Entrepreneurship & Networks
Hey hey! The coming couple of weeks I will post not one but two blogs a week. The blog about my internship @Enactus, which I posted yesterday, and another blog which contains weekly assignments of the course Entrepreneurship & Networks.
Networks are of immense importance in an entrepreneur’s life. Different outcomes are attained due to the use of many resources. A distinction can be made between ‘expressive’ (health, social support, accompaniment) and ‘instrumental’ (education, status, job) outcomes. In this blog I will address four different organizational outcomes for the worldwide famous business woman Barbara Corcoran attained due to her network.
Barbara Corcoran origins from a less-than-medium financed family, but when she met Ray Simon, a New Jersey-based home builder, she started her own real estate business. This network was the turning point of her life. Ray Simone gave her $1,000 dollar to start her own business, which resulted in two different instrumental outcomes. First of all, she got her own company (‘a better job’) and following upon that, because she was very successful, she got a very high status in the business world. Another outcome is from an expressive nature and is social support. Ray Simone was her boyfriend and always positively supported her mentally in Corcoran’s business. The last outcome which I wanted to address is legitimacy. Barbara Corcoran strengthened her network with the New York Times journal by contacting them on a weekly or monthly basis which enhanced her legitimacy tremendously in the real estate business world.
As you can see, four different outcomes are attained due to Barbara’s network. Social networks indeed are necessary for success in the entrepreneurial world! So go out and try to build up and enlarge your network! See you next week!