How important is it for budding entrepreneurs to forge a connection with industry experts to build a strong business
It’s the age of technology and entrepreneurs. With more than 57,000 startups, it’s no surprise that the Indian startup ecosystem is the third-largest in the world and one of the fastest-growing. For startup founders, entrepreneurship is a practice and a journey, beginning with the ideation phase and then the creation of a fledgling business. But being an entrepreneur, especially a budding one, isn’t just about starting a business. It transcends that. It’s about having the right mindset, passion, and perseverance to succeed in the business.
Building a business from scratch certainly is tough work. It’s a long process; calculating budgets, building a team, understanding your competitors in the market, the scope of the market and several more aspects go into it. However, there is one more key ingredient that is, unfortunately, often overlooked – networking.
Why networking is the key to success
One of the most valuable yet underrated skills, networking is a must for every budding entrepreneur. Forging vast and diverse connections, not just in your line of work but outside it, too, will go a long way when you are building your business. You never know when or how a contact of yours might help you in your journey.
Simply by connecting with people from various industries, including C-suite executives, fellow entrepreneurs, established founders, and even investors, you build bridges that can later open a lot of doors for your budding business. Apart from being a stepping stone for more opportunities, networking also enables you to learn more, perhaps even about the industry your business is in since there’s always something to learn. The people you network with can also connect you with others who might require the product or service you offer, thereby helping to grow your business and engage in brand building.
Networking 101
Networking is a dynamic tool. However, it’s imperative for emerging entrepreneurs to know when and where to network in order to establish long-standing and fruitful professional relationships that can help build a successful business. Some of the best places to network is professional events, so attending conferences, sharing guest contributions to websites, and attending or conducting workshops are good ways to begin. When connecting with people, it’s important to step outside your comfort zone, introduce yourself, and strike up a meaningful conversation.
We currently live in the age of the internet, so networking online can be just as effective as when you do it in person. For instance, entrepreneurs can expand their LinkedIn connections or simply be present at an online event and catch up with a fellow attendee later. That said, it’s wise to always do your homework on those you want to connect with, especially if they are renowned personalities, as it will add to your credibility. Information certainly is wealth when you want to grow your network.
Further, for aspiring entrepreneurs, finding a good mentor or another source who is experienced and can guide you will work wonders. Networking can help you find such a person in the business ecosystem, someone who knows what it takes to build a successful business and is willing to offer handholding when required.
Summing up
The more recognition you and your brand create, the more likely you are to find golden opportunities to make grow your business and gain an edge over competitors. However, not every connection you make will be beneficial. But networking is a form of marketing; a safe, easy, and effective form of marketing, and what more does an emerging business need?
(The author is Mr. Appalla Saikiran, Founder & CEO, SCOPE and the views expressed in this article are his own)
