What is Networking?

Networking by definition is “socio-economic business activity by which businesspeople and entrepreneurs meet to form business relationships and to recognize, create, or act upon business opportunities, share information and seek potential partners for ventures” (Source).

Without business professionals, relationships and opportunities the business world wouldn’t be booming.

Business People & Entrepreneurs

Being a business owner is hard. You’ve probably heard the crazy statistic that 50% of businesses fail within the first 5 years (Source). With that being said, networking as a business professional or entrepreneur is one way, of many, to avoid being in that 50% failure rate.

Relationships

As business owners, we are generally looking to build long term relationships that are mutually benefiting. Your best chance of getting those relationships is some sort of networking, whether that’s in a group or one-to-one. It’s so much so that “95% say face-to-face meetings are essential for long-term business relationships” (Source).

Business Opportunities

When you network with people that you know, like and trust, business opportunities tend to sprout from it. The type of business opportunities that professionals are looking for vary. Some are looking for referrals, advice/information and others are looking for partners. In its most simple form, networking has been around for hundreds of years.