As an accelerator, participants are provided with flexible workshops, class materials and introductions to investors by the end of the program. The main focus of this acceleratot is to help founders build a network, Participants need to pay in order to join, or apply they have the option for a scholarship. : Although some chose to be both an incubator and accelerator at the same time such as: 1. Cerebro Labs - Here, chosen startups are provided a seed money of Php60,000 cash and granted a six-week intensive Incubation program of training and mentoring. ‘Among the perks given to participants are the use of working space, office equipment sharing, Internet, consultancy and the access to Cerebro Lab’s Silicon Valley-trained staff. The best incubatees have the opportunity to join the six- month accelerator course and be given the seed fund of Php500,000 at minimum. StartUp Village - As both an incubator and accelerator, StartUp Village hopes to bring exceptional ideas and concepts to actuality. It was founded by Let’s Go Foundation and powered by the Google Developers Launchpad. The primary focus is on disruptors that disturbance the industry or a revolutionary product’ that makes a brand new industry. 1 x Networking to Build the Founding Team Networking is also-very important in building a founding team for startup businesses. Actually, there’are few research results which wouild prove that a good founding team offers a good chance for the success of a startup. The best people with desired talent to make a good founding team may come from the entrepreneui’s personal network. An entrepreneur may ask for referrals in looking for co-founders using the qualities he is looking for. He may even ask for some personal recommendations from people who can guarantee for the characters of these candidates. : ‘The founding team cannot be changed. No one else can speak to investors or customers with authority similar to a founder. The skills and traits of a company’s Networks and Teamsfounders are irreplaceable. by the members of the fou successful according to Sch Here are some of the traits that needs to be possessed nding team to increase the chance of being becoming 1oner: 1. The Prima Donna Genius - team, itneeds to have members about the thi is full of passion and The Superstar - This is almost everything foateee Beare ae eso maining A Speen Ores cn orders of office supplies to maintaining the ee of the times the prima donna and superstar is the The Leader - Any ly compar although a demeceaivrony, Needs a person who can make hard decisions business requitesa(cieshionde is always implemented in the office. A new Officer (CEO), not the an ler. This person not essentially the Chief Executive the highest equity, He ‘son who has the biggest salary, not the person with is the Kind of individual that every person looks up to and people are wil] controversial eats: Sie ee him particular when there is conflict and The Industry Veteran - F i = Sine expertise is required as a skill for a founding A a Person. He is the one who would challenge team ‘ 8s that they are not certain could be possibly done. He egarded as the most high-risk member of the team. v a 5 : © ‘ is well-versed about the sot uteP it Pays to have someone in the team who been immersed in the ie ims and outs of the industry. He has seen and has everyone is doing and fs a landscape of the industry. He knows what E vane how everybody else does the business. Often, the feran coul: .. The Sales Animal - Brill; Set eas eran na eerie ant peed need someone to sell them. A strong salesperson experienced salesper shall lessen the risks in a startup business. With a very Person, the startup could beat competition. Suit-A , Professional controller is necessary for a startup to handle team to include someone who shall oversee the a a . The Financial financial risks. It is vital for a finance function, Characteristics of a Great Founding Team No one will wi Toye ae enna pad a care more for a company than its founding team. ae soi what works best and determine when and Sas = lo not have salary and only earn form equity, but tune sPany succeeds or fails. The founding always sets the re which is very difficult to change. ? There must b : always necessary founder when choosing. a founding team for a startup. It is and working styles or cleat he eects are compatible when it comes to ideologies * or else there might be clashes later on. Basically, there are four major characteristi ij ics that each member of a founding team must have to succeed. how to make changes, Fi they are very basis why tone for the company cu Networks and Teams 1. Hungry for knowledge, even when plans change - There is no such thing as a fixed plan. The original will most likely change with multiple pivots. Members of the founding should be able to quickly make changes in order to attain long-term growth, Founding team members must always be open to new ideas even not their own. They must be eager to challenge the rest of the team to identify the best and innovative solutions to problems 2. Admit mistakes - Often committing mistakes is considered a weakness. In reality, mistakes need to be accepted and even celebrated so that the founding team would operate with positivity. Admittance of mistakes should start from the founders, so that employees will follow. Everyone in the company should understand that leaders are not perfect which need to be accepted. 