What is entrepreneurial networks

entrepreneurial networks are social organizations offering different types of resources to start or
improve entrepreneurial projects. Having adequate human resources is a key factor for
entrepreneurial achievements. Combined with leadership, the entrepreneurial network is a social
network not only necessary to properly run the business or project, but also to differentiate the
business from similar projects.

Moreover, the goal of most entrepreneurial networks is to bring together a broad selection of
professionals and resources that complement each other's endeavors. Initially, a priority is to aid
successful business launches. Subsequently, to provide motivation, direction and increase access
to opportunities and other skill sets. Promotion of each member's talents and services both within the
network out in the broader market increases opportunities for all participants.

One of the key needs of any startup is capital, and often entrepreneurial networks focus on providing
such financial resources, particularly tailored to their membership demographic.

The Top 6 Types of Business entrepreneurial Networks

Entrepreneurial networks are important for the identification of entrepreneurial opportunities and
development in the context of social media. This exploratory research investigates the relationships in
entrepreneurial networks, by considering decision-making, and entrepreneurial opportunities, and
focusing on the role of decision-making in the relationship between entrepreneurial networks and
entrepreneurial

But also here there are plenty of ways to build your network. But one way to connect with other
business professionals and make the connections you need to take your small business to the next
level? Business networking groups.

There are a variety of business types and, as such, there are a variety of business
entrepreneurial networking groups.

The following are Some of the different types of business entrepreneurial networking groups include:

1. B
‍ usiness referral groups. Some networking groups are all about driving business for the
participants. Business referral groups bring together professionals and business owners in
order to build relationships and refer new business to each other.
2. Service-based groups. On the flip side, other business networking groups are less about
advancing businesses and more about advancing local communities. Service-based groups
like Rotary International bring people together in local chapters—including professionals and
business owners—for volunteer and community projects.
3. Mentorship groups. Some business networking groups specifically bring together new and
more seasoned business owners for learning and mentorship opportunities.
4. Mastermind groups. Masterminds are business networking groups that bring together like-
minded professionals for learning and growth opportunities. While masterminds certainly offer
opportunities to build your network, they are typically smaller, more focused, and more goal-
oriented than other networking groups.
5. Large-scale business networking organizations. Many business networking organizations are
focused on building local connections. But in addition to providing local networking
opportunities, many other groups have a wider scope for example of a business
entrepreneurial Network is a referral networking organization with over 10,000 global
chapters and 275,000 members around the world.‍
6. Industry-specific networking organizations. Many industry organizations also offer industry-
specific networking opportunities for their members so, for example, if you owned a marketing
agency, you might consider joining in different market association and attending their
conferences and local events to connect with other professionals in your industry
 7. Business Seminars. You should look for and attend business seminars. You can develop new
working relationships with your new colleagues and business associates. Then interact on a
regular basis to keep everyone up to date.
8. Networking Groups. The most effective business networking organizations function as a
conduit for exchanging business information, ideas, and support. There are numerous
networking organizations and communities available online.

9. Supply: This network type hardly needs an introduction. The last few decades have seen the
rise of comprehensive, managed supply chains, through which manufacturers buy the raw
materials and fabricated components needed to produce finished goods. Impressive, efficient
networks, through which large retailers source the products they sell, have also been built.

10. Transportation: Networks have long existed to facilitate the movement of physical goods and
people. DHL, FedEx, and UPS are well-known examples of package distribution
networks. ABF Freight, CSX, and Schumacher transport goods between manufacturers,
warehouses, retailers, and buyers. Amtrak, Greyhound, and JetBlue are all in the business of
transporting people through networks of destinations.

11. Retail: There are two types of retail networks, those affiliated with one specific brand and
others that sell goods from multiple manufacturers. The former is either owned and operated
by the brand itself or franchised to third-party operators. Apple and Nike operate stores that
sell primarily their own products. General Motors and McDonalds are well known examples of
retail franchises with exclusive brand affiliations. Many retailers, such as BestBuy and Macy's
operate wholly-owned, branded networks of stores that sell merchandise from a wide variety
of manufacturers. And many manufacturers, such as Hewlett-Packard and Whirlpool, sell their
products through multiple channel partners, many of whom also offer competitors' wares.

12. Service: Many businesses have built large networks of wholly-owned or franchised locations
where services are sold and performed. Some exist only to service products from a specific
manufacturer, such as Maytag or Ford. Others, such as Jiffy Lube and Geeks On Call, are
agnostic to the brand of the product. Other service networks focus on taking care of
people; Lahey Clinic and SuperCuts are two examples.

13. Content: Data, information, and knowledge that we create and consume in the course of
doing business flows over physical computing and voice networks. However, content may
also distributed to multiple networked nodes of affiliates. Radio and television networks are
clear examples of distributing centrally-created content through multiple broadcasting
affiliates. Content Distribution Networks are a modern equivalent for digitized content. Content
can also be assembled from multiple network nodes and published in a spokes-to-hub model.
Within businesses, compound documents take content from multiple individual documents
and merge it into a single document. Web content management systems are used by
businesses to gather digital text, images, audio, and video from multiple sources and publish
it together on web pages.

