Chapter_12 - Chapter 12 Negotiating And Networking...

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Copyright Atomic Dog Publishing, 2006 Chapter 12 Negotiating And Networking
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Copyright Atomic Dog Publishing, 2006 12-1 Introduction Two of the most critical and often used skills in managing entrepreneurial ventures: Networking skills: Identified as the most important factors distinguishing successful entrepreneurs from non successful Negotiating skills: Important during the early stages of venture growth The real world is characterized by scarcity. In this world, entrepreneurs find networking and negotiating skills to be essential for accomplishing objectives. - All negotiations have an undercurrent of conflict.
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Copyright Atomic Dog Publishing, 2006 12-2 Networking Skills Networking is defined as the art and practice of attending social events and connecting with individuals who may be able to assist with the entrepreneurial venture. Researchers have begun to assess the importance of the entrepreneur’s social network as a means to gain support, knowledge, and access to distribution channels. The venture development phases identified by the investigators are: - Motivation phase - Planning phase - Establishment phase
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Copyright Atomic Dog Publishing, 2006 12-2 Networking Skills (cont.) Webs of contacts that help bring about success are called social capital. Social network has several characteristics—size of the network and positioning. - Research has demonstrated significant differences in social network size between phases 1 and 2 and little difference in network size between phases 2 and 3. Entrepreneurs spend least amount of time during phase 1and that phase 2 entrepreneurs spend the most time developing their network. Phase 3 entrepreneurs spend an amount of time somewhere between phases 1 and 2. Entrepreneurs spend the most time on social network maintenance during phases 2 and 3, as predicted. Entrepreneurs use their social capital differentially throughout the phases of venture development.
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Copyright Atomic Dog Publishing, 2006 12-2 Networking Skills (cont.) Straightforward techniques that the entrepreneur can use to be effective in networking:
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Chapter_12 - Chapter 12 Negotiating And Networking...

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