3. Failing is not defeat - Being brave should be the kind of determination that founders must possess. Being able to admit failure is important to build a strong founding team.Failing even for several times but still continue to move forward despite obstacles is the one that separates the good from the great team. 4, All members are obsessed - Members of the founding team must all be hyperactive. Solving problems equipped with healthy obsession makes founders take a big leap of faith to begin with the startup. It is vital that all founding members should share the obsession to build a strong team. This shared obsession will glue them together to be successful despite storms. No founding team has all the capabilities necessary to run a business. The team should also be aware that they need to strategically fill in those spaces that they lack. The team must hire employees to fill the need for talents. Suggested Readings Ibarra ,_H., & Hunter, M. (2007, January). How Leaders Create and Use Networks. Retrieved from Harvard Business Review : https://hbr.org/2007/01/how- leaders-create-and-use-networks Matveeva, S. (2018, April 30). What Makes Great Startup Teams, And How To Find It. Retrieved from Forbes.com: https://www.forbes.com/sites/ sophiamatveeva/2018/04/30/what-makes-great-start-up-teams-and-how- to-find-it/#6a67551f16f6 Suggested Videos Hancock, J. L. (Director). (2016). The Founder [Motion Picture]. hittps://www.youtube.com/watch?v=VE7ICf19ANw &t-62s Jack Ma’s Ultimate Advice for Students & Young People — How to succeed in life. (2018, September 30). Retrieved from https://www.youtube.com/ watch?v=bXGhtjezJPYt Networks and TearsE ENTREPRENEUR | Student’s Name: Date : a Year/Section: _______ Grade/Score: ACTIVITY 1 Direction: Use the template below in creating your founding team. Provide all the answers for each heading, Name ofthe | Role as Member | What key skills Where tolook | How to convince Person ofthe Team —_| and experience forsuch member |the person to be should the would-] among net- amember of the be-member have? | works? founding tram? Networks and Teams Networks and TeamsNetworks and Teams Student’s Name: Date : Year/Section:___ fa hod derlaliel 2), Grade/Score: Direction: Read the article and answer the questions required below it. Behind the Research: Networking in the Age of Social Media By: By Mark Henricks In the 1980s, anthropologist Robin Dunbar used brain sizes and other data-to calculate the largest number of people with whom a typical person could have a social relationship. That number was 150, and it became known as Dunbar’s number. Since that time, Dunbar has updated the number of names and faces that people can juggle in social situations, increasing that maximum to 1,500. Fast forward to 2016, when people with top LinkedIn profiles claim hundreds of thousands of followers and celebrities tweet to tens of millions on Twitter. Apparently, either Dunbar was wrong, or networking in the 21st century is a lot different from what it has been throughout human history. Michael Goldberg, an author and networking expert, is an adjunct public speaking professor at Rutgers University, and consults with organizations through his company, Knockout Networking. Business News Daily asked him about the current state of networking and how it has changed with the rise of social media. * Business News Daily: How did you get into consulting on networking? Michael Goldberg: When I started my business 16 years ago, it had a different market and different name. At the time I was hired to teach leadership skills. It wasn’t my favorite thing to do but I was pretty good at it. Then I was asked to talk at a conference about networking. I said, “Isn't networking just something you do?” I didn’t think there was anything to it. In the midst of the presentation, something happened. put the remote down, forgot I had slides and just talked. I realized I had stumbled upon something I was meant to be doing. I was passionate about connecting with people and teaching others to do the same. BND: What did you discover about the importance of networking? Goldberg: You can’t accomplish anything in business without developing relationships with other people. With LinkedIn and social media and social selling being so prevalent now, and with so many people relying on technology, the ability to create a personal touch is more important now than ever. BND: How did the rise of social networking affect business networking? Goldberg: Online, it’s all about the numbers. If you're into it for social reasons, that’s Networks and Teamsenough. But for business, you have to have a strategy. It’s not just about having your numbers be large — which isn’t always important — but about having connections be deep. Creating connections online is about creating engagement and adding value and ultimately establishing offline what you've established online. BND: What are most people's biggest obstacles to better