Why Is Entrepreneur Networking is your Biggest Asset?

By Hanis SaifuddinNo Comments

Entrepreneur networking is the biggest asset that a businessperson should have, as it utilizes one's communication skills to connect with various people in the business industry. One will get to expand their business circles and meet new people with different expertise from different sectors. This action has been linked to entrepreneurial success for more than 20 years. It was suggested that it is a crucial approach to discover opportunities, gather resources, and earn access to knowledge. It is especially effective for startups to grow bigger, as there are so many perks that one can gain from making business connections. To reap the full benefits of entrepreneur networking, you must first understand what business networking benefits you can obtain and how they can assist your company in increasing sales, improving efficiency and morale, and promoting brand awareness.

Learn more about how you can benefit from Entrepreneurs Programme networking here.

What is Entrepreneur Networking?

It is a mutually beneficial relationship between two or more business people. The business industry has a diverse range of sectors, which means there are thousands of opportunities available. An entrepreneur who is actively making connections with various people from various areas will have the opportunity to establish relationships with potential partners, clients, competitors and more. The person has a plus point to gain valuable knowledge and exchange expertise with others. Taking advantage of other's experiences before you invest time and money in a particular venture can be priceless to your company.

What Can You Achieve from Entrepreneur Networking?

Develop Business Relationships

Forming business connections with different people helps to widen your business circle. Despite the differences in the sector between them, it is wise to build relations as you can learn from each of them. Every entrepreneur has different experiences and skills that help them to where they are now. Interacting with them allows you to understand their wants and needs in their businesses. Who knows that maybe you can give your support by contributing your expertise with them and vice versa. In the end, every party receive something in return and possibly create partnerships. Entrepreneurs succeed in business because of who they know rather than what they know. Your business can prosper due to many bits of help from different partners and connections you have been able to make.

Increase Skills and Knowledge

Apart from that, entrepreneur networking also helps you to increase your skills and knowledge. As mentioned before, people in the business industry possess varieties set of skills, knowledge, and experiences. All of these have led them to where they are now. Therefore, putting the effort to connect with them will help you learn and understand their journey in the industry. You will receive valuable insights into their entrepreneurial life, which you can adapt into your own. Plus, you can acquire pieces of advice from many entrepreneurs who have been in the industry for many years. This relationship will assist you in sharing knowledge across professions in order to encourage everyone, including yourself, in moving forward. On top of that, it will prevent you from repeating the mistakes that they have made. As a result, networking is the most effective method of obtaining mentorship and counsel.

Morale Boost

As an entrepreneur and the leader of your company, you are responsible for shaping the image of your company. You set the path to where you want your company to go. However, one must remember that no one is an all-knowing person. The most experienced entrepreneur in the industry is not one of them too. Business networking humbles you, as you will recognise that some people possess far better skills or knowledge. It will only motivate you to continuously better yourselves and your company. Despite that, networking also boosts your confidence. You may possess skills or knowledge that others don't have. That allows you to share your thoughts and ideas with others. Communicating your opinions and dreams to other entrepreneurs will help you to reflect on your strengths and weaknesses. In the end, you will be more confident with your abilities and more determine to strengthen your flaws. All in all, not only entrepreneur networking improves your business but also your self-development.

How Can You Start Your Entrepreneur Networking?

Social Media

We are lucky to be alive during this digital era, where everyone is connected to each other at any time and anywhere. It is easy to keep in touch with the latest topics with other entrepreneurs using numerous social media that exist today. Anyone can join many entrepreneur networking groups on Facebook, Linked In, WhatsApp, and more. It is exceptionally convenient for networking purposes. One can connect with other entrepreneurs from different parts of the world and arrange a time to discuss relevant topics from the comfort of your home.

entrepreneur networking
Results obtain by Waverly Deutsch (2020) on Startups' Top Networking Tools

According to a study by Waverly Deutsch (2020), various entrepreneurs, investors, and venture capitalists use social media for business networking. Most have said that it is a great online platform to venture for opportunities, receive advice, gain a wide range of knowledge, find professional services, and identify best practices. Hence, it is a smart move for one to utilise this digital opportunity to improve their business.

Entrepreneurship Bootcamp

It is a place where people with similar goals can share their issues and collaborate to find solutions. It provides a support structure, peer accountability, and a platform for self-improvement. This peer advisory group's ultimate goal is to provide supportive peer-to-peer education on a variety of topics in order to achieve success. In basic terms, it is an educational entrepreneurship programme in which each group is made up of people with diverse backgrounds, values, and beliefs who are united by a common aim. Consider how much new information you'll gain from them! Overall, it helps each of them to identify problems, determine weaknesses and strengths, set goals, and eventually create a strategic plan to achieve them.

An example of an entrepreneurship boot camp is NEXEA's Entrepreneurs Programme. It is one of Malaysia's peer-to-peer mentoring programmes, where top-tech entrepreneurs can learn and grow together. They are led by some of the best and most experienced startup mentors and investors who can help you overcome a variety of business challenges through the use of structured techniques.

“Networking that matters is helping people achieve their goals.”

– Seth Godin

Attend Business Events or Exhibitions

There are various business events that anyone can join. Entrepreneurship seminars, conferences, and awards ceremonies are among them. These events are intended to bring business owners together to develop and enhance skills, stay abreast with industry trends, building a solid network, and become intellectual leaders. Business events are available online and offline. Therefore, you are able to sign up for many events despite your location. You have the freedom to choose whichever you desire, either international events or local events. Opportunities for you to learn and connect professionally are everywhere.

For example, Mid Valley Exhibition Centre (MVEC) in Kuala Lumpur, Malaysia, often organise diverse types of events, including professional career-related ones. You will be exposed to different industries, from marketing, gaming, property, entertainment, health, education, and many more. It is favourable to you, as you get to make connections with people from different sectors. You can learn to understand and ask relevant questions to them for contributing to making your network. Plus, you can introduce your business too. However, you must make sure to precede it in the light you want others to see it, as this will assist you in establishing sincere foundations for your professional relationship. Hopefully, this will allow you to meet new clients, mentors, company partners, and potential investors.

Tip: When meeting new individuals in forums, be yourself and be authentic. This will contribute to the development of more lasting relationships and the attraction of more people.

Final Note

The business industry is a fast-paced industry, where you have to constantly work hard to reach the top level and continuously grab customer's attention. It is a tough and challenging area for all entrepreneurs. Therefore, the never-ending hustle is the only way to keep the business afloat. Hence, it is why business networking helps every entrepreneur to improve their business and themselves. Actively developing professional connections with others increases your company's visibility. Your professional acquaintances can assist you in promoting your company.

Consequently, business networking will aid in the development of your online and offline reputation. Your company will be recognised, and once you transform a few referrals obtained through networking and provide exceptional service to them, your profile will be elevated, and your sales will increase. Apart from that, every business people has to be inquisitive, respectful, and honest in forming business relationships with others. It creates a genuine bond between your partners and maintains the relationship you have. Evidently, it is clear that business networking allows entrepreneurs to collaborate with other expert individuals to help them expand their businesses or advance in their professional careers.

“The richest people in the world look for and build networks, everyone else looks for work.”

Robert, T. Kiyosaki

References

What is Entrepreneur Networking?

What Can You Achieve from Entrepreneur Networking?

How Can You Start Your Entrepreneur Networking?

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