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Chapter 7 Networking Skills

Networking involves interacting with others to build relationships and access resources for mutual assistance and support. Effective networking skills allow entrepreneurs to create pools of talent by bringing together professionals from various fields like law, engineering, and business. These networks provide entrepreneurs with capital, expertise, and a unified voice to support their goals. Strong networking involves consistently interacting with others to build long-term relationships that generate tangible benefits for entrepreneurial projects and businesses.

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Muhammad Syazwan Sahimi
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308 views11 pages

Chapter 7 Networking Skills

Networking involves interacting with others to build relationships and access resources for mutual assistance and support. Effective networking skills allow entrepreneurs to create pools of talent by bringing together professionals from various fields like law, engineering, and business. These networks provide entrepreneurs with capital, expertise, and a unified voice to support their goals. Strong networking involves consistently interacting with others to build long-term relationships that generate tangible benefits for entrepreneurial projects and businesses.

Uploaded by

Muhammad Syazwan Sahimi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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NETWORKING SKILL

NETWORKING SKILLS

• What is network?
– Something resembling an open work fabric or structure in form or
concept, especially:
• A system of lines or channels that cross or interconnect: a network of railroads.
• A complex, interconnected group or system: an espionage network.
• An extended group of people with similar interests or concerns who interact and
remain in informal contact for mutual assistance or support.
NETWORKING SKILLS

• Networking
– To interact or engage in informal communication with others for mutual assistance or support.
• Networking skills
– The ability to take advantage or benefits of the network for the betterment of the organization
TYPES OF NETWORKS

• Formal and Informal Networks


• National Networks
• Regional Networks
• Tailor-made Networks
• Event Networks
ENTREPRENEURIAL NETWORKING

• In business, 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 an indispensable
kind of social network not only necessary to properly run the business or
project, but also to differentiate the business from similar projects.
PURPOSE OF NETWORKING

• To create pool of talent (exchanges)


– 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 key priority is to aid successful business launches.
Subsequently provide motivation, direction and increase access to
opportunities and other skill sets. Promotion of each members talents and
services both within the network and out in the broader market increases
opportunities for all participants.
PURPOSE OF NETWORKING

• To share/acquire resources at competitive rate


– 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.
PURPOSE OF NETWORKING

• To stand as a common voice (unified force)


– Entrepreneurial networks may also become community involved, endorsing reforms, legislation or
other municipal drives that accommodate their organization's goals.
MEMBERSHIP COMPOSITION
• Lawyers, various specialties
• Scientists • Partners
• Engineers • High skilled employees
• Architects • Clients or any other kind
of social contacts that
• Contractors/construction can make the
managers entrepreneurial business
• Real estate professionals (or project) successful
• Suppliers • Mentors
• Government people or • Investors
institutions
TIPS FOR BETTER NETWORKING

• It’s not who you know. It’s also who they know.
• Know what you’re looking for before you look.
• Schmooze with care.
• Consistency is king (even though cash is important too).
• Prioritize tangibility.
• Build relationships, not acquaintanceships.
CONCLUSION

Entrepreneurs communicate with their stakeholders. Effective communication requires skills that
can be enhanced through practise. Negotiation skills as well as networking give an advantage for
entrepreneurs.

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