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NETWORKINGAdapted for Class Room Discussion By: Sharad Kamra

Designed By

RAJEEV ROYAssociate Professor & NEN Faculty LeaderXIMB

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Chapter Objectives

Rajeev Roy, XIMB

Entrepreneurship

Oxford University Press, 2008

To understand the concept of networking

To appreciate the dimensions of entrepreneurialnetworks

To know how to build a network

To understand how to manage your network effectively

To appreciate the importance of projecting the rightimage

To understand how to set up the right infrastructure for

networking

To enumerate the benefits of effective networking

To list the principles of effective networking

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Definition

Rajeev Roy, XIMB

Entrepreneurship

Oxford University Press, 2008

The entrepreneurs personal network has been

defined as, the relationships or alliances

which individuals develop, or may seek to

develop, between themselves and others

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Dimensions of a Network

Rajeev Roy, XIMB

Entrepreneurship

Oxford University Press, 2008

AnchorageWheres the focal point ? DensityAt what speed? To how many people? RangeHow many direct contacts? Type of contacts? ReachabilityHow far, How easy the accessability? BrokersHow extensively networked, connecting the

two Networks

ContentReason/s behind relationships IntensityStrength of the Bond, degree of honour

Durability- Satisfaction &length of relationship FrequencyHow frequently do you meet, contact,

interact

DirectionBalance of Power, flow of requests &Favours

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Starting & Managing Networks

Rajeev Roy, XIMB

Entrepreneurship

Oxford University Press, 2008

Characteristics of people in your network:

Competency

Dependability

Helpfulness

Networking Activities:

Proactive Networking Initiated by you

Reactive Networking Initiated by others

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Make up of Your Network

Rajeev Roy, XIMB

Entrepreneurship

Oxford University Press, 2008

Current suppliers, customers and channel members Other people from the industry including your direct

competitors Bankers, financiers and others from services sectors

which are closely related to your line of work Government officials, policy makers and administrators

whose work is related to your business Colleagues from your past work places Customers, suppliers and other business contacts from

your past work places.

People you know from meeting of alumni associations Other knowledgeable competent professionals from

other walks of like

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Size of the Network

Rajeev Roy, XIMB

Entrepreneurship

Oxford University Press, 2008

More number of people in a network results ina bigger range but can result in lesserintensity.

Bigger networks will be harder to control.A search for more people to add to the network

can lead to a relaxation of standards.

A larger network will lead to prominence of the

extroverts in the network

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Strengthening the Networks

Rajeev Roy, XIMB

Entrepreneurship

Oxford University Press, 2008

Adding New People Attend Conferences,

meets, Seminars, be a part of Netowrking

Lunches, Dineers, High Teas etc.

Removing People Stop Communicating

Organisations that enable you to Network:

CII, FICCI, ASSOCHAM, TiE, NEN, Other TradeBodies, Unions, Alumni Associations & meets

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Project the Right Image

Rajeev Roy, XIMB

Entrepreneurship

Oxford University Press, 2008

Your appearance should be professional

Do what you have promised to do

Be prompt in returning calls and replying to

emails.

Refrain from talking bad about people

Dont reveal your flaws

Dont complain or make excuses for yourfailures

Remember to do this all the time.

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Other Networks

Rajeev Roy, XIMB

Entrepreneurship

Oxford University Press, 2008

Tap into other peoples networks:

People you know but choose not to network

with

People you know but have not got around to

having a networking relationship with.

People you dont know

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Aproachability

Rajeev Roy, XIMB

Entrepreneurship

Oxford University Press, 2008

Approachability will conflict with our busy lives

and will interrupt our activities.

Lack of approachability will signal the end of

meaningful networking.

Being curt or less helpful when our contact

catches us at a busy time sends a negative

signal.

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Infrastructure for Networking

Rajeev Roy, XIMB

Entrepreneurship

Oxford University Press, 2008

Address

Phone (land line)

Email

Mobile phone

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Benefits of a Network

Rajeev Roy, XIMB

Entrepreneurship

Oxford University Press, 2008

A stable source of accurate information

A source of sound advice

A network will help spread good word of mouth

During times of crisis, contacts can be relied

upon to lend a helping hand

A network leads to introductions to members of

other network

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Best Practices

Rajeev Roy, XIMB

Entrepreneurship

Oxford University Press, 2008

Establish a relationship with people muchbefore you need them

Understand what you can do for others

Attend conferences, trade meets, socialevents, etc, and meet people

Dont talk too much when you meet people

Find common points of interest

Do not contradict others unless you can makea convincing case of it

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Best Practices

Rajeev Roy, XIMB

Entrepreneurship

Oxford University Press, 2008

It is good to come across as a well read

person with a broad range of interests

Remember to carry a lot of business cards

with you all the time

Keep using the network.

Ask for favours because people like to be of

help