TOPIC 1: INTRODUCTION

1.4 Entrepreneur’s networking

1.5 Issues
ENTREPRENEUR’S NETWORKING

Entrepreneurs not only engage in mgt

activities but also engage in developing
networking through the process of
socialization, politics & interaction with
other people (customers, suppliers,
bankers, other entrepreneurs, govt
officers, etc.
The success of biz depends largely on the
entrepreneurs ability to spot & identify
opportunities & to get the limited
resources from environment thru’ the
relationship with their networking
members.
 NETWORKING CONCEPT

Entrepreneurial networking can be defined as

any form of r/ship that being maintained by
the entrepreneur for the sake of mutual
benefits.
r/ship between entrepreneur’s and his/her
family, friends, business associates,
bankers, govt agencies & etc.
Entrepreneurs must have the ‘know-who’
skills apart from ‘know-how’ skills in order
to survive.
IMPORTANCE OF NETWORKING
To gain information
Seek opportunities
Ease of business transaction
Can Get Advisory/Consultation
Services
Financial support
Moral support
Motivation
Increase personal image & business
reputation
Generate new ideas through mixing
with more people.
TYPES OF NETWORKING

i) Personal Networking - informal

ii) Business Networking – formal
iii) General Networking – knowledge or
information that entrepreneurs get from
general public, magazines, tv, radio,
n/papers, internet etc .
 1) PERSONAL NETWORKING
Informal networking; re/ship
between entrepreneur & various
people such as family members,
friends, ex-teachers, relatives etc.
Not necessarily on biz matters
but more on socialization
between friends & relatives.
Usually is the first source of helps
entrepreneur began/started his
biz. Assist entrepreneur in terms
of cash & capital, moral support,
workforce, advice & biz
information.
2) BUSINESS NETWORKING

Formal networking; Relationship that based

on business activities to fulfill own/both
parties interests.
Relationship with the elements outside the
entrepreneur’s organization but important
to entrepreneur’s business such as
distributors, suppliers, customers,
investors, lenders, professional bodies,
clubs & associations.
Give a lot of business opportunities
Exchange information & ideas; Gain
Consultations & Advices
 3) GENERAL NETWORKING
• Sources of information & knowledge from
public sources (magazines, newspaper,
books, tv, radio, internet, electronic media,
govt. reports etc.
• Information on training program, seminars,
workshop, loans, tenders, business
opportunities and etc.
• Entrepreneurs need latest & accurate
information to compete & survive in the
business world.
MANAGING NETWORKING
1. Plan the relationship
 List down members’ particulars in the networking &
find ways to communicate with them.
 Exchange business card & keep it
 Note book to keep all the info about the members of
the networking.
 Identify who you should know.
 Attend their functions, ceremonies, social
activities/gatherings, etc.
2. Form & Develop Relationship
Make full use of opportunities to form a good
r/ship with people during meetings at
seminars, conferences, functions or
training programs or anywhere.
Foster good r/ship with others. Interact at
greater frequency if you think you could
exchange benefits, ideas, helps,
information & opportunities with
members of the networking.
3. Maintain the Networking
Ensure a continuous relationship.
 Develop own image with the networking members
 Send presents/cards to the networking members on
occasions of importance
 Keep in touch with networking members through
telephone, fax, sms, e-mail, etc.
1.5 ISSUES IN ENTREPRENEURSHIP
DEVELOPMENT AND NETWORKING
• What are the issues ?
• Examples
• How to handle the issues?
• suggestions
THANK YOU