Business Networking

Business networking is a socioeconomic activity by which groups of like-minded businesspeople recognize, create, or act upon business opportunities. A business network is a type of social network whose reason for existing is business activity. There are several prominent business networking organizations that create models of networking activity that, when followed, allow the business person to build new business relationships and generate business opportunities at the same time. A professional network service is an implementation of information technology in support of business networking. Many businesspeople contend business networking is a more cost-effective method of generating new business than advertising or public relations efforts. This is because business networking is a low-cost activity that involves more personal commitment than company money.

As an example, a business network may agree to meet weekly or monthly with the purpose of exchanging business leads and referrals with fellow members. To complement this activity, members often meet outside this circle, on their own time, and build their own one-to-one relationship with the fellow member.

Business networking can be conducted in a local business community, or on a larger scale via the Internet. Business networking websites have grown over recent years due to the Internet's ability to connect people from all over the world. Internet companies often set up business leads for sale to bigger corporations and companies looking for data sources.

Business networking can have a meaning also in the ICT domain, i.e. the provision of operating support to companies and organizations, and related value chains and value networks.

It refers to an activity coordination with a wider scope and a simpler implementation than pre-organized workflows or web-based impromptu searches for transaction counterparts (workflow is useful to coordinate activities, but it is complicated by the use of s.c. patterns to deviate the flow of work from a pure sequence, in order to compensate its intrinsic linearity; impromptu searches for transaction counterparts on the web are useful as well, but only for non-strategic supplies; both are complicated by a plethora of interfaces needed among different organizations and even between different IT applications within the same organization).

Read more about Business NetworkingLarge Firms Networks Vs. Small Business Networks, Online Business Networking, Face-to-face Business Networking, General Business Networking, Networked Businesses, Business Networking in The ICT Domain

Other articles related to "business networking, business, networking":

Business Networking in The ICT Domain
... A truly ICT business networking approach rethinks and rebuilds the operating support from scratch, around two key business features information contributions, to be provided by the ...
Chief Networking Officer - Business Networking
... In the business networking context, a chief networking officer manages the social capital of a company ... Chief networking officers are responsible for creation and cultivation of new communities and acquisition of pre-existing communities ... Other definitions, such as one by the Wharton Global Business Forum in India, include managing outreach, communication and logistics, usually in partnership with the chief ...

Famous quotes containing the word business:

    To business that we love we rise betime,
    And go to’t with delight.
    William Shakespeare (1564–1616)