Networking: The number one unwritten rule of success in business

Humans are social creatures. Interactions with other humans promote a sense of belonging and improve mental health. While every person requires a different level of human interaction, the need for connection is inherent. 

An African proverb says: “If you want to go fast, go alone; if you want to go far, go together.” Social interactions are equally important in business as the ecosystem is interdependent. 

First-time business founders are often under-networked. To be “under-networked” means that individuals are missing ties to the venture capital and startup world. They might have an outstanding idea, but struggle to find success. Unfortunately, under-networked founders are in the majority and are often women. 

When entering the startup world, the best thing founders can do is to establish a strong network and understand the environment they are entering.

Business networking helps in:

• Making great friends
• Coming across new opportunities
• Providing founders with referrals
• Building connections
• Increasing visibility for the business
• Improving Confidence
• Interacting with positive Influencers
• Getting mentorship and guidance.
• Building their reputation
• Gaining knowledge of experts.

Networking tips for entrepreneurs:

Grow your network.

Connecting with a strong support network is vital at an early- stage of launching an idea, product, or company. 

Connect with local chambers of commerce, trade Associations, and small business Associations.

 These organizations support the best interests of business owners and organize activities to engage the local community. Chambers of commerce often have boards and committees to volunteer for, offering additional opportunities to expand their network. 

Attend startup and technology community events.

When it comes to technology and tech startups, innovation is fast. You must learn to keep up with the latest trends and technologies. You can turn to the local community to keep your skills up to date, as they offer opportunities to share the latest in tech, learn together, and connect around many relevant topics. You can also look for online events through platforms like Meetup and Eventbrite or social media networks like LinkedIn and Twitter.

Turn to local maker hubs and co-working spaces.

Local maker hubs ensure equitable access to workspace for local entrepreneurs to help support their endeavors when office space and expensive supplies are not an option at the startup stage. Maker hubs support innovation by providing space to fabricate, create, design, and more. Similarly, co-working spaces offer space to execute the business functioning of companies on similar journeys. 

Leverage support organizations. (accelerators and incubators)

Take the time to research organizations with a strong track record in the communities they serve and connect with the individuals who organize and attend them.

 Find a suitable mentor.

 Mentorship offers incredible value to early and aspiring business owners, as veteran entrepreneurs(mentors) will have keen insight into all those pain points that you might experience as a startup founder. 

Seek opportunities.

 You should actively pursue opportunities that allow you to give back to the local community, and you will discover that your efforts are reciprocated with support when you need it. 

Seeking opportunities also means stepping outside your comfort zone regularly. Reach out earnestly, and leverage all resources from local networks to social media. 

Online Networking Tactics

Growing online is the chief source of traction for millions of companies and perhaps the easiest way to grow fast.

1. Make yourself known. While creating online profiles for your brand, you must let others in your niche know you exist. Simply giving a like, comment, or follow on social media is considered networking and goes a long way in showing others you are supportive of their journey. Following another business in your industry leads to others following you, too. If you relate to someone’s content or want to express interest, share it with friends or on your Instagram, Facebook, or Snapchat stories. Potential clients could see your reshare, and it could lead to future partnerships.

2. Discover common interests.

The hashtags you use on social media are considered your interests. Forming partnerships with others while growing your brand is a real-life example of hashtags. You can grow your brand by connecting with others in your industry to benefit everyone involved.

Dos & Don’ts for building an effective Business Network

• Endeavor to make new connections whenever you attend any business event; however, do not neglect your local contacts. Treat both local and global business connections equally.
• Be yourself and real when meeting new people in forums. This will help you to build more genuine relations and attract more people.
• Present the company the way you want people to see it because this will help you to establish honest fundamentals for the business relationship. 
• Get yourself new customers, mentors, business partners, or potential investors when you attend business events.
• Discuss general situations that are common to all entrepreneurs across the globe. These topics make people comfortable when you show them that you understand their circumstances.
• Provide value to other entrepreneurs to make them desire to contact you by being active.
• Staying in touch is the foundation for a strong network and relationship. Connect with the new contacts after the event.

The confidence, motivation, exposures, connections, and pre-qualified referrals you get through networking are unique opportunities. 

Networking at STEP

Networking is one of the five pillars of STEP.

 In the words of STEP’s founder, Ms.Renu Shah, “Networking is cultivating friendships in which we proactively support each other. It is far from being transactional as generally viewed by everyone.”

STEP persistently avails Shaktipreneurs of opportunities to network by:

• Connect to service providers.
•  STEP mentors support and promote entrepreneurs.
•  Showcase their work on social media regularly.
• Build an empathetic community that supports each other.
• Provide the cohort with an exit route after the end of STEP’s Incubation program by introducing them to other Accelerator programs, individual investors, and others from the startup ecosystem.

Sources:

https://www.entrepreneur.com/article/299088