YOUNG ENTREPRENEUR - GUIDE TO NETWORKING

In today's society it seems that anyone has the opportunity to become an entrepreneur. Everyone has a product, new venture or innovative idea but only the strongest survive in the world of entrepreneurship. There are a lot of factors that can help you along your journey to becoming a successful entrepreneur; a business plan, start up funding or capital and educational or personal experience are just a few. A very valuable resource is recognizing the importance of networking.
Networking is one of the most, if not the most important factor for entrepreneurs in marketing ones self or business. "To be successful, you have to be able to relate to people; they have to be satisfied with your personality to be able to do business with you and to build a relationship with mutual trust". - George Ross

Image courtesy of magerymajestic, / FreeDigitalPhotos.net 

 

With social media & social networking being at an all-time high, I think it can be a triumph for most but a failure for some. People get so caught up with using social media as a form communication; they almost forget the importance of verbal communication. Understanding the art of "working a room" can be a valuable tool for anyone but especially for entrepreneurs.

I work closely with college students and noticed when attending conferences or networking events with potential employers, companies, and influential people, they are always impressed with students who have impeccable networking and communication skills. Here are few tips to becoming an expert networking professional.

· Create your elevator pitch; this is a short summary used to quickly describe a person, product or service, profession or organization. Your pitch should be casual yet confident and span 30 seconds to 2 minutes.
· Do your research! It's a great idea to know your crowd. If you know who may be attending the networking event, its best to research them. You may have something in common; you're likely to feel more comfortable talking to them if you know something about them. Identify yourself with others who have the same mindset of try looking for commonalities in groups but do not limit yourself to only professionals in your industry.

· Be yourself; networking can lead to lifetime connections and relationships. It's best to be open and honest and allow your true personality to show.

· Follow up; it takes time and effort to build a networking relationship. Be patient yet persistent; you want to nurture the relationship naturally. Try inviting them to lunch or drinks; this is a great way for casual conversation outside of the business setting. This is where the social media takes place. Comment on their blogs, use LinkedIn to connect professionally (this may possibly help you meet others in their network). As I said networking does take time.

READ MORE :   Understanding a Joint Venture

There are many misconceptions about joint ventures. Do you completely understand the concept? What is it actually? How is it different from a merger and from a partnership? Is it a good option for salvaging or redeeming your business from the difficult challenges brought about by prevailing market conditions? Correct and adequate knowledge about joint ventures is truly imperative these days.

To begin with, a joint venture is technically defined as a strategic alliance between two or more parties (or businesses/ companies) to form a new business that would facilitate sharing of resources, knowledge, assets, intellectual property, markets, and profits. A new business or operational entity is established when a JV between two or more companies is formed. The venture could not proceed if a company does not find a willing partner to get into the deal. The joint venture is not forever. Its existence could be limited, as specified by the agreement or contract.

A JV is very much different from a merger. The two concepts should not be taken synonymously. In a merger, two existing companies combine through acquisition or transfer of ownership. There is a deal to buy one company by another. In a merger, both companies could decide to pursue each other's current operations. The management of the acquired or absorbed firm is usually terminated or re-assigned into the acquiring company (though in a different hierarchy or position). Mergers do not usually result in creation of a new business or entity. Just two companies merge. Unlike a JV, a merger or combination could last forever provided ownership in one would not be transferred or sold again in the future.

On the other hand, what is a partnership? Always remember that a partnership is different from a joint venture or a merger. A partnership could just be a pact or a business relationship between two or more companies. The alliance could be bonded by a formal agreement with specific terms and conditions for the continuous existence of a partnership. Partnerships often involve long-term and continuing business relationships whereas joint ventures create other business projects. In partnerships, any of the company need not swallow or buy ownership of another.

A joint venture could be formed by two or more giants in an industry. It could also be formed by two minor businesses. It could be a partnership between a giant and a small company or it could be formed by a foreign business with another local entity. In a joint venture, two or more companies agree to share resources, technology, and expertise so that a new or third-party resulting business would be formed more dynamically and actively to cover a greater scope of the market. Joint ventures could also form across various industries.

Posted by Anonim

Tweet