Developing a network is an important activity for entrepreneurs who will all require information, capital, skills, and labour to start a new venture. These networks comprise of people who are known to the entrepreneur, or who are known by the entrepreneur’s contacts and who can help to complement the entrepreneur’s resources, particularly at the early stages of a new venture. The larger the network, or social capital as it is known, the greater the chances that the entrepreneur will be able to tap into the right knowledge source, at minimal transaction costs. The venture’s ability to attract and retain clients depends not only on its ability to produce high-quality products or services, but also on its connection to potential clients, which a network can provide.
Sierra Navada College have developed an “Entrepreneur Network Experiential Exercise”, which provides an opportunity for entrepreneurs to diagnose their own network of relationships. Follow the link and complete the questionnaire to determine the density of your own network.
