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Entrepreneurship Chapter 1

Oct 05, 2014

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Entrepreneurship Chapter 1. Introduction to Entrepreneurship. What is Entrepreneurship? Entrepreneurship is the process of creating something new of value by devoting (giving) the necessary time and effort.

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Introduction to Entrepreneurship • What is Entrepreneurship? • Entrepreneurship is the process of creating something new of value by devoting (giving) the necessary time and effort. • By accepting and acknowledging the necessary financial, psychological, and social risks, and • Finally receiving the resulting rewards be it monetary and personal satisfaction and freedom to do what you want. Robert D.Hisrich, M. Peters & D.A Shepherd

Introduction to Entrepreneurship • Simple Definition • Process of creating something new and assuming the risks and rewards. Robert D.Hisrich, M.P.Peters & D.A.Shepherd

Introduction to Entrepreneurship • What is an Entrepreneur? • He or she is an individual who actively form or lead their own business and nurture them for growth and prosperity. UiTM Entrepreneurship Study Group • A person who creates and manages change by the recognition of opportunities (needs, wants, opportunities, problems, and challenges) and develops people and manages resources to take advantage of the resources to take the opportunity and creates a venture (profitable business). Eston Kimani, MIT

Introduction to Entrepreneurship • What are the different outcomes of engaging in entrepreneurship? • Innovation or newness – product or service. • Organizing resources – finance, people, physical and information resource. • Creating new product or service. • Generating wealth • Taking risk in a business venture. • Prepared to face uncertainty. • Create job opportunity • Increase the abundance of wealth generation for the nation.

Introduction to Entrepreneurship • The Role of Entrepreneurship in Economic Growth. • In order for Entrepreneurs to thrive in a nation, the Government must play important role in creating the kind of business environment that create the basis for growth, stability and future success of entrepreneurs.

.The Role of Entrepreneurship in Economic Growth • This primarily involves the: • Increasing the per capita output and income of the people of the country. • Initiating and creating change in the structure of business and society. Further growth and increased output arises, thus to enable more wealth to be divided among the various participants ( stakeholders). • Generation of innovation that leads to the creation of new product and service.

.The Role of Entrepreneurship in Economic Growth • Improvement and modification on existing product to better suit market and customers’ needs. • Creation of self employment and to cut back the dependency of potential employment of new workers in government sectors. • Streamline of the private sector and encourage the inclusion of new technology that is less labor dependent. • Increase in the national output which in turn lead to greater and stronger economic growth.

Introduction to Entrepreneurship • The Entrepreneurial Process • What is the Entrepreneurial Process? • The process of pursuing (going after) a new venture or business, • Whether it is a new product going into an existing market OR • Existing product going into a new markets OR • The creation of a totally new organization.

Introduction to Entrepreneurship • First Entrepreneurial Process: • Creation Process – creating something new of value. • Second Entrepreneurial Process: • Requires the commitment of the necessary time and effort. Appreciate and understand the importance of time and effort devoted to create something new and make it workable. • Third Entrepreneurial Process: • Involves the enjoyment of the rewards (Freedom, monetary) after the effort, followed by personal satisfaction.

Introduction to Entrepreneurship • The Entrepreneurial Process – Four distinct process:- • Identification and evaluation of the opportunity. • Development of the Business Plan. • Determination of the required resources • Management of the resulting enterprise.

Introduction to Entrepreneurship • The Benefits of Entrepreneurship: • Opportunity to create your own destiny • Owning a business provides an entrepreneurs the independence and the opportunity to achieve what is important to them. • Entrepreneurs want to decide what they want in their lives, and they use their businesses to make their desire a reality (come true).

Introduction to Entrepreneurship • The Benefits of Entrepreneurship: • Opportunity to make a Difference • More and more entrepreneurs are starting businesses because they see this as an opportunity to make a difference in a route or way that is personally important to them. • Opportunity to reach your full potential. • Many people find their work not challenging and not exciting. • For entrepreneurs there is little difference between work and play. • Entrepreneurs see their business as a vehicle of self expression of personal desire and eventual self actualization of their personal goals – the pinnacle of their career success.

