ENTREPRENEURSHIP

NETWORKING AND
TECHNOPRENEURSHIP
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1. Definition of Networking and
Business Networking.
2. Strategies to Develop the
Networking.
3. E-Commerce and the Application of
Technology in Technopreneurship.

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Networking

Networking is an essential skill for
most entrepreneurs.
Networking is 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.



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Business Networking
Business networking is the process of
establishing a mutually beneficial
relationship with other business people
and potential clients and/or customers.
Business networking is a marketing
method by which business
opportunities are created through
networks of like-minded business
people.


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Strategies to Develop the Networking.

For entrepreneurs, networking means the
strong association between the
entrepreneur as a person and his or her
business demands that entrepreneurs get
out into the world and create and maintain
business relationships.
There are several prominent business
networking organizations that create
models of networking activity that, when
followed, allow the business person to build
new business relationship and generate
business opportunities at the same time.
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Strategies to Develop the Networking
Networking strategies are the tools used to achieve
networking goals. Networking doesn't need to be a
long, involved process requiring days of planning.
The five step networking strategy is just one of
the many tools you can use. It won't take long
before you're able to develop your own style of
networking. Keep in mind there is no one right
way to network. There is only that which helps you
achieve your networking goals, fosters
collaboration with your colleagues and doesn't
alienate people in the process.
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Strategies to Develop the Networking
Step 1: Identify your purpose
The purpose of networking is always going to be
driven by your organisations core business (or
your personal professional development needs).
In the employment services industry those needs
might be:
(a) grow the employer and/or job seeker client
base
(b) match a job seeker to an employer
(c) heighten brand awareness (ie to promote the
organisations product and services to a
broader target market).

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Strategies to Develop the Networking
Step 2: Identify your goal
To set your networking goals you need to:
identify the person or the type of industry you
need to make contact with
identify whether you need to use your personal,
existing or professional networks
identify exactly what you want from them or
what you want to give them
list suitable questions or networking strategies
to achieve your desired goal(s).



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Step 3: Determine the most appropriate network
The most appropriate network to use is determined by
your goals. In most cases youll need to use one, two or all
three of your networking groups (personal, existing or
professional) to achieve your goals.
As a rule of thumb, keep your personal networks
personal.
A skilled professional mostly makes use of their existing
and professional networks. Personal networks should be
used to further your social life so that your busy work life is
balanced by a rich and rewarding private life.



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Step 4: Method of contact

The next step is to decide how to make contact
with the prospects within the chosen network.
This usually means determining the most
appropriate communication device to use (eg
letter, face to face meeting, email, or telephone call
to name a few).
However, before the method of contact can be
finalised the type of approach has to be
considered. As a consequence, the method of
contact and the approach are usually considered in
unison.
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Step 5: Choose your approach
The most appropriate approach will depend on the
networking situation, method of contact (telephone or
email) and the desired outcomes (goals).
At the core of all networking approaches, whether they
are in person, verbally or via written communication,
will be one of the following:
(a) asking an existing contact for a referral to a new
prospect
(b) following up a warm lead (direct or indirect)
(c) cold calling to gain new business
(d) promoting the organisations products and
services.
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A warm lead is the process of approaching a
prospect on the basis of previous contact made
either directly or indirectly. (Directly means you
made contact with the new prospect in person.
Indirectly means another person recommended
the prospect to you.)
Cold calling is the process of approaching a
prospect without a previous introduction or
contact with the view to selling (promoting) your
products and services. Cold calling is usually
conducted by telephone or in person.


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Electronic Commerce, commonly known
as(electronic marketing) e-commerce or
eCommerce, consists of the buying and
selling of products or services over electronic
systems such as the Internet and other
computer networks.