networking? Goldberg: One of the biggest obstacles is the fear of talking to a stranger — going up to somebody you don’t know, introducing yourself [and] asking them for business. BND: Is asking for business an essential part of networking? Goldberg: It’s a very small part of networking. You shouldn’t be going to events and asking people for business. That’s selling, not networking. Networking is speaking to an individual in the hope of learning about them and potentially helping them. It's not about pitching and selling. It’s about learning and helping. If you go to the right places, say the right things and meet the right people, learn from them and help them, they'll tend to help you right back. That's really what networking is. Having a target market makes it easier to determine where you need to go, what you need to say, and to whom you need to say it. You can target an industry, a market segment, a demographic or a geography. The more specific you are, the more opportunities will start to find their way to you rather than you having to find your way to them. BND: What are realistic goals of networking? What can and can’t it accomplish? Goldberg: There are five reasons why people network: to get more business, to land ajob, to learn something, for social reasons and to solve a very specific problem. For example, my mom has a rare form of Parkinson's disease. As I'm speaking at events, Tmight bring that up to see ifI can learn something that might help. I find that every motive falls into one of those five, d BND: What if you just aren’t comfortable networking? How can you get started? Goldberg: Start to read up on what networking really is, so you have some education behind you. The second)is to actually go to anlevent where there's a low cost of entry, like a Chamber of Commerce meeting, and practice some of the things you're reading about. Introduce yourself to people, ask some questions and, when they ask you questions, have succinct, focused yet articulate answers. Ultimately, you’re looking to create a “we” dynamic as in, “How can we help one another?” If you can create this dynamic, you're probably doing it right. You don’t go to networking events to look for your next prospect, although that can happen. You are looking for your next referral source, BND: Will social media continue to grow in importance for networking? Goldberg: I think social media is going to continue to grow. The social selling concept is going to become more prevalent because more business people are figuring out how to monetize LinkedIn. But I think face-to-face networking is going to become more important, because the personal touch is going to become more important. You don't have to go to events to be a good networker. You can network from your seat using LinkedIn. But if you're really focused ori meeting new people, going to events is still one of the best ways to do that. And if you like to socialize a little bit, it can be fun Critical Thinking Questions 1. How did Mr. Goldberg define networking? How do you understand networking coming from this definition? Describe her. 2. Given the chance to do networking how would you do it? Relate your plan. 3. Do you think business networking is really vital? Why or why not? Networks and Teamsa Networks and Teams ENTREPRENEUR QUIZ Student’s Name: Date : Year/Section: tat Grade/Score: Direction: On the space provide write your answers. Answer some questions by making a cross inside the box i. In case you want to change the answer, just place a line through the box @ and then mark the new answer with a cross &. Do not leave any questions blank. . Which three of these are advantages of networking to entrepreneurs? (3) Q A. better business opportunities networking through social media increased status positive influences enhanced knowledge oooo mone 2. Discuss the important virtue of networking. (3) A. B. es CV Ca eC SNA i . Which one of these is concerns connecting people which will be beneficial for each other's business (1) QA. socializing QB. enterprising QC. mobilizing QD. partying QE. networking . State the three the social media being used today which is easy to build a network. (3) A. B. iS 5. State the two ways to continuously get in touch with networks (2). A. B.6. Which one of these is a business place that helps startup businesses and new entrepreneurs to develop their products and ideas by supporting them with services, resources and even shared office and facility spaces? (1) QA. incubator accelerator adventurer ' launcher technopreneur ' oo woo a 7. Which four of these are some notable incubators in the Philippines? (4) Kickstart Ventures : Ideaspace : Launchgarage : OpenTBI . : Cerebro Lab ooooo = oo moAw> 3 8. Which one of these is another business place that offers a program with a fixed term which includes mentorship and educational components and usually ends in public pitch event? (1) QA. accelerator QB." cerebro : QC. laboratory QD. incubator QE. event manager 9. Name at least three traits that needs to be possessed by the members of the founding team. (3) A. B. c . 10. Name the two organizations that are both an incubator and accelerator at the, same time. (2) : Ae B. Networks and Teams