Introduction to Entrepreneurship • The Benefits of Entrepreneurship • Opportunity to reap extraordinary (luar biasa) profits. • The profit earned by an entrepreneur are an important motivation and indication factor for further increased performance. Thus these could spur them to greater achievement and success.

Introduction to Entrepreneurship • Benefits of Entrepreneurship. • Societal Responsibility and Recognition. • Small business owners are among the most admired, respected and trusted individuals of society. • Customers have shown their trust and faithfulness over their years for their business. • Help to contribute employment, business opportunity in a particular locality or area.

Introduction to Entrepreneurship • Benefits of Entrepreneurship. • Opportunity to engage in work of their choice • Small business owners tend to engage in business that gives them personal satisfaction. • Though they may work long hours and engage in very industrious work that is beneficial to their organization and themselves. • Most of all the work they engage in helps to benefits the community, society and the nation.

Introduction to Entrepreneurship • The Drawbacks of Entrepreneurship: • Uncertainty of Income • Opening and a running a business provides no guarantee that an entrepreneur will earn enough money and survive. • Engaging in the wrong business and not able gain an advantage in the short run and eventually in the long run can be disastrous. • Great effort and proper and effective management need to used in beginning to ensure the organization success.

Introduction to Entrepreneurship • The Drawbacks of Entrepreneurship • Risk of losing your entire Investment • Small business have a high failure rate. • Though is successful initially it faces financial difficulty within the next five years. • Entrepreneurs must be prepared to face the consequence of failure. • Entrepreneurs must have acute sense of observation and be able to detect the early signs of failure. • If a business fails the entrepreneur must have a contingency plan to overcome a bankruptcy or personal failure.

Introduction to Entrepreneurship • Drawbacks of Entrepreneurship • Long Hours and Hard Work • Entrepreneurs tend to be generally workaholic, and under tremendous pressure to produce the result they expect. • Entrepreneurs seldom find time to be away from the business but tend to pour all their effort and resources to achieve their personal entrepreneurial objective. • Some even go to extent of making big sacrifice and deprive themselves of a personal life, wife and children and social and family associates.

Introduction to Entrepreneurship • Drawbacks of Entrepreneurship • Lower Quality of Life until the business get established. • In order for the business to be successful the entrepreneur must engage himself to produce the kind of result he expects. • He cannot rest on his laurels (take it easy) until and certain the business has stabilized and established.

Introduction to Entrepreneurship • Drawbacks of Entrepreneurship • High level of stress • Starting the business can be very rewarding experience, but it can be stressful. • An entrepreneur have left the comfort and security of secured job to venture into their own business. • Failure can bring about tremendous personal failure, and in turn creates intense levels of anxiety and stress. • Financial burden may increase and the entrepreneur may face difficulty sustaining the business or may decide to call it for day and wind up the business for good.

Introduction to Entrepreneurship • Drawbacks of Entrepreneurship • Complete Responsibility • Must be prepared to make decision that are unfavorable (swallow the bitter pill). • Must make decision in areas that the entrepreneur is not familiar at all. • Fear of making decision that can have a devastating effect on the business and its people. • Tremendous pressure to perform as the entrepreneur is too deeply engaged in the business

Introduction to Entrepreneurship • Drawbacks of Entrepreneurship • Discouragement • To undertake a business requires a lot of dedication, discipline and tenacity. • During running the business they will face many difficulties, obstacles which may difficult to overcome. • Further difficulties, discouragement and disillusionment are common emotions. • Successful entrepreneurs escape through rough times or difficult times through sheer hard work, self confidence and full of optimisms.

Introduction to Entrepreneurship • Ten Deadly Mistakes of Entrepreneurship: • Business entrepreneurship fail because:- • Management Mistakes • Lack of Experience • Poor financial control • Weak marketing efforts • Failure to develop a strategic and effective plan • Uncontrolled Growth • Poor location • Improper inventory control • Incorrect or unsuitable pricing • The inability of to move into entrepreneurial thinking mindset from the previous secured permanent managerial position held.