E-commerce
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The use of commerce is conducted in this way,
spurring and drawing on innovations in electronic
funds transfer, supply chain management, Internet
marketing, online transaction processing,
electronic data interchange (EDI), inventory
management systems, and automated data
collection systems.
Modern electronic commerce typically uses the
World Wide Web at least at some point in the
transaction's lifecycle, although it can encompass a
wider range of technologies such as e-mail as well.
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The Internet: Changing the Face of
Business
The most successful companies embrace the
Internet as a mechanism for transforming
their companies and for changing everything
about the way they do business.
Business basics still apply online just as
much as they do in brick-and-mortar
businesses.
In the world of e-commerce, size matters
less than speed and flexibility.
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Benefits of Selling on the Web
Opportunity to increase revenues and profits
Study: 72 percent of small online companies
report increased sales, and 65 percent report
higher profits.
Ability to expand into global markets
Ability to remain open 24 hours a day, seven days a
week
Capacity to use the Webs interactive nature to
enhance customer service
Power to educate and inform
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Benefits of Selling on the Web
Ability to lower the cost of doing business
Study: 73 percent of online small companies
experienced savings because of lower
administrative costs.
Ability to spot new business opportunities and
capitalize on them
Ability to grow faster
Power to track sales results
Conversion rate the percentage of customers
to a Web site who actually make a purchase.
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Factors to Consider Before Launching
into E-Commerce
How a company exploits the Webs
interconnectivity and the opportunities it
creates to transform relationships with
suppliers, customers, and others is crucial to
its success.
Web success requires a company to develop
a plan for integrating the Web into its
overall strategy.
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Factors to Consider Before Launching
into E-Commerce
Developing a deep, lasting relationship with
customers takes on even greater importance
on the Web.
Creating a meaningful presence on the Web
requires an ongoing investment of resources
time, money, energy, and talent.
Measuring the success of a Web-based sales
effort is essential to remaining relevant to
customers whose tastes, needs, and
preferences constantly change.
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Assessing Your Companys Online
Potential
1. Does your product have broad appeal to
customers everywhere?
2. Do you want to sell your product to
customers outside of your immediate
geographic area?
3. Can the product you sell be delivered
conveniently and economically?
4. Can your company realize significant cost
advantages by going online?
5. Can you draw customers to your companys
Web site with a reasonable investment?
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12 Myths of E-Commerce
Myth 1: Setting up a business on the Web is easy
and inexpensive.
Myth 2: If I launch a site, customers will flock to
it.


Myth 3: Making money on the Web is easy.
Study: Web retailers invest 65 percent of
revenue in marketing and advertising,
compared to just 4 percent for their off-line
counterparts.
Myth 4: Privacy is not an important issue on
the Web.

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12 Myths of E-Commerce
Myth 5: The most important part of any e-
commerce effort is technology.
Myth 6: Strategy? I dont need a strategy to
sell on the Web! Just give me a Web site and
the rest will take care of itself.
Myth 7: On the Web, customer service is not
as important as it is in a traditional retail
store.
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12 Myths of E-Commerce
Myth 8: Flash makes a Web site better.
Lesson: Simplicity rules!
Myth 9: Its whats up front that counts.
Myth 10: E-commerce will cause brick-
and-mortar retail stores to disappear.
Myth 11: The greatest opportunity for e-
commerce lies in the retail sector.
Myth 12: Its too late to get on the Web.
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Strategies for E-Success
Focus on a market niche.
Develop a community.
Make creative use of e-mail, but avoid
becoming a spammer.
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Strategies for E-Success
Make sure your Web site says
credibility.
Consider forming strategic alliances.
Make the most of the Webs global
reach.
Promote your site online and offline.
Develop an effective search engine
optimization strategy.
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Designing a Killer Web Site
Understand your target customer.
Give customers what they want.
Select a domain name that is consistent with
the image you want to create for your
company and register it.
Short
Memorable
Indicative of a companys business
Easy to spell
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Designing a Killer Web Site
Make your Web site easy to navigate.
Create a gift idea center.
Build loyalty by giving online
customers a reason to return to your
Web site.
Establish hyperlinks with other
businesses, preferably those selling
complementary products.
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Designing a Killer Web Site
Include an e-mail option and a
telephone number in your site.
Give shoppers the ability to
track their orders online.
Offer Web shoppers a special all
their own.
Follow a simple design.
Create a fast, simple checkout
process.

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Designing a Killer Web Site
Assure customers that their online
transactions are secure.
Post shipping and handling charges up
front.
Confirm transactions.
Keep your site updated.
Test your site often.
Consider hiring a professional to design
your site.
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Technopreneurship
A technoprenuer is an entrepreneur who is technology
savvy, creative, innovative, dynamic, dares to be
different and take the unexplored path, and very
passionate about their work.
They take challenges and strive to lead their life with
greater success. They don't fear to fail. They take
failure as a learning experience, a stimulator to look
things differently and stride for next challenge.
Technoprenuers continuously go through an organic
process of continual improvement and always try to
redefine the dynamic digital economy.
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Technopreneurship
Technopreneurship is not a product but a process
of synthesis in engineering the future of a person,
an organization, a nation and the world.(Manuel
Cereijo)
Technopreneurship is, by a large part, still
entrepreneurship. The difference is that
technopreneurship is either involved in delivering
an innovative hi-tech product (e.g. Intel) or makes
use of hi-tech in an innovative way to deliver its
product to the consumer (e.g. eBay), or both (e.g.
most pharmaceutical companies).
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