NETWORKING

Adapted for Class Room Discussion By: Sharad Kamra

Designed By

RAJEEV ROY
Associate Professor & NEN Faculty Leader XIMB

Chapter Objectives

To understand the concept of networking To appreciate the dimensions of entrepreneurial networks To know how to build a network To understand how to manage your network effectively To appreciate the importance of projecting the right image To understand how to set up the right infrastructure for networking To enumerate the benefits of effective networking To list the principles of effective networking
Entrepreneurship Oxford University Press, 2008 Rajeev Roy, XIMB

Definition
The entrepreneurs personal network has been defined as, the relationships or alliances which individuals develop, or may seek to develop, between themselves and others

Entrepreneurship Oxford University Press, 2008

Rajeev Roy, XIMB

Dimensions of a Network

Anchorage Wheres the focal point ? Density At what speed? To how many people? Range How many direct contacts? Type of contacts? Reachability How far, How easy the accessability? Brokers How extensively networked, connecting the
two Networks Content Reason/s behind relationships Intensity Strength of the Bond, degree of honour Durability- Satisfaction &length of relationship Frequency How frequently do you meet, contact, interact Direction Balance of Power, flow of requests & Favours Entrepreneurship
Oxford University Press, 2008 Rajeev Roy, XIMB

Starting & Managing Networks

Characteristics of people in your network: Competency Dependability Helpfulness Networking Activities: Proactive Networking Initiated by you Reactive Networking Initiated by others
Entrepreneurship Oxford University Press, 2008 Rajeev Roy, XIMB

Make up of Your Network

Current suppliers, customers and channel members Other people from the industry including your direct competitors Bankers, financiers and others from services sectors which are closely related to your line of work Government officials, policy makers and administrators whose work is related to your business Colleagues from your past work places Customers, suppliers and other business contacts from your past work places. People you know from meeting of alumni associations Other knowledgeable competent professionals from other walks of like
Entrepreneurship Oxford University Press, 2008

Rajeev Roy, XIMB

Size of the Network

More number of people in a network results in a bigger range but can result in lesser intensity. Bigger networks will be harder to control. A search for more people to add to the network can lead to a relaxation of standards. A larger network will lead to prominence of the extroverts in the network

Entrepreneurship Oxford University Press, 2008

Rajeev Roy, XIMB

Strengthening the Networks

Adding New People Attend Conferences, meets, Seminars, be a part of Netowrking Lunches, Dineers, High Teas etc. Removing People Stop Communicating Organisations that enable you to Network:
CII,

FICCI, ASSOCHAM, TiE, NEN, Other Trade Bodies, Unions, Alumni Associations & meets
Entrepreneurship Oxford University Press, 2008

Rajeev Roy, XIMB

Project the Right Image

Your appearance should be professional Do what you have promised to do Be prompt in returning calls and replying to emails. Refrain from talking bad about people Dont reveal your flaws Dont complain or make excuses for your failures Remember to do this all the time.
Entrepreneurship Oxford University Press, 2008 Rajeev Roy, XIMB

Other Networks
Tap into other peoples networks: People you know but choose not to network with People you know but have not got around to having a networking relationship with. People you dont know

Entrepreneurship Oxford University Press, 2008

Rajeev Roy, XIMB

Aproachability

Approachability will conflict with our busy lives and will interrupt our activities. Lack of approachability will signal the end of meaningful networking. Being curt or less helpful when our contact catches us at a busy time sends a negative signal.

Entrepreneurship Oxford University Press, 2008

Rajeev Roy, XIMB

Infrastructure for Networking

Address Phone (land line) Email Mobile phone

Entrepreneurship Oxford University Press, 2008

Rajeev Roy, XIMB

Benefits of a Network

A stable source of accurate information A source of sound advice A network will help spread good word of mouth During times of crisis, contacts can be relied upon to lend a helping hand A network leads to introductions to members of other network

Entrepreneurship Oxford University Press, 2008

Rajeev Roy, XIMB

Request for Action

A request for action should have the following: Exactly what is to be done Time constraints When to report progress Confidentiality Background and role of others in the overall task

Entrepreneurship Oxford University Press, 2008

Rajeev Roy, XIMB

Best Practices

Establish a relationship with people much before you need them Understand what you can do for others Attend conferences, trade meets, social events, etc, and meet people Dont talk too much when you meet people Find common points of interest Do not contradict others unless you can make a convincing case of it
Entrepreneurship Oxford University Press, 2008 Rajeev Roy, XIMB

Best Practices

It is good to come across as a well read person with a broad range of interests Remember to carry a lot of business cards with you all the time Keep using the network. Ask for favours because people like to be of help

Entrepreneurship Oxford University Press, 2008

Rajeev Roy, XIMB