Introduction to Entrepreneurship • How to avoid failure in a Entrepreneurial business. • Know your business in depth. • Develop a good, effective and solid Business Plan. • Manage your financial resources effectively. • Have a thorough and complete financial statement. • Learn hire and manage people effectively. • Keep physically fit, consume healthy foods, and avoid addictive consumption cigarettes and alcohol.

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10 Characteristics of Successful Entrepreneurs

• 07 Jul 2020

Multiple factors go into starting a successful business venture, including a strong concept and initial funding. But, perhaps the most important ingredient is the entrepreneur. These are individuals who must transform their ideas into a fully operational business.

If you’re thinking about launching your own venture, you might be wondering if you have what it takes to be an entrepreneur . But first, what’s an entrepreneur, and what do they do?

Access your free e-book today.

What Is Entrepreneurship?

While entrepreneurship is commonly thought of as the process of starting a business, there are several nuances to consider.

In the HBS Online course Entrepreneurship Essentials , entrepreneurship is defined as “the pursuit of opportunity beyond the resources currently controlled.” An opportunity can be a myriad of things, but the course describes it as "a proposed venture to sell a product or service for which customers are willing to pay more than the required investments and operating costs.”

Entrepreneurs —either as individuals or in teams—discover opportunities throughout their personal and professional lives. They form hypotheses on ways to deliver value to customers and perform structured tests to validate their ideas. This often involves recruiting teammates through networking and investing funds to determine how they’ll deliver a product or service at an acceptable cost.

Great entrepreneurs come from all walks of life. In Entrepreneurship Essentials, it’s noted that “there’s no single personality profile, and it’s important to pay attention to the entrepreneurial team, rather than focus on the individual.” And while that's true, there are certain characteristics and skills that are particularly important for entrepreneurs to have when starting and leading a venture.

Here are 10 characteristics shared by successful entrepreneurs.

1. Curiosity

Successful entrepreneurs have a distinct personality trait that sets them apart from other organizational leaders: a sense of curiosity. An entrepreneur's ability to remain curious allows them to continuously seek new opportunities. Rather than settling for what they think they know, entrepreneurs ask challenging questions and explore different avenues.

This is validated in the online course Entrepreneurship Essentials , where entrepreneurship is described as a “process of discovery." Without curiosity, entrepreneurs can’t achieve their main objective: discovering new opportunities.

The drive they have to continuously ask questions and challenge the status quo can lead them to valuable discoveries easily overlooked by other business professionals.

2. Willingness to Experiment

Along with curiosity, entrepreneurs require an understanding of structured experimentation, such as design thinking . With each new opportunity, an entrepreneur must run tests to determine if it’s worthwhile to pursue.

For example, if you have an idea for a new product or service that fulfills an underserved demand, you’ll have to ensure customers are willing to pay for it and it meets their needs . To do so, you’ll need to conduct thorough market research and run meaningful tests to validate your idea and determine its potential.

3. Adaptability

Entrepreneurship is an iterative process, and new challenges and opportunities present themselves at every turn. It’s nearly impossible to be prepared for every scenario, but successful business leaders must be adaptable.

This is especially true for entrepreneurs who need to evaluate situations and remain flexible to ensure their business keeps moving forward, no matter what unexpected changes occur.

4. Decisiveness

To be successful, an entrepreneur has to make difficult decisions and stand by them. As a leader, they’re responsible for guiding the trajectory of their business, including every aspect from funding and strategy to resource allocation.

Being decisive doesn’t always mean being correct. Entrepreneurs need the confidence to make challenging decisions and see them through to the end. If the outcome turns out to be less than favorable, the decision to take corrective action is just as important.

Check out our video on the characteristics of successful entrepreneurs below, and subscribe to our YouTube channel for more explainer content!

5. Self-Awareness

A great entrepreneur is aware of their strengths and weaknesses. Rather than letting shortcomings hold them back, they build well-rounded teams that complement their abilities.

