All great business ventures had people who were involved remotely and, without whom, the business might not have made it to reality. These remote people are the network of the business venture. Networking is valuable to any entrepreneur and can open doors to critical opportunities, knowledge, ideas and support that can be the difference between a business venture that succeeds and one that fails. Networking involves building and maintaining contacts and relationships with other people. It provides a means to satisfy critical objectives or needs, therefore the network itself is critical.

There are there main types of networks, namely social, professional and artificial networks. Social is the entrepreneur’s personal network of contacts made informally through social or non-business activities. These contacts may be family, friends, former work colleagues, or contacts made through the university. While Professional networks are contacts made through business activities. Artificial networks are set up within business communities and are open to new members, trade associations, and professional institutions. The business community has several local networks, many dedicated to high technology and/or start-up companies.

Here are some examples of general sites where entrepreneurs can network with other people. LinkedIn is a primary social network for professional networking and career development. Entrepreneurs can join organized peer groups such as the Executive Suite, Startup Specialists Network, Social Entrepreneur Empowerment Network, and Digital Marketing.

The personal networks which entrepreneurs accumulate over time both socially and professionally can be an invaluable resource to their business venture. This applies whether the entrepreneur is looking to start and grow their own new venture, whether they are looking for a contract, or working on a project where external ideas and input can be a help. For entrepreneurs, a contact made at a purely social event may ultimately help to provide them with one of the key ingredients for the start of the business venture.

Today, a strong network is one of an entrepreneur’s most valuable business assets. They use business cards and pitches, confidence and curiosity, to find networking opportunities and niches to create a network that opens doors and offers support as the business venture matures.

Some significant ways entrepreneurs maintain their networks include:

• Asking after friends and contacts via email, text message, or phone call
• Periodically meeting for coffee or meals 
• Sending holiday greetings through social media.
• Attending events they are hosting and inviting them to yours
• Sending articles or opportunities that might be of interest
• Asking questions 

While these may seem simple, they require time and energy and signal that the relationship is important to entrepreneurs. Therefore, a strong network can provide entrepreneurs with practical advice through seasoned entrepreneurs who share guidance based on their successes and mistakes. It can also provide funding and investments through relationships with investors that can provide the capital necessary to grow the business venture.