14. Social: These days, it seems that the word 'network' is most frequently used in reference to
the relationships between people, the sum of which is referred to as a social network. While
social networks have always been foundational to business, and have even been studied for
some time by academics, executives and employees are just now considering what networks
of people exist in (and spill outside of) their organization and how those social networks can
be used to produce measurable, positive impact business results.

LinkedIn is an example of a huge networking group or site that may connect professionals together.
Sometimes social media can be a good networking channel.

Therefore While many enterpreneuril networking groups focus on fostering local connections which
offers a huge value to local business owners and many organizations have a national or international
focus, which can help entrepreneur build their business connections around the country or even
around the world.

Difference Between Network and Networking

Network definition

The first definition refers to a network in a broader sense, such as a network of railways or a canal
system. That reminds us that a network is made up of connecting lines that go in opposite directions.

If there are no connecting lines, a network – especially a business network – ceases to be a network.

It’s just as crucial to cultivate contacts as it is to establish and maintain solid lines of communication in
all directions. Instead, we may say that creating contacts is pointless unless good channels of
communication are created and maintained.

Today, these two separated root words, ‘network,’ are quite appropriate. ‘Network’ reminds us of the
essential elements of modern successful networking. This includes:

We work to build, grow, use, aid, and enable our own net (network) of contacts (use thought,
commitment, and effort).

Hard work is required to build a good network and to ensure that networking succeeds.

Nothing worthwhile comes from a network that does not produce work.

Networking Definition:

In business, networking is the act of maintaining a personal and professional contact list that you can
use to help further your career. Your network is made up of all the people you interact with, all of
whom could potentially offer you valuable professional assistance or guidance. To create and
maintain a beneficial network, you must intentionally seek out opportunities to grow and expand your
network. Your network can consist of a variety of people, including:

 Co-workers
 Family
 Friends
 Professors or fellow students
 Professionals in your field
 Clients or customers
 Personal acquaintances
 People you see at your church, gym or other local community centers

Moreover networking include

 The potential contacts everywhere, and making the most of connections like these can be
significantly beneficial for your career. Intentionally broadening and maintaining your network
is one of the most important steps you can take to increase your chances of professional
success.

 Refer to as Developing and using contacts made in business for purposes beyond the reason
for the initial contact. For example, a sales representative may ask a customer for names of
others who may be interested in his product. This include

 The ability to network is the one of the most crucial skills any entrepreneur can have. How
else will you meet the clients and contacts necessary to grow your business? But many
people are put off by the idea of networking, thinking it requires a phony, glad-handing
personality that oozes insincerity. Nothing could be farther from the truth
  Many people go to networking events, but very few know how to network effectively.
Networking is more than just getting out and meeting people. Networking is a structured plan
to get to know people who will do business with you or introduce you to those who will.

 The best way to succeed at networking is to make a plan, commit to it, learn networking skills
and execute your plan moreover to make the best plan, ask yourself: What do I want to
achieve? How many leads (prospects) do I want per month? Where do my customers and
prospects go to network? What business organizations would benefit my business? How can I
build my image and my business's image? What would I like to volunteer to do in the
community?

Typically, ineffective networkers attend several networking groups but visit with the same friends each
time. Obviously, this behavior defeats the entire purpose of networking. If you stick with familiar faces,
you never meet anyone new. And since most people stay within their circle of friends, newcomers
view the organization as a group of cliques. This is one reason people fear going to new organizations
by themselves--they're afraid no one will notice them.

The following are the benefits of business networking

Effective networking can save you time, effort and stress, so knowing how to use it effectively can be
a powerful tool for your professional development. Networking can be beneficial in three specific
ways:

1. The importance of networking in the workplace

One of the most obvious places to grow your network is in your workplace. Connections like these can
provide you with referrals, job leads, mentoring and practical training. If you dedicate time and effort to
getting to know your colleagues, they have the potential to help you advance in your current career or
aid in the transition to a new one. Supervisors can write letters of recommendation, managers can
give you inside information on an opening in another department and previous coworkers can refer
you to their new employer.

2. Strengthen business connections

Networking is about sharing, not taking. It is about forming trust and helping one another toward
goals. Regularly engaging with your contacts and finding opportunities to assist them helps to
strengthen the relationship. By doing this, you sow the seeds for reciprocal assistance when you need
help to achieve your goals.

2. Get fresh ideas

Your network can be an excellent source of new perspectives and ideas to help you in your role.
Exchanging information on challenges, experiences and goals is a key benefit of networking because
it allows you to gain new insights that you may not have otherwise thought of.

Far from it being a nuisance, most people love being asked for help – it’s flattering and makes them
feel useful. If you’re struggling with a decision, challenge or new direction, calling up a trusted former
colleague, mentor, teacher or friend to organise a coffee can be beneficial to both of you, as they will
in turn think of you when next they have a challenge.