In many cases, it’s the entrepreneurial team, rather than an individual, that drives a business venture toward success. When starting your own business, it’s critical to surround yourself with teammates who have complementary talents and contribute to a common goal.

Related: 10 Tips to Help You Boost Team Performance

6. Risk Tolerance

Entrepreneurship is often associated with risk. While it’s true that launching a venture requires an entrepreneur to take risks, they also need to take steps to minimize it.

While many things can go wrong when launching a new venture, many things can go right. According to Entrepreneurship Essentials , entrepreneurs who actively manage the relationship between risk and reward position their companies to “benefit from the upside.”

Successful entrepreneurs are comfortable with encountering some level of risk to reap the rewards of their efforts; however, their risk tolerance is tightly related to their efforts to mitigate it.

7. Comfort with Failure

In addition to risk-management and calculated decision-making , entrepreneurship requires a certain level of comfort with failure.

“Of startups that have more than one employee, 70 percent survive at least two years, half last at least five years, and a quarter last 15 years,” says Harvard Business School Professor William Sahlman in Entrepreneurship Essentials . “Even then, only a small fraction of the survivors get to be significant employers.”

The reasons for failure are vast and encompass everything from a lack of business scalability to low product-market fit . While many of these risks can be avoided, some are inevitable.

Despite this, entrepreneurs must prepare themselves for, and be comfortable with, failure. Rather than let fear hold them back, they maintain a positive attitude to allow the possibility of success to propel them forward.

8. Persistence

While many successful entrepreneurs are comfortable with the possibility of failing, it doesn’t mean they give up easily. Rather, they see failure as an opportunity to learn and grow.

Throughout the entrepreneurial process, many hypotheses turn out to be wrong, and some ventures fail altogether. Part of what makes an entrepreneur successful is their willingness to learn from mistakes, ask questions, and persist until they reach their goal.

Related: How to Become a More Resilient Leader

9. Innovative Thinking

Innovation often goes hand-in-hand with entrepreneurship. While innovation in business can be defined as an idea that’s both novel and useful, it doesn’t always involve creating an entirely new product or service. Some of the most successful startups have taken existing products or services and drastically improved them to meet the changing needs of the market.

Although innovation doesn’t come naturally to every entrepreneur, it’s a type of strategic mindset that can be cultivated. By developing your problem-solving skills , you’ll be well-equipped to spot innovative opportunities and position your venture for success.

10. Long-Term Focus

Most people associate entrepreneurship with starting a business. While the early stages of launching a venture, such as securing funding , are critical to its success, the process doesn’t end once the business is operational.

According to Entrepreneurship Essentials , “it’s easy to start a business, but hard to grow a sustainable and substantial one. Some of the greatest opportunities in history were discovered well after a venture launched.”

Entrepreneurship is a long-term endeavor, and entrepreneurs must focus on the process from beginning to end to ensure long-term success.

How to Develop the Qualities of an Entrepreneur

There’s no right or wrong way to be an entrepreneur. Characteristics and behaviors like experimentation, persistence, and innovation can be developed with time, experience, and training. As long as you possess the entrepreneurial spirit, you'll be able to seize opportunities and overcome challenges throughout your journey.

Are you interested in learning the ins and outs of entrepreneurship? Explore our four-week online course Entrepreneurship Essentials and our other entrepreneurship and innovation courses to learn to speak the language of the startup world. If you aren't sure which course is the right fit, download our free course flowchart to determine which best aligns with your goals.

This post was updated on August 14, 2023. It was originally published on July 7, 2020.

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So You Want to Be an Entrepreneur?

• Emily Heyward

One founder’s advice on what you should know before you quit your day job.

Starting a business is not easy, and scaling it is even harder. You may think you’re sitting on a completely original idea, but chances are the same cultural forces that led you to your business plan are also influencing someone else. That doesn’t mean you should give up, or that you should rush to market before you’re ready. It’s not about who’s first, it’s about who does it best, and best these days is the business that delivers the most value to the consumer. Consumers have more power and choice than ever before, and they’re going to choose and stick with the companies who are clearly on their side. How will you make their lives easier, more pleasant, more meaningful? How will you go out of your way for them at every turn? When considering your competitive advantage, start with the needs of the people you’re ultimately there to serve. If you have a genuine connection to your idea, and you’re solving a real problem in a way that adds more value to people’s lives, you’re well on your way.

