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What is a network group?
A business network can be defined as a group of people that have some kind of commercial relationship. For example, the relationships between buyer-supplier, and colleague-colleague.
According to experts, business networking functions best when individuals offer to help others to find connections, rather than "cold-calling" on prospects themselves. Business networking can take place outside of traditional business environments. For example, public places such as airports, restaurants, and movie line-ups provide opportunities to make new business contacts if an individual has good social skills.
Purpose
Once a company/independent contractor has assessed their core capabilities, they can find themselves in a situation where they can’t compete on attributes as they don’t have the necessary resources. Because of this, networks are formed to utilize the advantageous attributes, and the importance here is dependent upon a mutually beneficial relationship that significantly adds to the value of a firm’s market offering. With this, there comes a critical responsibility to thoroughly analyze the respective competitors, as there are both significant opportunities and risks associated with network partnerships..
Use of Social Networking Services
As business is increasingly carried on across the globe, there has become a strong need for business networking to take place on a more virtual level. There are a myriad of social networking tools which have been created to fulfill these needs. Together with software which provides access to on-line meetings and instant messaging, people are able to both access and increase their networks of business professionals without traveling.
Networking as a Systematic Activity
Networking consists of exchanging information and establishing personal connections. People network in many different settings: on the telephone, in hallways, in company lunchrooms, at professional conferences, at trade shows, company meetings, classrooms, lounges, hallways, elevators, airplanes, trains, buses, hotel lobbies and waiting rooms. Some networking is carefully planned and some just happens. Networking is friendly, low-key and essential in our complex society.
People network to: advance their careers, advance their own business, to increase their impact on the world and to improve their social lives. This discussion will focus on the first objective: career advancement.
Entrepreneurial Network
In business, entrepreneurial networks are social organizations offering different types of resources to start or improve entrepreneurial projects. Having adequate human resources is a key factor for entrepreneurial achievements. Combined with leadership, the entrepreneurial network is an indispensable kind of social network not only necessary to properly run the business or project, but also to differentiate the business from similar projects.
Purpose
The goal of most entrepreneurial networks is to bring together a broad selection of professionals and resources that compliment each other's endeavors. Subsequently provide motivation, direction and increase access to opportunities and other skill sets. Promotion of each member’s talents and services both within the network and out in the broader market increases opportunities for all participants.
Entrepreneurial networks may also become community involved, endorsing reforms, legislation or other municipal drives that accommodate their organization's goals.
Social network
A social network is a social structure generally comprised of individuals or organizations that are tied by one or more specific types of relations, such as financial exchange, friendship, trade, or web links.
Social network analysis views social relationships in terms of nodes and ties. Nodes are the individual actors within the networks, and ties are the relationships between the actors. There can be many kinds of ties between the nodes. Research in a number of academic fields has shown that social networks operate on many levels, from families up to the level of nations, and play a critical role in determining the way problems are solved, organizations are run, and the degree to which individuals succeed in achieving their goals.
The shape of a social network helps determine a network's usefulness to its individuals. Smaller, tighter networks can be less useful to their members than networks with lots of loose connections to individuals outside the main network. More open networks, with many weak ties and social connections, are more likely to introduce new ideas and opportunities to their members than closed networks with many redundant ties. In other words, a group of friends who only do things with each other already share the same knowledge and opportunities. A group of individuals with connections to other social worlds is likely to have access to a wider range of information. It is better for individual success to have connections to a variety of networks rather than many connections within a single network. Similarly, individuals can exercise influence or act as brokers within their social networks by bridging two networks that are not directly linked.
Social networks have also been used to examine how organizations interact with each other, characterizing the many informal connections that link executives together, as well as associations and connections between individual employees at different organizations. Social networks also play a key role in hiring, in business success, and in job performance. Networks provide ways for companies to gather information, deter competition and set policies.
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As you can see, networking and network groups take on many different forms. Some consist of a group who simply refer work to each other. Others may have periodic meetings to share information and brainstorm ideas such as how to further market their group and take a larger market share of their industry. Some have chosen certain people as officers to handle most of the decision making while others may make decisions based on a majority decision. Some are in a formal environment and some are in a more social relaxed environment.
It's about co-operation, real leverage and synergy.
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