Hello Fellow Students,
this weeks blog is about networks. As an entrepreneur we all know that one needs a network. The idea or opportunity alone is not enough we need our network and keep building it to make sure we are able to survive the harsh market that is out there.
But what is a network actually? a network is a set of actors (nodes/vertices) connected through ties. That is quite complex. but what is means is that i know a friend who knows another friend or another organizations. so that one friend gives me acces to to other people which i otherwise wouldn’t be able to contact.
another thing that is very important in this case is social capital. what do we mean with social capital ? social capital is your network. Social capital are the relations you have with people. you have to invest time in these relationships but you get something back. or you will be able to get something back. think about lending money or visit you when your sick.
So to use an entrepreneur for this assignment i’ll use a friend of mine who is a hotel chain owner of the Holiday inn Express. When he was a student he was working at company that was going bankrupt. But the company had taken on a investment on real estate. Because of the bankruptcy of the company he worked at, the boss asked my friend to take over the investment and exploit it himself. And that is exactly what he did. But the poor guy didn’t had any experience in this field of investments. So the first thing he did was searching in his network to see if there were people who like to help him with this opportunity. Luckily he found a family friend who acted more like a tutor in business for him. Together they worked out the opportunity. Later on he sold his investment with a huge profit which made him a rich man. But after this He had to do something new to keep himself busy so he started to invest in hotels in which he ended up building up the Holliday inn Express Hotels in the Netherlands.
now without this friend who helped in the beginning he wouldn’t be able to exploit the opportunity. So here you can see how important it is to have your network to make things work for you as an entrepreneur.
See you people next week
Alexander van Ravenswade 2005727