Networking for Entrepreneurs! – Why, how and where?

Networking for Entrepreneurs: Whoever said – Networking is fun – is hard work. You tend to meet so many people in the hope that someone might be able to listen to your idea with intent and hopefully point you in the right direction. I recall the days of going into these meetings in the hope of getting my startup off the ground. I was constantly worried about what people are thinking about me and could feel the pressure of having to do something by the end of the networking event.

With some time, I can reflect now and see how wrong this entire process was. Networking is an opportunity to meet people and talk about things that are of mutual benefit. Arguably as a startup, you’d need help, but not at the cost of getting the purpose of networking completely wrong. So in this article, as we talk about networking for entrepreneurs and explore various channels you can pursue to meet common minded people. These can be

• Investors
• Accelerators
• Mentors

Networking for Entreprenuers: The benefits of Meeting People

Personally, for me, networking comes back to the purpose. Before you’re going out to meet people, it’s very important to define what you want to get out of it. One primary thing which most people miss is that networking is as much about giving into the process as receiving. It is great to find people to help, but also each one of us has something to offer. The trick is to find out how we can help and start offering. It might not be a simple give and take. It is just the process of being helpful and noticing that help begets help. Before you know it, someone eventually will put you in touch with the right contact.

For me, I am a constant lover of trying to explore opportunities and pushing myself out of my comfort zone although it makes me feel awful sometimes. But then, if you are trying to be an entrepreneur, you cannot escape networking. If you do, you are really missing out on something wonderful – the power of people and collective partnerships or value creation. Enough chit chat, let me dive into the networking opportunities for an entrepreneur.

Where to find networking opportunities for Entreprenuers

Start Up Accelerators and Incubators:

The accelerators are a group of businesses in a similar stage. If these accelerators are of good value, then they will have organised networking events to meet different types of people. They are clearly segregated into mentors, investors and industry experts etc. Make sure that you tailor your ask in accordance to these people. It is likely that mentors will be able to help you with a lot of things. But you cannot be asking mentors to help you with fundraising before even they know about your business or expressed willingness to mentor you.

Some key tips to deal with mentors and types of them are carried out in this discussion. The startup accelerators are a great starting point for an entrepreneur. In my previous experience with accelerators, I’ve met some amazing people who’ve helped me rethink the business, its model, pricing strategies etc. It did take a lot of time to come out and meet them, but the value I received has been immense. The good thing is that in these events of networking for entrepreneurs, people know what exactly the purpose is. You don’t have to be shy to ask for help.

Industry Events or Trade Shows

You might find them a bit strange and sometimes pure hard selling. Of course, there are lots of people who do that. There are specific services that cater for startups or entrepreneurs. I’d suggest you to look out specifically for these because the business networking events can be a bit brutal. You’ll easily get submerged in the brand names.

Having said that, try to be a part of your industry-specific events so that you can gain knowledge about the overall trajectory of the industry. You might even meet some powerful contacts through the process.

Government Funded Local Entreprenuership Networks

While speaking about networking for entrepreneurs, don’t forget that the government supports local entrepreneurial ventures. You might be in a small town but it is worth approaching the networking boards of your nearest large town. These usually have structured programs that you can get into.

Sometimes these local counties also provide funding for you to be able to work with universities if you’re focused on a research project which can add wider value. Look out for events such as innovate UK, department of international trade etc which host these networking events for entrepreneurs.

Benefits of networking as an entrepreneur

In this section, I wanted to highlight the benefits of networking for entrepreneurs. Although they might seem to be time-consuming and often makes me wonder if this wastes my time – there are obvious benefits to networking. It exposes us to the real market around us to give a perspective of how the external world views your idea. You can certainly use it to your advantage and learn from it. You’ll however need to invest a good amount of time for this to be fruitful. Key benefits of networking for entrepreneurs are:

External Validation for your idea:

This aspect of being around a network of people who are trying to address a market or provide a solution is an inspiring journey. As an entrepreneur, there are days that make you question yourself and even feel a bit low and wonder what you are doing. At the same time, seeing people who are pushing themselves beyond limitations and living up to a challenge, makes you ask yourself – why not me?

Also, talking about your idea to people provides you with candid feedback on whether your approach needs some tweaks. The more you go out and talk, the more you know whether you are making a mistake. And if you are, the motto – fail fast fail cheap works out quite well. Your time is of the highest essence – everything else – money, technology etc can be gained back. But time is of crucial essence.

Partnerships with potential mentors, co-founders or key resources:

You never know what the person next to you is doing unless you have a chat! Keep an eye out for events in your field – lookout for trade shows. Talk to people, know what they are doing, how they are approaching a particular challenge. And if they are a competitor, have an open conversation with them, you don’t need to hide that you are going up against them.

More often than not, people welcome your approach of being honest and candid. Maybe it gives you an opportunity to seek a different approach. Or maybe you can partner with them on some aspects of your business. Or perhaps if you think they are far ahead, you may pivot and take a different approach. You need to be solving a problem, not lashing out at a competitor.

Marketing, Spreading word about your startup

Although physical marketing and sales are not my most favourite areas of operation, you got to do what you got to do. The networking opportunities are a great place for you to talk about yourself and sometimes even sell your idea to someone. It may be an investor or potential customer or even a supplier. Every bit of marketing helps. Of course, stay away from promising the sun and the moon – you don’t want to appear as a second-hand salesperson trying to oversell. There is often a greater sale in candid conversation than a pumped-up savvy chat.

Joy of meeting new people

Sometimes, networking is a great opportunity to realise how far you have come. Most often as an entrepreneur, a key thing people forget is patting themselves on the back. Going out there, meeting people and talking to them is indeed a powerful motivator. And you may even find a mentor or an advisor as you go along to these places.

Well, this is a very quick overview of the different networking arenas and how they can be useful. If you have a specific question, please let me know and it will be an absolute pleasure to share some of my experiences. And if there is something you do not agree upon, it is even more welcome, after all – there is an even better conversation that comes out of a conflict sometimes :)