The importance of peer networks in entrepreneurship
It is never an easy decision to quit your regular job and get into entrepreneurship. Most of us have thought of becoming an entrepreneur, but how many of us actually plunge into it? Very few!
“It’s not about ideas. It’s about making ideas happen.” - Scott Belsky, co-founder of Behance.
Being an entrepreneur is all about contributions. It is about being positive, believing in self, and leading that belief to benefit the society on large. Peer networking plays a major role in spreading a positive word about entrepreneurship. As an entrepreneur, you need immense support, and it is possible through your friends and fellow entrepreneurs. Having a strong peer network helps you in getting referrals, advice, and appreciations.
Importance of peer networks in entrepreneurship:
- Support system:
Your peers will know what you are going through during your tough times. Sometimes all you need is a few encouraging words to get back to your track. No, you do not have to listen to great motivational speeches, just talk to your peers, and it would help you out.
- Sharing skills:
Though an entrepreneur manages all the departments, yet he cannot be a master of all. There are certain skills that he masters, whereas there are certain skills that he needs to improve. Why do you have to outsource the work when you have highly skilled fellow entrepreneurs? The gap can be bridged with the help of peer networking.
- Mentoring:
There cannot be anything better than being mentored by the serial entrepreneurs or the ones who have left a mark in their field.
- Prosperity:
Prosperity is possible when there is a healthy environment amongst entrepreneurs to grow and let grow.
Here are a few ways to build a peer network for entrepreneurial benefits:
- Family and Friends:
Our friends and family members are our greatest critics as well as appreciators. It isn't necessary to involve everyone in your entrepreneurial journey. Have a look at your contacts, or try recollecting some good old school friends who always bubbled with ideas or did things differently. Let them know about your journey and ask them for their contributions. If you belong to a business family or have professionals at your home, talk to the experienced ones and ask their suggestions. You can also use the social media platform to support you.
- Add value:
You cannot be relying on favors all the time. How about adding some value to some fellow entrepreneurs? Remember, there is a price for everything. If you want X to promote your link, you definitely can endorse his products and services. This networking will help people to add value to each other’s work and build a strong base. The professional networking social media platform like LinkedIn is a great way to showcase the skills as well as promote the business. Endorse your peers and get endorsed.
- Connect with a co-working space:
The Inc. Magazine reported,” The rise of coworking space in the past ten years has changed the face of the start-up office.”
If you want to network with the right set of people, there cannot be anything better than sharing a coworking space. Entrepreneurs will always surround you, and your regular talk over a coffee or near the water coolers would surely be more meaningful. These innovative centers are growing in number, and more and more entrepreneurs can connect easily. Whether you are a freelancer or have an office set-up at home, sharing a coworking space can make a hell lot of difference.
- Join the existing groups:
There are several formal network groups that allow the entrepreneurs to network. You do not have to hunt for such groups. Remember the college Alumni meet? Yes, it is the most active networking opportunity to share your experience and let people know what you are up to. Several colleges run incubation centers for budding entrepreneurs to let their ideas born. Next time, whenever you have an alumni association, never miss it! There are exclusive entrepreneurial meetup groups that expose entrepreneurs to several opportunities.
- Be qualitative than quantitative:
There is no point in having a network of 500 people who would hardly understand the journey of entrepreneurship. Build a close-knit relation with people who can influence your business. They might help you in generating leads and might get you referrals as well. Find out people who can vouch for you. Remember, entrepreneurship is all about building trust.
You are fortunate if you have already had a strong peer network of entrepreneurs. They will lend you their shoulders when needed and will help you to overcome the challenges of your entrepreneurial journey. If you are yet to build an entrepreneurial network, do try out the above-mentioned tips and see if it helps you out.
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