Entrepreneurship Essay Example | Topics and Well Written Essays - 1500 words - 6

Entrepreneurship - Essay Example In order to create a new business opportunity, entrepreneurs must be able to combine and align the small firm’s available resources, business opportunity that comes along the way, and the people who are working for the business organization towards a specific organizational goal (Wickham, 2004, Ch. 18 – Seeing the Window: Scanning for Opportunity). In other words, each entrepreneur must have their own way of developing a business strategy so as to increase the competitiveness of a small firm. As part of designing a business strategy, the future entrepreneurs are being challenged in terms of effectively distinguish whether or not a small firm’s network is more important than finance and vice versa. For the purpose of this study, the definition of network and finance will first be provided followed by discussing the significance of each factor over the success of a small firm. general, networking is actually referring to the process of developing and using a wide-range of business contacts and establishing a mutually beneficial business relationship with other businessmen as a way to enhance the operation and profitability of a small business organization (Ward, 2009). By improving the business network of a small firm, entrepreneurs can easily increase the profitability and competitiveness of the business organization. Kelley Robertson is the president of Robertson Training Group which aids businesses on how to increaset the company’s sales and profitsbility via busienss networking. According to Robertson (2009), â€Å"sales are frequently developed through the relationships we have created with other people†. For instance: A business networking related to marketing could open up new sales opportunities between two business people who has a common interest in doing business. By gathering a wide-range of business network, a small firm will be able to deliver its product and services using tie-ups with other related