Building International Business Networks - Essay Example

Building International Business Networks Name Institution Date Part 1 The business idea is to start and run a successful food court. The food court will be making both local and internal cuisines as well as a snack and alcohol bar. If I get good connections it well help get good suppliers, clients as well as employees that are credible. Activity 1 Networking A personal network refers to a group of persons known to someone whose interaction results in the support of one’s set of activities. Personal networking on the other hand refers to developing relationships with other people who we know or share common interests with. This can be done at three different levels and they include; a professional level, the community as well as individual level or people known to you at personal levels. Building personal networks at professional levels At the professional level, the members of the network are in contact with people that know of available job opportunities as well as business trends. These opportunities are made available at conferences, professional and business events, seminars and also through social connections. Professional networks can only be optimized if the person of interest could always keep herself or himself visible through activities such as coordination of meetings, taking up responsibilities like becoming a field officer or even joining a committee. Professional networks are found in alumni associations, at the work place and professional networks among other avenues. Once you get acquainted with different people through the professional networks the association then becomes a source for personal networks. Community networks Community networks could either be civic or volunteer organizations. Civic organizations deal with the community and various business partners and they make a very good source of personal and professional networks. People with the intention of starting businesses in a community should engage themselves in civic organization activities and such as food banks, children’s activities and adult competitions among others to create personal and business contacts. Volunteer groups on the other hand have their focus on developing better relationships in a community. Volunteer groups are a good source of creating personal as and business networks because as you volunteer you are able to acquire and demonstrate skills and that could earn you contacts that could help you personally or in your business. Individual networks Individual networks are created when we visit people and places frequently for social purposes. These people include friends, colleagues, family and acquaintances among others. Social places that help build individual networks include; weddings, clubs, sports events and cocktail parties among other social gatherings. Such connections are very important for persons who are starting or running businesses or those that wish to create large networks for personal reasons. These networks can help one also advance in their professions. Activity 2 Immediate family and people I know through them Dad (Harold - farmer); Daniel (agriculturist), Christopher (nutritionist), Regina (farmer), Robert (distributor), Philip (farmer) Mum (Gladys - banker); Rachel (economist), Christine (accountant), Patrick (restaurant owner), Stella (transport manager), Samson (banker), Richard (nutritionist), Joyce (baker), Jane (cook), Norbert (lease agent) Brother (Gregory); Caroline (nurse), Loise (nutritionist), Emmanuel (teacher), Maryann (receptionist), Joseph (hotel manager), Roy (lease agent) Sister (Gloria); Vera (journalist), Keith (interior designer), Flora (land scaper), Barbara Brother (Gerald); Prophet, Kevin, Joshua, Asha Sister (Grace); Maureen, Julie, Sharon, Harriet Immediate friends Khadija; Rose, Irene, Masika, Abdullah Sheryl; Anthony, Arnold, Elizabeth, Brian Gertrude; Frank, Timothy, Emerald, Dina, Teresa Bridgette; Ciala, Gloria, Mariam, Ruth George; Gerishom, Elvis, Melvin, Victor Suleiman; Kevin, Ramma, Iddi, Omar, Adam Business associates Andrew; Paul, Mitchel, Lewis Samantha; Harriet, Samuel, javis Steve; Javier, Christian, Job Maurice; Chuck, Estelle, Beatrice Raymond; Louisa, Jennifer, Zacharia Charles; Michael, Ernest Social contacts Harun; Earl, Brian, Felix Mandela; Harold, Frank Gillian; Gloria, Mary, Lauren Veronica; Veronica, Victor, Winnie; Gladys, Bernard, Hilda In the network created there were contacts that were important to the business of interest and these included; nutritionists, banker, baker, cook, farmer, lease agent and also the receptionist. Creating awareness of the business can be done through talking to them directly, making phone calls, sending them electronic mail and also using word of mouth to spread the information about the business. I could organize a small party and invite all the people that will benefit my interests as well as gain something from the deals that will be created. Other networking opportunities that could bear potential benefits for the business include attending social functions like weddings where I can advertise my productsand get potential clients as well as service providers for my business. Attending organized functions like food tasting or nutrition seminars among others will help create networks that will be beneficial to the business venture. Another networking opportunity that will bring potential benefits is using professional networks by joining organizations that offer social and professional connections for the kind of business you are joining that is the restaurant business. References Career Planning, (2012). What is personal networking? Retrieved on 24th March, 2014 from http://unex.uci.edu/virtual/career_modules/career_mod02pg03.html About.com Entrepreneurs, (2014). Business networking for entrepreneurs. Retrieved on 24th March, 2014 from http://entrepreneurs.about.com/od/businessnetworking/Business%20Networking%20for%20Entrepreneurs.html Part 2 Contact list database (refer to spreadsheet) Participation in networking events or other activities that will assist in the promotion of the business Events such as business exhibitions will help many upcoming entrepreneurs to go and show case their business interests and with that create both personal and professional networks. In relation to the hotel, a business exhibition forum can be very beneficial in that it can it gives the entrepreneur a chance to get suppliers, financial assistance, professional advice, input from potential clients, potential clients and also professional employees among other people that could be of benefit to both the business and the entrepreneur. Materials that could be developed and distributed at the networking event For an entrepreneur that intends to open and run a restaurant an event like the business exhibition is an avenue to show samples of menus and foods that are likely to be served at your restaurant. You can also show case the quality of services of the restaurant as well as the setup of the hotel that will attract people to your stand and get them interested in your ideas. References Misner, Ivan. (2011). Business Networking with Dr. Ivan Misner. Retrieved on 24th March, 2014 from Dempsey, Grant. (2014). 