Offering helpful ideas in return is an excellent way to build your reputation as an innovative thinker.

3. Raise your profile

Being visible and getting noticed is a benefit of networking that’s essential in career building.
Regularly attending professional and social events will help make your face known.
Create value for other attendees by listening carefully, following up on conversations, remembering
names, and offering your knowledge and expertise.

You can then help to build your reputation as being a knowledgeable, reliable and supportive member
of your profession by offering useful information or tips to people who need it.

Raising your profile within professional circles will also help you stand out to recruiters, who are
always on the lookout for strong talent and who may be more likely to approach you with offers.

4. Advance your career

Being visible and getting noticed is a benefit of networking that’s essential in career building.
Regularly attending professional and social events will help to get your face known. You can then help
to build your reputation as being knowledgeable, reliable and supportive by offering useful information
or tips to people who need it.

5. Get access to job opportunities

Expanding your contacts can open doors to new opportunities for business, career advancement,
personal growth, or simply new knowledge. Active networking helps to keep you top of mind when
opportunities such as job openings arise and increases your likelihood of receiving introductions to
potentially relevant people or even a referral.

Don’t forget that many jobs don’t even get advertised – particularly as your career advances – so
being a recognised part of networks is a key way to gain access to opportunities that you might not
have otherwise.

6. Gain more knowledge

Networking is a great opportunity to exchange best practice knowledge, learn about the business
techniques of your peers and stay abreast of the latest industry developments. A wide network of
informed, interconnected contacts means broader access to new and valuable information moreover
The opportunity to gather new information is an often-overlooked benefit of networking, as it’s not the
most obvious one, but it also offers career progression and development.

7. The importance of networking for career development

Career development is essentially a map of your career journey. It begins with your education and
ends when you retire. Career development includes the skills you acquired from your formal and
informal education, the experience you gained at your first job and advancement opportunities you
have in your current position. Networking is one of the most effective methods for accelerating the
pace of your career development and providing you with new opportunities to succeed.

8.The importance of networking while job searching

The most common time for using your network is during a job search, since many positions are filled
using personal contacts instead of advertisements. If you are looking for a new career, your network is
almost certainly your most powerful tool. Your network can provide you with job leads, reference
letters, job search advice and insight into new fields. So, before you start emailing your resume to
strangers, you should start by sharing it with some of your most promising contacts.

9.Get career advice and support

Gaining the advice of experienced peers is an important benefit of networking. Discussing common
challenges and opportunities opens the door to valuable suggestions and guidance. Offering genuine
assistance to your contacts also sets a strong foundation for receiving support in return when you
need it.
10. Build confidence

By continually putting yourself out there and meeting new people, you’re effectively stepping outside
your comfort zone and building invaluable social skills and self-confidence that you can take with you
anywhere. The more you network, the more you’ll grow and learn how to make lasting connections.

11. Gain a different perspective

It’s easy to get caught up in the day-to-day of your professional realm and end up in a rut. By talking
to others in your field or people with expertise in a particular area, you can gain insights that only
come from viewing a situation with fresh eyes. Asking for opinions from contacts you trust or admire
can help you see things in a new light and overcome roadblocks that you might not have known how
to circumvent otherwise.

12.Develop long-lasting personal relationships

Of course, the point of networking is to develop and nurture professional relationships, but some of
the strongest and most long-standing friendships are borne from work connections. Your networking
contacts are probably like-minded people with similar goals as your own, so it’s not unlikely that your
professional support network will spill over into your personal friendships.

13.Get an answer to every question

As long as you have a strong network of professional connections, you can be confident that
someone within your sphere will be able to answer even your toughest questions. And, if there’s no
definitive answer, you’ll have a solid sounding board to bounce ideas off and put into action step-by-
step plans to tackle bigger problems.

14.. Find a job you love

Professional networking opens many doors in the form of career advice, lasting relationships and
even landing your dream role. You never know who might be hiring for your ideal job, or know
someone who is, and the more people you have in your network, the likelier you are to be the first to
know when those big job opportunities pop up.

Therefore Your network can include everyone from friends and family to work colleagues and
members of groups to which you might belong – sporting teams, social and interest-based groups,
professional associations, religious communities, alumni organisations, and digital networks, such as
on LinkedIn or Twitter.
Reference

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19 February 2015. Web. 9 May 2018.

Misner, Ivan. "What Is Business Networking, Anyway?" Entrepreneur. Entrepreneur, 29 August 2008.
Web. 9 May 2018.

Misner, Ivan. "The 5 Types of Business Networking Organizations." Entrepreneur. Entrepreneur, 1

November 2017. Web. 9 May 2018.

Schweitzer, Sharon. "The Importance and Value of Business Networking." The Huffington Post.
TheHuffingtonPost.com, 3 August 2017. Web. 9 May 2018.

Rizk, Elias. "How to improve your sales performance at networking events? Archived 9 December
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