When I graduated from college in 2001, I didn’t have a single friend whose plan was to start his or her own business. Med school, law school, finance, consulting: these were the coveted jobs, the clear paths laid out before us. I took a job in advertising, which was seen as much more rebellious than the reality. I worked in advertising for a few years, and learned an incredible amount about how brands get built and communicated. But I grew restless and bored, tasked with coming up with new campaigns for old and broken products that lacked relevance, unable to influence the products themselves. During that time, I was lucky to have an amazing boss who explained a simple principle that fundamentally altered my path. What she told me was that stress is not about how much you have on your plate; it’s about how much control you have over the outcomes. Suddenly I realized why every Sunday night I was overcome with a feeling of dread. It wasn’t because I had too much going on at work. It was because I had too little power to effect change.

• EH Emily Heyward is the author of Obsessed: Building a Brand People Love from Day One (Portfolio; June 9, 2020). She is the co-founder and chief brand officer at Red Antler, a full-service brand company based in Brooklyn. Emily was named among the Most Important Entrepreneurs of the Decade by Inc.  magazine, and has also been recognized as a Top Female Founder by Inc. and one of Entrepreneur’s Most Powerful Women of 2019.

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5 Must-Have Presentation Skills For Entrepreneurs To Ace The Race

Sharing is Good Karma:

“ If you can’t explain it simply, you don’t understand it well enough. ” 

Great advice from Albert Einstein. The ability to convey a viewpoint or new idea is critical for an entrepreneur. The success of their business depends on it. 

In the startup phase, presentation skills are essential in landing investors and new customers. In the growth phase, they keep the vision alive and clients onboard. And when a business is more established, entrepreneurs start aiming for high-profile investors for future expansion of the business. 

This is why their presentation skills need to be on par with the level of business they seek to gain.

So, let’s learn more about acquiring the presentation skills you’ll need to succeed:  

What is a Presentation?

In today’s world, there are many ways to communicate and exchange ideas. Doing so with a PowerPoint presentation is an effective way to do so. It is a slide show designed to convey the presenter’s message in a way that helps people understand and make it easier for them to do so. 

Creating a PowerPoint presentation can be a daunting task at first because you’re presented with just a blank presentation. But don’t worry! There are thousands of free slides which you can use to prepare an engaging presentation. With these templates, you’ll be able to save time and come up with an awesome-looking presentation in no time. 

Be that as it may, an experienced presenter will know that they can’t let the slide deck do all the talking. 

A presenter will need to be well-prepared and have in-depth knowledge of their topic of discussion. They must be able to answer any question posed by the audience to maintain credibility as an authority on the topic.

Acting as an interactive mediator between the audience and the presentation slideshow, the presenter can adeptly engage with and hold the attention of the audience.

Types of Presentations

Your intention and purpose for presenting will inform the type of presentation that will best convey your ideas. There are six general types of presentations, and once you identify your purpose, you can prepare and practice with this aim in mind. 

Also, read: 7 Outstanding Tips To Promote Your Brand On Instagram And Generate Sales

Let’s now check out the six types of presentations:

