Networking for Entrepreneurs: 5 Tips & Strategies

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Networking For Entrepreneurs 5 Tips & Strategies

27 Apr 2022
- admin
- Industry Insights
As any entrepreneur will tell you, success starts with an idea. This idea will translate into setting goals and then going on to achieve them. This is the true benchmark of success for an entrepreneur. In an intense and competitive business world, the entrepreneur should be constantly looking at raising the bar. The key indicators that drive the entrepreneur towards his goals are higher revenue, wider reach and better visibility. Across the journey, the definition of entrepreneurial success keeps constantly evolving and maintaining harmonious relationships with the business ecosystem is important. Whether existing or potential customers, investors, across supply chains or then with other business partners; relationships are key for long-term success.

Business Networking is an important process that leads to gains through communication and knowledge sharing. It can help boost sales, establish efficient functioning and help brand building besides other intangible gains. Long term sustenance and growth of business leans heavily on networking by the entrepreneur. Most often, small businesses are entirely dependent on the networking efforts by entrepreneurs for their success. With limited resources and manpower, networking offers an opportunity to the entrepreneur to move the business forward and achieve goals and objectives.

Business networking is important for business owners and entrepreneurs regardless of size of business. Needless to say, as the business grows, the networking would more likely be done by others rather than the entrepreneur. The focus then shifts to other employee “mini entrepreneurs” to establish and develop networks. In a nutshell, networking remains a continuous focus area for all in business.

Significance

While the list here may be endless, we outline some important areas where networks can contribute.
- New Business Opportunities – Establishing networks helps entrepreneurs to build relationships with fellow professionals that can help marketing efforts through collaborations and partnerships. One can look for direct business growth through new market entry , increased sales, and geographical growth. etc.
- Building Referral Networks – Networking by itself involves creating relationships and contacts that further evolves into a referral network. A cost effective and efficient marketing tool, referrals gained through networks is a potent strategy to build a business. Relationship building acts as a catalyst to an active referral network. Rapport and trust are the cornerstone to effective relationships that further lead to referrals.
- Building Awareness – Networking increases the awareness and visibility of the business. It helps build brand awareness which further helps in business growth and mutual collaborations. Going out there and networking increases engagement and helps the business to be recognised in the marketplace.
- Getting Business Connections – One of the major benefits of business networking is getting direct business connections with potential customers. Trust, reliability and credibility often leads to a return by way of sales and helps to build customer loyalty.
5 Tips & Strategies

Authenticity and beneficial relationships – Business networking is all about creating a relationship that is mutually beneficial. This is a mindset where knowledge sharing and mutual gain comes to the fore. Being authentic in approach and a pitch that creates/ delivers value makes a purposeful relationship that goes beyond the lure of profit. Integrity will always create a strong network that will be a win-win for all. Of course, at the core of business networking opportunity, is a desire to form a mutually beneficial relationship that looks at learning and gaining. This can be only achieved through an approach that is both confident and curious.
- Prepare For Networking – Networking is about meeting new people and this requires prior preparation in terms of presentation. A business card that is unique, holds attention and is representative of the business is a good starting point. It is also important to have a pitch ready for the specific audience, one that reflects the business and the ethos of mutual reward. Preparing for specific events or audiences is advisable as it would reflect a mature and informed professional.
- Following Up On Connections – Good network connections require regular contact. Therefore, exchanging contact and other details is important. Subsequently a follow up by way of a formal appointment or a casual contact over coffee would go a long way in building relationship and trust. Connecting on social media like LinkedIn would be a great way to establish a relationship. It is also important to keep in touch with the contact on a regular basis for a lasting relationship. This may require things like exchanging notes, sending knowledge based articles, asking or sending business opportunities etc. This process, though simple, requires commitment in time and willingness. Patience is key as the process is based on developing interpersonal relationships which requires time.
- Contribute More To The Network – Building a strong network requires an approach which is built on relationships and trust. Sharing knowledge and expertise with others would expose the entrepreneur to an audience that would view him positively. Giving more would lead to mutually beneficial arrangements and actions through reciprocity. As the entrepreneur creates a higher level of engagement with his network, the network itself would start expanding and lead to business opportunities. By making connections, the image of the entrepreneur changes as a connector. This helps in strengthening existing networks and likely find new connections along the way. At the end of the day, building a network is not always about the entrepreneur alone. Organic networks are best when others can vouch for the mutual value creation.
- Find The Right People To Make Networks – While there are a host of opportunities, it is important for the entrepreneur to look at those that synergise with his goals. The important factors to be kept in mind before exploring these are that the network should be industry specific or should have the potential to fulfil the entrepreneurial goal. In today’s connected and virtual world, physical boundaries are not important and the entrepreneur can look at virtual or in person events as long as they fit into his framework.
Making the right connections is most important and the entrepreneur can look at expanding out to industry and other niche groups and groups beyond professional focus as they go along.

The Bottom Line

It is important for the entrepreneur to understand that their businesses are impacted by other entrepreneurs by the way they support each other. They share the same struggles and hurdles and thus the ethos should be to support each other. The underlying thought process for the entrepreneur should always look at creating solutions for others since they also are looking to create networks that align with their goals. Value will be created on both sides in the process.

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