chapter 4 ee

8/12/2019 Chapter 4 Ee

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Networking

Networkingis an essential skill formost entrepreneurs.

Networkingis developing and using

contacts made in business for purposesbeyond the reason for the initialcontact. For example, a sales

representative may ask a customer fornames of others who may be interestedin his product.

3EUW 224 ENGINEERING ENTREPRENEURSHIP


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Business Networking

Business networkingis the process ofestablishing a mutually beneficialrelationship with other business people

and potential clients and/or customers.Business networkingis a marketing

method by which businessopportunities are created throughnetworksof like-minded business

people. EUW 224 ENGINEERING ENTREPRENEURSHIP 4
http://en.wikipedia.org/wiki/Marketinghttp://en.wikipedia.org/wiki/Professional_networkhttp://en.wikipedia.org/wiki/Professional_networkhttp://en.wikipedia.org/wiki/Marketing


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Strategies to Develop the Networking.For entrepreneurs, networking means the

strong association between theentrepreneur as a person and his or herbusiness demands that entrepreneurs getout into the world and create and maintain

business relationships.There are several prominent business

networking organizations that create

models of networking activity that, whenfollowed, allow the business person to buildnew business relationship and generate

business opportunities at the same time. 5EUW 224 ENGINEERING ENTREPRENEURSHIP


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Strategies to Develop the Networking

Networking strategies are the tools used to achievenetworking goals. Networking doesn't need to be along, involved process requiring days of planning.

The five step networking strategyis just one ofthe many tools you can use. It won't take longbefore you're able to develop your own style ofnetworking. Keep in mind there is no one right

way to network. There is only that which helps youachieve your networking goals, fosterscollaboration with your colleagues and doesn'talienate people in the process.



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Step 1: Identify your purposeThe purpose of networking is always going to be

driven by your organisations core business (oryour personal professional development needs).

In the employment services industry those needsmight be:

(a) grow the employer and/or job seeker clientbase

(b) match a job seeker to an employer

(c) heighten brand awareness (ie to promote theorganisations product and services to a

broader target market). 7EUW 224 ENGINEERING ENTREPRENEURSHIP


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Step 2: Identify your goalTo set your networking goals you need to: identify the person or the type of industry you

need to make contact with

identify whether you need to use your personal,existing or professional networks

identify exactly what you want from them or

what you want to give them list suitable questions or networking strategiesto achieve your desired goal(s).



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Step 3: Determine the most appropriate networkThe most appropriate network to use is determined byyour goals. In most cases youll need to use one, two or allthree of your networking groups (personal, existing or

professional) to achieve your goals.As a rule of thumb, keep your personal networkspersonal.

A skilled professional mostly makes use of their existingand professional networks. Personal networks should beused to further your social life so that your busy work life isbalanced by a rich and rewarding private life.



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Step 4: Method of contact

The next step is to decide how to make contactwith the prospects within the chosen network.

This usually means determining the mostappropriate communication device to use (eg

letter, face to face meeting, email, or telephone callto name a few).

However, before the method of contact can be

finalised the type of approach has to beconsidered. As a consequence, the method ofcontact and the approach are usually considered inunison.



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Step 5: Choose your approach

The most appropriate approach will depend on thenetworking situation, method of contact (telephone oremail) and the desired outcomes (goals).

At the core of all networking approaches, whether they

are in person, verbally or via written communication,will be one of the following:

(a) asking an existing contact for a referral to a newprospect

(b) following up a warm lead (direct or indirect) (c) cold calling to gain new business

(d) promoting the organisations products andservices.



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A warm lead is the process of approaching a

prospect on the basis of previous contact madeeither directly or indirectly. (Directly means youmade contact with the new prospect in person.Indirectly means another person recommended

the prospect to you.)

Cold calling is the process of approaching aprospect without a previous introduction or

contact with the view to selling (promoting) yourproducts and services. Cold calling is usuallyconducted by telephone or in person.



