Entrepreneurs who start with privileged contacts are practically designed to achieve the right opportunities to achieve success. They may have graduated from elite universities or reside in startup centers such as Silicon Valley, New York or Austin (Texas), USA.
They are connected to networks that have influence and can accelerate business and career advancement. Research shows that these connections offer a ready-made competitive advantage-access to risk capital, business leaders, teachers and alumni of prominence, internal knowledge and invaluable resources.
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But what about entrepreneurs outside this privileged circle-those of sub-presented origins, minority communities or distant regions of these traditional power centers? Without the proximity of these prestigious networks, they are competing in a clear disadvantage.
How can we reduce the gap
The question here is a concept called network centrality. The more centrally located an entrepreneur is in a web of influential contacts, the greater access to social capital and other valuable resources. And of course the reverse is also true, reinforcing the disparity for those in peripheral locations.
Our study with aspiring entrepreneurs sheds light on the centrality of the network-because it is important, how it works and what can be done to overcome it. Conducted by Lehigh@NasdaqCenter, in partnership with Reedley College, California, the main objective of the study was to determine as aspirants to entrepreneurs, regardless of university education, family income and ethnic origin, can have equal opportunities to launch companies – in short, to balance the game.
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We researched 250 students from Community College (Community College) and 250 students from private colleges, all who expressed the ambition to follow entrepreneurship.
Our study, based on previous research, compared the differences in the behavior of the two populations regarding networking, and private colleges students represented high centrality and community college students low centrality.
Our main conclusion: Existing gaps can be filled.
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3 tips for improving networking
Here are, then, based on our findings, the three main lessons learned:
1. Increase your self -efficacy in networking
Networking self -efficacy is defined as belief in its ability to achieve the desired results through networking. We found that students from Community College in the US are more than four times more likely (39% against 8%) than private colleges to display low self -efficacy in networking.
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These students realize that networking opportunities are less available to them, resulting in less confidence. But increasing efforts can lead to a 25% increase in social capital, our previous studies indicate.
A high self -efficacy in networking can be developed. For starters, think small. Do networking among your friends, colleagues and others you already know. Taking advantage of low pressure relationships and family environments will build your networking skills, reach small successes and reinforce your trust.
2. Choose the right passion
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We found that aspiring public school entrepreneurs display almost four times higher levels of “obsessive passion” – a compulsion to often do networking, emphasizing the amount of contacts over quality, which can result in superficial and short -term relationships – than their counterparts in private colleges (26% against 7%).
Our study shows that obsessive passion reduces the chances of forming sustainable relationships through networking by 17%.
You better change to “harmonious” passion, characterized by understanding how work fits your life in general. It values the quality of contacts over quantity in networking.
How to enjoy the harmonious passion? Ask yourself what motivates you to do networking first. Schedule networking activities that balance your personal and professional activities. Evaluate whether new connections demonstrate consistency, reliability and commitment. Do networking for opportunities that represent the promise of longevity and ROI (return on investment).
3. Keep your eyes in the future
Aspiring entrepreneurs in Community College are more than three times more likely than their private colleges (17% against 5%) to focus on the present, our research discovered. But a future orientation can increase your networking results by 12%.
Looking at the future-how to visualize your presence in next business events-can expose you to opportunities that expand your perspective. To practice networking with “future temporal focus”, create a schedule and ask yourself key questions.
What actions should you take to expand your network? What professional organizations should you join, what industry events should you attend, and which individuals in the field you should connect with?
So if, as our research suggests, you believe in your networking skills, adopt harmonious passion and focus on the future, you are practically guaranteed to do networking as a champion.
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