There are a number of catalysts that could elevate your startup and improve its prospects when it comes to scalability; and standing the test of time and lots of glorious examples, is networking. In a report by Forbes.com, their highlighted research concluded that on the way to entrepreneurial success, networking is crucial for 78% for the startups. So yes, it does act as an undeniably strong force on the way to shaping a well-rounded future for you startup, which will likely entail a network of friends, mentors, investors, professionals for hiring, and advisers.
With all of that being said, we ought to tell you how you and your startup can benefit from having a local network; and how as you go, you can expand it beyond the local bounds to regional and possibly global reach, which will eventually create a stark difference and limitless possibilities.
Building a network of strong friendships as your startup grows saves you time, money, and effort. Soon enough you will realize that your some of your best ideas, hires and investments came from the professional friendships you have formed over the years. Your newly acquired friends will not hesitate with giving you advice, brainstorming new ideas, referring you to a bigwig investor or founding a startup with you.
A Flux of Opportunities
Constant involvement in professional events where you can meet entrepreneurs with similar interests or risk-taking investors who believe in your idea, can give you a chance to build strong relationships that will lay the foundation for future opportunities. In one article on entrepreneur.com, Alp Mimaroglu said that a marketing automation and intelligence platform called Eloqua, was sold for more than 200% of its estimated market price to Oracle because of the Co-Founder’s relationships with people at Oracle.
Deals a Major Blow to Any Doubts
Exposing yourself and your startup to a community of entrepreneurs, investors, and even government officials time after time, will leave you with a sense of confidence in what you are doing. Whether it is a service or product, earning recognition for your hard work from strangers is one of the best sources for motivation. Even if some are critical of what you are offering, finding a way to influence others to believe in what you are doing or having them respect your fight for the startup’s growth is a huge boost for your confidence. Remember confidence is earned. However, be wary of arrogance! If their criticism will make your startup better, use their ideas to make it better.
Using Your Expertise for the Greater Good
While networking you will often find people who are looking for consultations, ideas and referrals; much like yourself when you were just starting. Using the experience you have to give back to a community of professionals, will help boost your happiness, health, and sense of well-being, as cited on MentalFloss.
Finding the Right People for Your Startup
Don’t take the networking events you are invited to for granted if you are looking to expand your team. The casual, somewhat informal conversations you have with people at such events, can get you to find the people that your ‘job posts’ on social media platforms couldn’t get. There are many testimonials online about how people changed careers, or found their dream jobs through networking events, here is one.
Utilizing the tool that is networking to help your startup scale, will continue being one of the most important initiatives you take to seeing your startup flourish. Friends, opportunities, confidence, satisfaction, and an amazing team is a straight up amazing formula for any startup’s success and your personal growth.