Impact of Entrepreneurial Networking on Business Performance in England

Abstract

Purpose: The aim of the study was to assess the impact of entrepreneurial networking on business performance in England.

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: The study found that entrepreneurs who actively engage in networking activities tend to have higher business performance metrics compared to those who do not. Networking allows entrepreneurs to access valuable resources such as knowledge, expertise, funding, and market opportunities. This access to resources helps in enhancing product/service innovation, expanding market reach, and improving overall competitiveness. Moreover, networking facilitates relationship building with potential customers, partners, and stakeholders, leading to increased trust, collaboration, and business growth. Additionally, networking provides entrepreneurs with access to mentorship, advice, and support, which are crucial for navigating challenges and making informed decisions. Overall, entrepreneurial networking plays a pivotal role in driving business success and sustainability in today's dynamic and competitive business landscape.

Implications to Theory, Practice and Policy: Social capital theory, resource dependence theory and social network theory may be used to anchor future studies on assessing the impact of entrepreneurial networking on business performance in England. From a practical standpoint, entrepreneurs and business leaders should be encouraged to actively engage in networking activities to leverage social capital, access valuable resources, and cultivate collaborative partnerships that drive innovation and growth. In terms of policy recommendations, there is a need to advocate for initiatives that promote networking infrastructure and support mechanisms for entrepreneurs.