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Electronic Commerce, commonly knownas(electronic marketing) e-commerceoreCommerce, consists of the buying and

selling of productsor servicesover electronicsystems such as the Internet and othercomputer networks.

E-commerce

http://en.wikipedia.org/wiki/Product_%28business%29http://en.wikipedia.org/wiki/Service_%28economics%29http://en.wikipedia.org/wiki/Computer_networkhttp://en.wikipedia.org/wiki/Computer_networkhttp://en.wikipedia.org/wiki/Service_%28economics%29http://en.wikipedia.org/wiki/Product_%28business%29


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The use of commerce is conducted in this way,spurring and drawing on innovations in electronicfunds transfer, supply chain management, Internet

marketing, online transaction processing,electronic data interchange(EDI), inventorymanagementsystems, and automated datacollection systems.

Modern electronic commerce typically uses theWorld Wide Webat least at some point in thetransaction's lifecycle, although it can encompass a

wider range of technologies such as e-mailas well.14EUW 224 ENGINEERING ENTREPRENEURSHIP
http://en.wikipedia.org/wiki/Electronic_funds_transferhttp://en.wikipedia.org/wiki/Electronic_funds_transferhttp://en.wikipedia.org/wiki/Supply_chain_managementhttp://en.wikipedia.org/wiki/Internet_marketinghttp://en.wikipedia.org/wiki/Internet_marketinghttp://en.wikipedia.org/wiki/Online_transaction_processinghttp://en.wikipedia.org/wiki/Electronic_data_interchangehttp://en.wikipedia.org/wiki/Inventory_managementhttp://en.wikipedia.org/wiki/Inventory_managementhttp://en.wikipedia.org/wiki/World_Wide_Webhttp://en.wikipedia.org/wiki/E-mailhttp://en.wikipedia.org/wiki/E-mailhttp://en.wikipedia.org/wiki/E-mailhttp://en.wikipedia.org/wiki/E-mailhttp://en.wikipedia.org/wiki/World_Wide_Webhttp://en.wikipedia.org/wiki/Inventory_managementhttp://en.wikipedia.org/wiki/Inventory_managementhttp://en.wikipedia.org/wiki/Electronic_data_interchangehttp://en.wikipedia.org/wiki/Online_transaction_processinghttp://en.wikipedia.org/wiki/Internet_marketinghttp://en.wikipedia.org/wiki/Internet_marketinghttp://en.wikipedia.org/wiki/Supply_chain_managementhttp://en.wikipedia.org/wiki/Electronic_funds_transferhttp://en.wikipedia.org/wiki/Electronic_funds_transfer


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The Internet: Changing the Face of

BusinessThe most successful companies embrace the

Internet as a mechanism for transforming

their companies and for changing everythingabout the way they do business.

Business basics still apply online just as

much as they do in brick-and-mortarbusinesses.

In the world of e-commerce, size matters

less than speed and flexibility. 15EUW 224 ENGINEERING ENTREPRENEURSHIP


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Benefits of Selling on the Web Opportunity to increase revenues and profits

Study: 72 percent of small online companiesreport increased sales, and 65 percent report

higher profits.Ability to expand into global markets

Ability to remain open 24 hours a day, seven days aweek

Capacity to use the Webs interactive nature toenhance customer service

Power to educate and inform



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Benefits of Selling on the Web

Ability to lower the cost of doing business

Study: 73 percent of online small companiesexperienced savings because of loweradministrative costs.

Ability to spot new business opportunities andcapitalize on them

Ability to grow faster

Power to track sales results Conversion rate the percentage of customers

to a Web site who actually make a purchase.



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Factors to Consider Before Launching

into E-Commerce

How a company exploits the Websinterconnectivity and the opportunities itcreates to transform relationships withsuppliers, customers, and others is crucial toits success.

Web success requires a company to develop

a plan for integrating the Web into itsoverall strategy.