4Networking. Retrieved on 24th March, 2014 from Part 3 Business Draft Background information I am a 25 year old lady whose interests are basically cooking and organizing events. I come from a family of seven, my parents and four siblings. I am currently undertaking a business course a stepping stone to achieving my dream job and whichis to own my own restaurant. I have always had a passion for different kinds of foods as well as organizing small events within the family and for my friends and from that I knew what I wanted to do for the rest of my life and get satisfaction in what I will do. My restaurant is going to serve an array of cuisines from different regions of the world. This will give them a taste of other cultures and in that learn to appreciate our diversity as human beings. We also intend to use the restaurants for events such as food fairs, children’s talent shows and indoor competitions among others. These events will help bring unity within the community as well as create networks for other people who intend to succeedin their professions and also in their personal endeavors. The restaurant will not only serve food and host events for the community but it can also be an avenue for other activities such as valet parking, training of cooks and people in the hospitality industry and also a venue for social functions like birthdays, weddings and also corporate lunches and dinners among others. The main objective of the restaurant will be to create avenues for social gatherings while enjoying delicious local and foreign cuisines. We intend to set a very high standard for other restaurants as we intend to provide the best of foods and services. From providing foods and avenues for social and corporate functions we create networks for people as well as networks for the restaurant as well. This will help people coming to the hotel establish connections that will help them achieve their endeavors whether they are social goals or professional goals. Even the training that will be conducted at the restaurant it will establish connections for the trainers and trainees as well. Therefore the restaurant will benefit other people establish networks that will help them develop as people or organizations. Requirements to develop and distribute networking opportunities At the restaurant there could be brochures for different services provided by the restaurant as well as from other organizations and individuals. Other materials that could be useful in developing and distributing networks include business and personal cards, articles in magazines and newspapers and social networks among others. Cost of participating in the networking opportunity For one to participate in these networking opportunities created by the restaurant there may be payments required to be made and sometimes it may not cost any amount. This all depends on the size of the function and how much resources they may require. If an organization wants to host an event, the organization will be required to make payment to use the resources of the restaurant and in turn they charge the participants or attendants. Individuals planning on carrying out functions at the restaurant will also be required to make payments to cater for the resources they will be using. The costs will be as follows; Participating in corporate functions; 10 – 20 persons; $1000 More than 20 persons $2000 Costs of participating in business networking functions; Fashion shows $1000 Art exhibitions $1000 Business talks; $500 Success derived from networking Networking helps individuals and organizations to make sales for their products and services. Networking helps create relationships that will result in new clients for their businesses. Networks are also a good source of expanding one’s contact list from meeting new people and creating new relationships. The contact list can help establish better ways of expanding and growing the business. Other benefits include sharing of information between people in the same career line thus increase knowledge in their areas of profession. Increased contacts increases opportunities from referrals, partnerships and also requests from other persons. You gain both exposure and connections from the people you meet at the exhibitions and the networks created. Networks help business people gain confidence and raising their personal and professional profiles. How to Evaluate Success Derived from Participation at a Networking Event Success from derived from a networking event can be evidenced by an increase in the number of clients making purchases at your business by the contacts acquired at the event. One can also tell if a networking event was successful if they acquired information that builds their businesses further. References Small business BC, (2013). Five Benefits of Networking. Retrieved on 24th March, 2014 from http://www.smallbusinessbc.ca/starting-a-business/five-benefits-networking Page, Michael. (2014). Benefits of Networking. Retrieved on 24th March, 2014 from Part 4 Networking in Canada Canada offers resources and opportunities for international trade and that is an avenue for networking. However, the country also its own culture in terms of dressing, conversation etiquette, first name and title, gift giving as well as public behavior. Business dressing in Canada is formal with men wearing dark conservative business suits with ties. Their suits are also unique with traditional lapel width and their ties are within a traditional width range. Their conservative suit colors include navy and grey and they combine them with white or light blue shirts. The dressing code extends to the women as well except they can wear official dresses of the same colors. In Canada do not wear new or trendy clothes for business meetings. In rural areas however people won’t have to dress formally. There are also ways in which people handle their conversation as well. They believe so much in social etiquette. Canadians are believed to be friendly, honest, sensitive, empathetic, and humble and are also not pretenders. They have equal respect for both close acquaintances as well as strangers therefore for you to succeed in Canada it will be wise to adopt such practices. Gift giving is not a common practice in Canada unless it is a reward for something done. Even in other occasions gift giving is done among close acquaintances. Public behavior in Canada includes; not eating in public, maintaining a reserved demeanor that is being courteous and having proper etiquette, punctuality therefore avoid being late, being proper hosts to guests whether business guests or relatives among others. While addressing people Canadians use the last name and appropriate titles such as sir, madam, miss and mister among others. However, when the person being addressed allows it then you can use their first name. First names are used mostly by family members and close friends. Canadians use English as a language of communication. Therefore for one to establish a good relationship with Canadians you have to research their ways of conducting business so as to know what is expected of them and what is not expected of them. Therefore in Canada you should learn their ways of dressing, how they talk and address others, how to handle conversations and also how to behave in public places among other traditions that could help a person cope and prosper in the country while doing their businesses. Conclusion Networking is a very important aspect for business persons and a good business will succeed if the owner or management has good relationships with other businesses and keeps in contact with other persons outside his business. Networking has many benefits for the business as well as the individuals conducting the business itself. Therefore businesses should invest in networking. References International business center, (1998-2012). Canada Business Etiquette and Culture. Retrieved on 24th March, 2014 from J.J, (2014).Canadian Manners and Etiquette. Retrieved on 24th March, 2014 from Read More