• Instructive Presentation : If you aim to instruct the audience and give direction or specific orders, then this is the presentation type most suited to your purpose. People attend this type of presentation to gain practical knowledge and learn new skills. This presentation can run longer and may offer support materials such as manuals, guides, or workbooks.
• Motivational Presentation : The perfect example of a motivational presentation is TED Talks. Many speakers use this platform to inform, inspire, and motivate listeners to improve their lives. And for entrepreneurs, such a presentation can tell the story of the dream and hard work that led to their company’s success. 
• Informative Presentation : An informative presentation is all about sharing relevant information. These can be project reports, research analysis, and technical product information that are often prepared by marketing, sales, and tech teams. The focus of these presentations is on providing concise, instructive information to an engaged audience. 
• Persuasive Presentation : When the main goal of the presenter is to sell something or persuade the audience to a course of action, this is the most effective style of presentation. Entrepreneurs use it to launch new products or convince investors to back their projects. When done right, this can secure new business or funding to grow the company.
• Decision-making Presentation : Need a decision to be made? Well, this presentation style outlines the problems, available options for solutions, and possible outcomes. Generally found in business meetings or all-hands meetings, this presentation can efficiently and comprehensively address the issues and guide everyone involved to make informed decisions. Making use of the decision making templates for free can be another handy way of producing outstanding presentations.
• Progress Presentation : As the name suggests, this presentation style works to report the progress being made on any campaign or project. Entrepreneurs use this format to share status updates, collected data, deadlines, tasks on priority, and other relevant information. In short, it is a kind of team stand-up presentation where all members can discuss the agenda about the progress to move forward.

To figure out the right presentation style for you, ask yourself: Am I addressing friends, colleagues, or clients? Am I entertaining, or informing, or both? Answering these questions helps you choose the best type of presentation. From there, it’s all about using the right skill set to present the very best. 

Also, read: This Himachali Woman Offers Sustainable Products Obtained Directly From The Mountains

5 Essential Presentation Skills for Entrepreneurs

Let’s now move on to the five essential presentation skills for entrepreneurs.

1. Know Your Audience

To be familiar with the target audience is of the utmost importance for a presenter – what are their questions and queries, what hits close to their heart, what makes them tick? If the presenter can cover these areas successfully, there is a better chance that their message will resonate with their audience.  

To be successful and connect with customers, entrepreneurs will need to know their audience well. Knowing the target audience is one of the most important rules in the book. If you don’t know the market, how do you know what’s in demand, or what customers need? And if you don’t know this, how can you provide anything useful or valuable?

2. Establish Your Content Credibility

No matter how accomplished a speaker, or however well-known, presenters should never assume their audience finds them trustworthy. Every single presentation needs to be demonstratively credible. Present facts and figures; provide substantiation to any claims.

Know your agenda. Be prepared. 

3. Inspire the Audience with Your Vision

Being able to share your achievements with the goal of inspiring people is an art form of its own. There is a very thin line between wanting to show people they can achieve more because you were able to do it and just plain bragging. 

Aim to motivate and inspire your audience with some real tips that worked for you. Make sure that these tips are attainable and realistic. It’s also important to consider if the tips that you’ll be giving them are within their capabilities. Sometimes, some speakers tend to overlook the privilege they have when they give other people tips.

4. Use Stats and Facts to Address the Issue

In this new era, everyone wants to save time and resources and is open to seeing things in interesting new ways. If an entrepreneur’s presentation can tap into all these things, it will stand out and be a topic of discussion long after the presentation is over. 

To achieve this satisfying goal, one needs to have a solid presentation based on facts and statistics. The audience should be able to see and get the hang of the data quickly.

This is where skills in making infographics come in handy. Infographics are a great way to summarize data and present them in a visually appealing way. You make it easier for people to digest information and make it interesting at the same time.

5. Adjust to Your Audience Accordingly

A good presenter needs to know how to interpret the non-verbal cues offered by the audience. As the presentation progresses, the presenter needs to read the audience, make adjustments, and reconnect on the spot.

Keep in mind your audience’s expectations. Since each audience is unique, each presentation will have its own flow.

Presentation settings, such as the setup of the conference room, will highly influence how well the audience hears you. Age, gender, religion, class, education, job type, etc., are major demographic factors that a presenter must factor in. 

An entrepreneur’s presentation skills will determine their ability to lead and inspire others to share in their vision. The effectiveness of a presentation is directly proportional to the proficiency of the presenter.

You can work hard to prepare your presentation, but if your delivery is at all lacking, your message will miss the mark.   

So, hone your skills and thoroughly familiarize yourself with the audience and topic of discussion. Everything else will fall into line.