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Factors to Consider Before Launching

into E-CommerceDeveloping a deep, lasting relationship with

customers takes on even greater importance

on the Web.Creating a meaningful presence on the Web

requires an ongoing investment of resourcestime, money, energy, and talent.

Measuring the success of a Web-based saleseffort is essential to remaining relevant tocustomers whose tastes, needs, and

preferences constantly change. 19EUW 224 ENGINEERING ENTREPRENEURSHIP


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Assessing Your Companys Online

Potential

1. Does your product have broad appeal tocustomers everywhere?

2. Do you want to sell your product to

customers outside of your immediategeographic area?

3. Can the product you sell be deliveredconveniently and economically?

4. Can your company realize significant costadvantages by going online?

5. Can you draw customers to your companys

Web site with a reasonable investment? 20EUW 224 ENGINEERING ENTREPRENEURSHIP


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12 Myths of E-Commerce

Myth 1: Setting up a business on the Web is easyand inexpensive.

Myth 2: If I launch a site, customers will flock toit.

Myth 3: Making money on the Web is easy.

Study: Web retailers invest 65 percent ofrevenue in marketing and advertising,

compared to just 4 percent for their off-linecounterparts.

Myth 4: Privacy is not an important issue onthe Web.



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Myth 5: The most important part of any e-commerce effort is technology.

Myth 6: Strategy? I dont need a strategy to

sell on the Web! Just give me a Web site andthe rest will take care of itself.

Myth 7: On the Web, customer service is not

as important as it is in a traditional retailstore.



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Myth 8: Flash makes a Web site better.Lesson: Simplicity rules!

Myth 9: Its whats up front that counts.

Myth 10: E-commerce will cause brick-and-mortar retail stores to disappear.

Myth 11: The greatest opportunity for e-commerce lies in the retail sector.

Myth 12: Its too late to get on the Web.



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Strategies for E-Success

Focus on a market niche.

Develop a community.

Make creative use of e-mail, but avoidbecoming a spammer.



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Strategies for E-Success

Make sure your Web site sayscredibility.

Consider forming strategic alliances.Make the most of the Webs global

reach.

Promote your site online and offline.Develop an effective search engine

optimization strategy.25EUW 224 ENGINEERING ENTREPRENEURSHIP


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Designing a Killer Web Site

Understand your target customer.

Give customers what they want.

Select a domain name that is consistent with

the image you want to create for yourcompany and register it.

Short

Memorable Indicative of a companys business

Easy to spell



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Make your Web site easy to navigate.

Create a gift idea center.

Build loyalty by giving onlinecustomers a reason to return to yourWeb site.

Establish hyperlinks with otherbusinesses, preferably those sellingcomplementary products.



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Include an e-mail option and atelephone number in your site.

Give shoppers the ability to

track their orders online.Offer Web shoppers a special all

their own.

Follow a simple design.Create a fast, simple checkout

process.



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Assure customers that their onlinetransactions are secure.

Post shipping and handling charges up

front.Confirm transactions.

Keep your site updated.

Test your site often.Consider hiring a professional to designyour site.



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TechnopreneurshipA technoprenuer is an entrepreneur who is technology

savvy, creative, innovative, dynamic, dares to bedifferent and take the unexplored path, and verypassionate about their work.

They take challenges and strive to lead their life withgreater success. They don't fear to fail. They takefailure as a learning experience, a stimulator to lookthings differently and stride for next challenge.

Technoprenuers continuously go through an organicprocess of continual improvement and always try toredefine the dynamic digital economy.

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Technopreneurship

Technopreneurship is not a product but a processof synthesis in engineering the future of a person,an organization, a nation and the world.(ManuelCereijo)

Technopreneurship is, by a large part, stillentrepreneurship. The difference is thattechnopreneurship is either involved in deliveringan innovative hi-tech product (e.g. Intel) or makes

use of hi-tech in an innovative way to deliver itsproduct to the consumer (e.g. eBay), or both (e.g.

most pharmaceutical companies).

EUW ENGINEERING ENTREPRENEURSHIP

chapter 4 ee

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