Creating a strong social circle with peers plays a fundamental role in an entrepreneur’s journey
Being an entrepreneur is a challenging endeavor that requires a strong and focused mindset to overcome the numerous issues that will arise on the path to success. Entrepreneurship is often viewed as an individual effort, but it actually requires the input and assistance from many parties to achieve success. Building a strong social circle can help facilitate the long and complicated path of entrepreneurship. According to a survey by the Economist Intelligence Unit, active networking generates a positive impact on the performance of their businesses. Increased networking activities result in a positive return through profitability, revenue growth, innovation, capitalization and talent.
Securing a strong network is fundamental to the successful establishment of your business and its future prosperity. Although 9 out of 10 startups fail, it is possible to overcome this daunting statistic with the support and knowledge that social contacts bring. Building a solid business network is also a valuable method to gain insight, learn from others, generate new clients and rise in popularity within your business sector.
Dr. James Nitit is the founder and CEO of Intellegend Corp, a head conglomerate of healthcare, software development, knowledge, and e-commerce organizations. Dr. James has extensive experience in creating, developing and maintaining successful businesses. Throughout his entrepreneurial journey, Dr. James has learned the extreme importance of growing and maintaining social circles. Here are four core reasons to develop and cultivate a strong social network:
Gather Valuable Knowledge
Everyone is a beginner at one point in their life; no one is immediately born with all the knowledge and experience in the world. Entrepreneurs are venturing into foreign territory and need to be armed with all the business knowledge possible. According to SSRN, first-time business owners have only an 18% chance of succeeding. With 46% of businesses failing due to incompetence, 30% due to lack of managerial experience and 11% due to lack of experience, it is clear that knowledge and experience are significant factors in determining a businesses’ success.
Dr. James contends that growing your social circle will help you gain more insight, knowledge and advice from accomplished entrepreneurs. Every entrepreneur has distinct strengths, talents and qualities but the end-goal is one that is commonly shared. The ultimate mission of all businesspeople is to create a prosperous business. When entrepreneurs come together to share their intellect and experience, great things can be accomplished. Your experienced peers can help pave the way for an easier trajectory by helping you avoid the mistakes they made and help you fast track to success.
Networking will open the doors to numerous new opportunities, from referrals to partnerships to potential funding for growing your business. New opportunities can provide enriching experiences that will not only aid in your career development but also stimulate your personal creativity and passion. Dr. James suggests entrepreneurs seize every potential opportunity and gain as much knowledge from it as possible.
A deep well of relevant connections can be a significant help for growing your business. By knowing all the right people, you can quickly ascend toward higher status and respectability among other businesses and contacts. Highly influential peers can help you by connecting you with other like-minded individuals within your industry or refer you to others within their social circle, says Dr. James.
Referrals are not just a one-way street. If someone within your social circle meets the needs of a business you encounter, make sure to share their details. Remember to reciprocate by helping others when you can. The entrepreneurial journey is tough enough, but by helping your peers, you are further solidifying and strengthening your relationships.
Boost Your Profile
As you continue to expand your social circle, your visibility and exposure grows simultaneously. Creating a popular reputation within your industry and beyond will help shape how other businessowners see you. By being a present, knowledgeable, well-versed and active entrepreneur, others will feel more inclined to trust you and seek you out for greater opportunities. A well-known profile can also lead to more leads and referrals because people will automatically think of you as the expert within that field or industry, suggests Dr. James.
The Expansion of Networking
Previously, the only option for networking was through face-to-face in-person events, but now the options are limitless with the Internet. The Internet dramatically reduces territorial boundaries and allows you to connect with people worldwide. Through online sites such as LinkedIn, Facebook, or Google Plus, you can tap into a people far and wide. That said, the value of face-to-face interactions will always be superior to online dialogue. Dr. James suggests that you don’t waste an opportunity to interact with professionals around you, whether you’re at an event or riding an elevator with someone. Everyone is a potential connection to help propel you further toward your goals.
Multiple connections do not guarantee success. Rather, the importance lies in how you utilize your connections. Dr. James’ advice on growing, developing and sustaining a strong social circle can only help and encourage entrepreneurial success.