Networking principles: Reciprocity: give and take Networking relationship: Should be on friendship, good humour and sharing interests and activities Network sustainability: Must be constantly maintained, since they are very hard to repair once damaged How to develop an effective network: Identify people and organizations among existing connections who are close to potential shareholders Seek criticism, advice and suggestions Ask them for advice contacts Ask them what preparations are necessary Tell existing contacts later how they have helped Functions of networks in the growth of a business venture Ensures that for growth and vision are realistic Increase the entrepreneur’s level of aspiration Helps to identify opportunities Provide emotional support Provide practical assistance Provide a sounding board for ideas Other networks: Internal networks such as formal and informal structures Internet Resources e.g. Board of directors, attorneys, bankers, accountants, consultants etc BUSINESS SUPPORT REQUIRED BY EMERGING ENTREPRENEURS TO DEAL WITH CHALLENGES Business Counselling: Definition: Business counselling is a process whereby business problems are diagnosed and resolved in such a way that the clients learn not only how to overcome their current difficulties or exploit their opportunities, but also how to tackle similar situations in future. The aim of business counselling is to individual and firm performance, and this is an ongoing process for development. One-on-one meetings should take place between the new venture owner and the experienced entrepreneur. Business counselling objectives should include: Identify problems and their source Evaluate actual performance against expected performance Develop action to bring performance up to minimum expectations Provide expert help in start-up and growth phases and to help fill the deficiency gap and avoid crisis management Business Mentoring Definition: Business mentoring is an ongoing long-term business counselling relationship between an experienced business advisor (or an corporate executive) and a client through the various stages of a business venture’s growth. The aim of business mentoring: is to develop both the managerial and entrepreneurial skills of an individual so that an emerging entrepreneur can grow into a long-term sustainable entrepreneur.
Networking principles: Reciprocity: give and take Networking relationship: Should be on friendship, good humour and sharing interests and activities Network sustainability: Must be constantly maintained, since they are very hard to repair once damaged How to develop an effective network: Identify people and organizations among existing connections who are close to potential shareholders Seek criticism, advice and suggestions Ask them for advice contacts Ask them what preparations are necessary Tell existing contacts later how they have helped Functions of networks in the growth of a business venture Ensures that for growth and vision are realistic Increase the entrepreneur’s level of aspiration Helps to identify opportunities Provide emotional support Provide practical assistance Provide a sounding board for ideas Other networks: Internal networks such as formal and informal structures Internet Resources e.g. Board of directors, attorneys, bankers, accountants, consultants etc BUSINESS SUPPORT REQUIRED BY EMERGING ENTREPRENEURS TO DEAL WITH CHALLENGES Business Counselling: Definition: Business counselling is a process whereby business problems are diagnosed and resolved in such a way that the clients learn not only how to overcome their current difficulties or exploit their opportunities, but also how to tackle similar situations in future. The aim of business counselling is to individual and firm performance, and this is an ongoing process for development. One-on-one meetings should take place between the new venture owner and the experienced entrepreneur. Business counselling objectives should include: Identify problems and their source Evaluate actual performance against expected performance Develop action to bring performance up to minimum expectations Provide expert help in start-up and growth phases and to help fill the deficiency gap and avoid crisis management Business Mentoring Definition: Business mentoring is an ongoing long-term business counselling relationship between an experienced business advisor (or an corporate executive) and a client through the various stages of a business venture’s growth. The aim of business mentoring: is to develop both the managerial and entrepreneurial skills of an individual so that an emerging entrepreneur can grow into a long-term sustainable entrepreneur.
MNE2601-_lm_detailed_summary.docx