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CHAPTER 5

NETWORKS MANAGEMENTRESOURCES
ACQUISITION

If your actions inspire others to dream more,


learn more, do more and become more,
you are a leader.
John Quincy Adams

Learning Outcome
At the end of this chapter, students will be able to:
1) Explaining the concept and types of networks.
2) Describe the importance of networking and strategy to develop it.

ENTREPRENEURS NETWORKING
All relationships are formed or exist and be maintained by an entrepreneur
with the people around them for mutual benefit
Family, friends, suppliers, governments and others will provide support in
terms of capital resources, information, labor, support, and opportunities for
entrepreneurs.
THE CONCEPT OF ENTREPRENEURS NETWORKING
This relationship, among others, is important for entrepreneurs to
facilitate the establishment and further development of their business.
Entrepreneurs must have the skill "know-who" to advance their business
caused by the human resources outside the business can offer various
forms of assistance and support.

ENTREPRENEURS NETWORKING
IMPORTANCE OF NETWORKING
To gain information
Seek opportunities
Ease of business transaction
Can Get Advisory/Consultation Services
Financial support
Moral support
Motivation
Increase personal image & business reputation
Generate new ideas through mixing with more people.

ENTREPRENEURS NETWORKING
Entrepreneurship Network Benefits
network size is large, entrepreneurs get the resources and opportunities
that required in their business.
reputation and credibility of personal and business, and thus can provide a
competitive advantage.
Network of entrepreneurs, such as family, friends, suppliers, governments
and others will provide support in terms of resources, information, support
and opportunities for entrepreneurship.
Government agencies also play an important role in their development,
particularly at the business establishment.
The network provides clients with business information, working capital,
skills, mediation, etc.

ENTREPRENEURS NETWORKING

Personal Network
The informal networks that involve direct contact between entrepreneurs
and confronted with certain parties such as parents, friends, family, former
teachers / lecturers, members of social associations and youth groups.
Personal relationships are capable of forming a strong bond.
The first source of entrepreneurs get all assistance, especially at the
beginning of the formation of business and the business.
The parties concerned are not normally expect any return of entrepreneurs

ENTREPRENEURS NETWORKING
Public Network
public resources which entrepreneurs can use this resource to enhance
knowledge, information, and as intermediary with relevant parties.
Public sources, including magazines, newspapers, books, tv, radio, video,
internet and other materials.
Besides that, training programs, seminars and workshops as well as
indirect associations can be beneficial to entrepreneurs.
Business Network
formal network of relationships which in turn is generally based on
business related activities.
For example, customers, suppliers, bankers, accountants, government,
business associations, professional bodies and others

MANAGING NETWORKING
1. Plan the relationship
List down members particulars in the networking & find ways to
communicate with them.
Exchange business card & keep it
Note book to keep all the info about the members of the networking.
Identify who you should know.
Attend their functions, ceremonies, social activities/gatherings, etc
2.
Form & Develop Relationship

Make full use of opportunities to form a good relationship with


people during meetings at seminars, conferences, functions or
training programs or anywhere.

Foster good r/ship with others. Interact at greater frequency if you


think you could exchange benefits, ideas, helps, information &
opportunities with members of the networking.

MANAGING NETWORKING
3. Maintain the Networking
Ensure a continuous relationship.
Develop own image with the networking members
Send presents/cards to the networking members on occasions of
importance
Keep in touch with networking members through telephone, fax, sms,
e-mail, etc.

CONCLUSION
A business will always interact with the environment regardless of
whether the internal nor the external environment.
Network of entrepreneurs is very important and fundamental to the
establishment and business development.
every entrepreneur need to analyze the environment and build a good
network to identify opportunities and threats.