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The Power of Networking — 5 Tips on Building Strategic Alliances for Business Growth Who is on your side? Who has your back? It doesn't have to be lonely at the top. We look at five practical ways you can network to achieve the best for you and your business.

By Nicholas Leighton Edited by Chelsea Brown May 24, 2024

Key Takeaways

• Prioritize offering value to others in your network by making introductions, sharing insights and offering assistance with specific challenges. This helps foster trust and reciprocal support.
• Carefully selecting complementary partners and being selective with network members can lead to high-quality and meaningful connections that support mutual success and growth.
• Participate in business advisory boards to learn new skills, share challenges and receive feedback or advice in a collaborative environment.

Opinions expressed by Entrepreneur contributors are their own.

As an entrepreneur, it's you against the world. Or, at least that's how it often feels being a small business owner, especially a solopreneur. Here's the reality: Success is rarely achieved in isolation. The most successful business people understand that the power of connecting with others is the key to unlocking new opportunities and growth.

Surrounding yourself with professionals, business owners and industry leaders can provide a myriad of opportunities to access resources, gain knowledge and build strategic partnerships . Let's look at some best practices to build an effective network to support the growth of your business.

Related: 4 Reasons Why Networking Is a Must for All Successful Entrepreneurs

1. Lead with value first

The most successful networks work because both parties have the opportunity to benefit from one another. Establishing a strong, reciprocal relationship from the outset is crucial. Instead of focusing solely on what you can gain, prioritize what you can offer to others.

Providing value can take many forms, such as making introductions within your network, sharing industry insights or offering assistance with specific challenges where you have expertise. By consistently offering value , you can build trust and goodwill, which in turn makes others more inclined to support and help you.

2. Connect with complementary partners

When building networks, it's important to carefully consider what types of relationships would bring the most value to your business. In many cases, the right people are the ones that offer different, but complementary services. For example, a tax accountant might want to build a relationship with an estate attorney.

There are a few benefits to this approach. One, both individuals get the benefit of being able to access expanded knowledge related to their business. This relationship can also be an excellent source of referrals from the other's client base. This is important for business growth since B2B referrals statistically have a 71% higher conversion rate .

Related: Effective Networking Requires Mastering These 5 Skills

3. Be selective about who you let into your circle

Fostering relationships takes a lot of time and effort, so it's essential to be selective about who you include in your network. Studies have shown that half of all people struggle to maintain long-term contact with their professional networks. By limiting the number of people in your circle, you can dedicate more time to building strong, meaningful relationships with each individual.

Additionally, it's important to avoid associating yourself or your business with individuals who have a negative reputation, as their actions could harm your own reputation, despite any access or benefits they might offer. This approach isn't about being pretentious, but rather about valuing your time and ensuring that your network is built on trust and mutual respect.

4. Look within your industry

While finding complementary members to add to your network is helpful, many entrepreneurs tend to lack focus. It's natural to want to avoid others in your industry, as there may be some conflict of interest. However, it's important to build relationships with individuals who totally understand your business, and that will be people who have similar businesses. Look to those in the same industry, but with a slightly different business focus, a different target customer or a different geography.

5. Participate in a business advisory board

Participating in a business (or peer) advisory board is a valuable way to learn new skills and share the burdens that come with operating a small business. These boards provide a platform for entrepreneurs and business leaders to share their concerns and frustrations and also receive feedback or advice based on others' past experiences. This collaborative environment fosters learning and problem-solving, helping you navigate challenges more effectively in a safe environment.

Related: Want to Succeed as an Entrepreneur? Discover the Key to Building Long-Lasting Connections

Networking is more than just a passive activity. It's a strategic investment in the future of your business. At the end of the day, the amount of effort you decide to put into building and nurturing strategic relationships can yield substantial returns for your business.

Building the right network isn't always easy, especially as entrepreneurs and small business owners struggle to keep their heads above water on a daily basis. Having a professional business coach can be an invaluable asset in your networking journey. Coaches can help provide guidance as you navigate the complexities of networking and also provide introductions to influential contacts within their networks.

Entrepreneur Leadership Network® Contributor

Best-selling author, speaker & business owner executive coach

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