Updated: Apr 20
HIGH PROFILE CLUB
Strengthening your network of contacts
«It is not enough to attend events, you must have initiative and design a plan for results» (Silvia Carbonell – CEO Global Entrepreneurship Monitor (GEM))
Why is entrepreneur networking so important?
Turning an idea into a company requires developing organised contacts to get financing, generate plans, and find valuable experience from other entrepreneurs. You don’t have to wait to need something, and the key is to create networks before and work strategically to maintain them. There are four sources of value creation in any organisation: financial capital, physical capital, human capital, and social capital.
The social capital is based on the structure of relationships between individuals. The more extensive and intense our social capital is the more possibility of business development. The key element that fixes the members of this social capital is trust, that is the feeling of tranquillity with one another, and to know that even if it has the possibility hurt, it will not damage you. Networks facilitate the access to tangible resources such as physical and financial capital, as well as intangible resources such as critical and relevant information, legitimacy, support, predictability, bridges to other contacts and strategic allies, and innovations. The essence of creating a network of contacts is to give and receive, the only way to strengthen the links is to be proactive and be willing to go where we are needed to generate mutual trust.
In short, it is about clearly communicating “who you are“, “what do you contribute” and “what do you want” and without worrying about “how“, with the confidence that the network will act over time.
It is always recommended to be alert, participate in events for entrepreneurs, and not undertake problems alone, i.e. always look for institutions that can provide support for both their mentors and training issues.
Four tips to boost your contact networks
Design a plan and set goals: you need a clear strategy and set of objectives to get closer to your contacts depending on what you want to achieve. It is not the same as seeking business capital or financing to acquire machinery, and is more of a recommendation. Then you need to investigate who you want to be a part of your network. Finally the most important thing is to listen carefully to the people around you, and respond to the emails that you might receive. It is the best way to follow up on your contacts, and find out more about them. If you do not know what each person is dedicated to or what topics they are interested in, it is difficult for you to be able to approach them to start a conversation.