Research, identify, and briefly describe at least four ways that networks contribute to business success.

by Sumantha Nalli

The relations that are made for mutual benefits by both the parties in the business, as an example it could be consumer and producer or any entity that acts in between the both in contributing to the growth of the business. Gathering like minded goal oriented entities to give and receive business experiences will not only stop the wrong steps that can be taken but also guiding along the way in learning the ways to succeed in a venture. The social skills in business networks are just not vital, they don't stop at knowing highly skilled people but it enables access to strategies, learnings of all about the business.

 As the access is limited, the choice in opportunities is distributed between less number of people that may lead to better options in business opportunities. This approach has similar pathways to similar pitfalls that can occur but the number of people on similar paths can help one and other in avoiding the circumstances. Creating valuable products that can catch the attention of the crowd in the business community can earn credibility. Showcasing the area in business that you excel makes the path a little familiar for other resources to facilitate a good exploring area in business.

 The vertical and horizontal spectrum of a network decides the benefits like raising production for the business, to have access to meetups, to create more knowledge in the business spectrum. These networking skills will help in building confidence in pitching ideas to right people in the business. Building a good professional relationship is also the base structure to having networks in the business industry. These skills are slowly built on a day-to-day basis and when eventually cultivated social networking skills will help in bringing opportunities and financial fundings in a business venture.  

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Journal of Purchasing and Supply Management,

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Journal of Cleaner Production,