Networking: Exchange Ideas, Find Opportunities, Grow Business - Research Paper

Introduction

Networking is mainly described as the exchange of ideas and information among people with a common particular interest or profession, which is usually in an informal social setting. Networking is mainly used by professionals to expand thereof acquaintances mostly to find job opportunities, increase their awareness of trends and news in their fields. Moreover, business owners and company executives might develop network relationships with other people and organizations to increase their business capabilities (Vakil and Zartaj 32). The professional networking platforms mainly provide a platform for people to engage with other people, primarily in the same profession join group, share information, and post blogs. Networking is essential as it helps people to grow their circle and gather more information and ideas.

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Advantages of Networking

Networking is an essential aspect of today's business with fundamental ways to widen a thin business scope. The benefits of networking among people and companies include the following. Firstly, new contacts and referrals, networking enables an individual to meet new clients and referrals, which, in the long run, adds to the client base (Carpenter and Stephanie 32). Increasing the client base is an essential aspect for any organization or business as it helps in the rise in the organization it business and identifies new opportunities, partners, new areas of expansion, and joint ventures for the company. Its is the bream of every business to increase its client base, and this is what networking provides. Each organization and business show work towards expanding their client base through networking.

Secondly, visibility, every manager or business owner should communicate and meet with potential business partners or clients regularly in order to maintain a business relationship (Anwar and Syed 12). Primarily, attending networking events and business luncheons raised the business or personal profile of an individual, and it helps in keeping the company in the front and at the centre in the minds of the right people to do business or integrate with. Thirdly, staying current, each time, there are new essential and emerging business opportunities (Vakil and Zartaj 34). Moreover, the business climate is changing, and it is quite necessary to keep up with the target market conditions and the trends in the industry. Knowing the industry trends and the changing market climate, an individual can develop a successful market plan for the organization to succeed. Primarily, networking and attending seminars with business associates and peers regularly can help the business stay current.

Fourthly, problem-solving, networking also provided solutions to the business problem that the organization or firm might be going through. For instance, if a business needs a lawyer, bookkeeper, or an accountant, a business can find the ideal individuals through networking. Moreover, if the business needs equity financing for a startup the business might find venture capitalists and angel investors through networking channels (Johannisson 371). Fifthly, sharing experience and knowledge, networking is crucial for understanding through taking advantage of the experience of other people and organizations before deciding to invest money and time in a particular can be invaluable.

Six, confidence and morale, in business morale and trust, is crucial as it results in positive and optimistic people to enable the business to grow. Regularly associating with individuals who have excellent morale boost mainly in the difficulty early phase of new business is crucial as it improves the productivity of the company (Johannisson 372). If an individual is not naturally outgoing, regularly meeting with other people. This strategy can boost the confidence of the individual. Consequently, one can create new friends with like-minded people.

Primarily, the main aim of networking is to increase associates. Networking mainly starts with a single point of common ground (Anwar and Syed 9). The most apparent type of networking is from professional affiliation, which includes stockbrokers. Still, other people find effective networking with the church, synagogue social groups, college alumni groups, and private clubs (Halkier and Charlotte 99). Mainly, for professionals, the best networking opportunities can occur at business seminars, conferences, and trade shows which are designed to include a large number of individuals with like-minded persons (Vakil and Zartaj 36). Moreover, networking helps people to keep with current trends in their professional and develop a professional relationship that boosts their employment prospect and future business. Networking also helps other people to find jobs, catch up to the news, and make connections with other individuals.

Disadvantages of Networking

In all fields of business, networking is an important buzz word. Business consultants and managers are becoming enamoured to the networking ideas, and they have started claiming it is the solution to business and employee relations (Carpenter and Stephanie 41). However, with its many advantages, networking also has some disadvantage that's should be addressed.

Firstly, wasted resources, not all networking relationships, result in successful relationships. Although there are some benefits, not all networking contacts, result in beneficial transactions, as many have resulted in nothing (Johannisson 369). Due to this factor, the resources that were used in networking which include time, and telephone bills, among others have gone to waste. Primarily, discrimination in determining the contacts that are worth pursuing can result in a reduced percentage of wasted resources.

Secondly, competition from individuals, although most organization enjoy having a close relationship with other firms, not all these relationships are beneficial (Halkier and Charlotte 94). For instance, if a company employs individuals who are less satisfied with the remuneration and working conditions, among other elements in the workplace, they can quickly move ore be lured by the competitors in the industry. Thirdly, wasted time, most individuals spend a lot of time looking for networks. In the long run, these networks are not beneficial to the individual or business, resulting in a waste of time that could have been used in other essential things (Carpenter and Stephanie 39). Fourthly social networking and employees, social networking platforms have become a vital force on the internet. For organizations which allow employees to access these social networking sites, it has become a significant problem as most employees spend most of their time on the internet instated of doing networking or other essential things that the organization has assigned to them. However, there is no simple solution to the problem as the internet has become an integral part of the business today.

Conclusion

To sum up, networking is an integral part of business today, and it involves the sharing of information and ideas between people. Networking is essential in today's business environment as it enables people to create new referrals and contacts, solve problems, share experience and knowledge and create morale and confidence. Although the above advantages are visible due to networking, there are some disadvantages associated with the same, and they include wastage of time, competition with people, and wastage to resources. Organizations should make sure that they engage with people and firms, which would result in positive networking.

Works Cited

Anwar, Muhammad, and Syed Zulfiqar Ali Shah. "Managerial networking and business model innovation: Empirical study of new ventures in an emerging economy." Journal of Small Business & Entrepreneurship (2018): 1-22. https://doi.org/10.1080/08276331.2018.1490509

Carpenter, Marie, and Stephanie Petzold Dumeynieux. Relationship building in effectual networking, social networking and business networking: an empirical comparison of complementary approaches in entrepreneurial research. No. hal-02353862. 2019. https://link.springer.com/article/10.1007/s11187-019-00300-3

Halkier, Henrik, and Charlotte Damborg. "Development bodies, networking and business promotion: The case of North Jutland, Denmark." Governance, Institutional Change and Regional Development. Routledge, 2018. 92-114. https://www.taylorfrancis.com/books/e/9781315205199/chapters/10.4324/9781315205199-7

Johannisson, Bengt. "Networking and entrepreneurial growth." The Blackwell handbook of entrepreneurship (2017): 368-386. https://doi.org/10.1002/9781405164214.ch18

Vakil, Nikhil Ravindra, and Zartaj Kasmi. "Social Networking: Advantages, Disadvantages and its use in Job Hunting." International Journal 5.1 (2017). https://www.researchgate.net/publication/280777951_Social_Networks_advantages_and_disadvantages_of_its_use_in_Job_Hunting