Why entrepreneurs need networking
There is a saying: “If you want to go fast, go alone. If you want to go far, go together.” This cannot be more true when it comes to entrepreneurs and their network. A community of like-minded peers is crucial for any business owner and their success. To network and share experiences and insights with other leaders allows you to draw from the expertise that only another entrepreneur would have.
When I started my business, I initially felt very isolated. Very few of my friends ran their own businesses or had to think about the things I was thinking of at that stage. As my business grew I started getting increasingly anxious with the lack of just being able to talk to someone in the same boat. As a first-time entrepreneur I was suddenly expected to know how to run a multi-million Pound business, without anyone to bounce ideas off, share knowledge with, or just get some more complex questions answered. It became evident that having like-minded people to surround yourself with wasn’t just a nice to have, it was a necessity.
The importance of networking cannot be overemphasised. It is essential for all business people, but particularly for the founders of startups and for entrepreneurs.
Luck was on my side when I was on a business trip in the Philippines and randomly discussed how to utilise offshore resources with someone I had met there one day. Through him I was introduced to a supplier who was a member of Entrepreneurs Organisation (EO) London. As an entrepreneur, working long hours and doing a great deal of the work on my own, I hardly thought I could afford the time to network. This proved to be entirely wrong! Not only was this an introduction to a like-minded individual with advice and expertise to share, but it also turned out to be my first experience of just how members of the forum look out for one another. I received first class introductions and invaluable hospitality and insights into business - something that hasn’t stopped to this day.
After that specific trip, I found that my local needs were also being met back in London. Once a month members meet up in a forum - in essence it functions like a board meeting for entrepreneurs. Preparation is required in the form of a one-page update on what you’re busy with at that particular time. If there is a particularly gnarly problem holding you back, this meeting gives you the opportunity to present it - just like at any company board meeting. It’s not all work though - we religiously have dinner afterwards!
Being part of a network of entrepreneurs is not just great in concept, it also translates well into practice. A network with multiple chapters across the globe, means you’ve always got a support network, no matter where you are. My business focuses on modernising financial, tax and regulatory reporting and bringing some colour to what can appear to be a grey world of manual and mundane tasks. Our latest software, called for:sight, is helping our clients digitalise tax, cut costs, drive efficiencies and boost compliance. When we expanded the business into the US, the local New York chapter provided me with a lot of support - from finding an accountant, a recruitment consultant and even an apartment. All sorted in one afternoon.
When starting a networking journey, keep the following in mind:
Make new connections where and whenever you can; however, don’t forget about the ones you’ve made in the past.
Be authentic when meeting new people. This will help build genuine, long-lasting relationships.
Present your company in such a way as you want people to perceive it. Honesty and authenticity are key here as well.
When discussing topics in a group, try touching on those that are of common interest.
Be active and of service when dishing out advice to other entrepreneurs. This will make you unmissable - the one to contact when help is needed.
Stay in touch with your network to uphold strong relationships.
Whether, as a business owner, you’re looking for new business opportunities, to combat loneliness, to build connections, to help others, to have questions answered, or to build brand awareness; networking is the answer.
