Relationship between Social Networks and International Entrepreneurial Ventures in South Africa
DOI:
https://doi.org/10.47672/ije.1828Keywords:
Social Networks, International Entrepreneurial VenturesAbstract
Purpose: The aim of the study was to assess the relationship between social networks and international entrepreneurial ventures in South Africa.
Methodology: This study adopted a desk methodology. A desk study research design is commonly known as secondary data collection. This is basically collecting data from existing resources preferably because of its low cost advantage as compared to a field research. Our current study looked into already published studies and reports as the data was easily accessed through online journals and libraries.
Findings: A study examining the relationship between social networks and international entrepreneurial ventures (IEVs) in South Africa reveals several key findings. Firstly, the research underscores the significance of social networks in facilitating IEVs, particularly through providing access to critical resources such as information, financial capital, and market connections. The study highlights the role of strong ties within social networks, emphasizing how close relationships with family, friends, and business associates serve as crucial support systems for entrepreneurs venturing into international markets. Furthermore, the research elucidates the importance of weak ties in expanding entrepreneurs' networks beyond their immediate circles, allowing for access to diverse perspectives, novel opportunities, and valuable resources. Additionally, the study identifies the influence of institutional factors, such as government policies and regulatory frameworks, on the effectiveness of social networks in facilitating IEVs.
Implications to Theory, Practice and Policy: Social network theory, institutional theory and resource-based view may be use to anchor future studies on assessing the relationship between social networks and international entrepreneurial ventures in South Africa. Offer practical guidance to entrepreneurs on developing effective networking strategies tailored to their internationalization goals. Invest in the development of networking infrastructure such as business incubators, innovation hubs, and networking events to facilitate interactions among entrepreneurs, investors, and industry stakeholders.
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