Networking is the process through which businesses and entrepreneurs interact with business prospects and establish mutually beneficial professional relationships where an exchange of necessary, relevant business information is enhanced. Networking is based on the concept of how a business can help meet challenges and create values for its clientele rather than necessarily relying on the question of how the business can get help from its customers. Customers feel that they are concerned about when one offers a listening ear to their problems, this makes them happy thus leading to the establishment of beneficially mutual relationships (Schoonjans et al., 2013) . Through networking, businesses can strategically place themselves in the market and tell others about their operations with the hope of turning them into prospective clients. Networking can be done using traditional methods and through the use of social media. Conventional approaches to networking involve face-face interaction with clients, and it includes techniques such as; travelling to seminars to give talks about one's business, giving out business cards to customers during events, and attending business exhibitions where a business target to familiarize its business operations to customers. Modern networking through the use of social media involve the use of social networking platforms such as Twitter, Facebook, and LinkedIn. The use of social media in networking has enabled businesses to save considerable time used in travelling to seminars and exhibitions to network with clients and creating a balance between personal time and time used in doing business networking.
In today's business world, the phrase "it is not what you know, it is who you know," plays an important role in ensuring the success of businesses. Networking has enabled businesses create beneficial connections and relationships that have impacted businesses positively. The relationships created elevates customers' trust which makes them feel comfortable transacting business deals with the entrepreneur. Having better relationships with customers creates business thus giving the business a competitive edge in the market against its competitors. Networking has enabled the creation of new models and avenues for businesses to expand their client base. Through networking, customers are able to familiarize with a business and they are able to put a name with a face on a business (Kasemsap, 2014) . Familiarization with clients enables the business to stand out in the face of the competition. Businesses are able to tell their stories to clients about the nature of its operations through networking. Business are therefore able to introduce its products and educate its customers about its services hence enabling entrepreneurs to attract and retain customers.
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Companies such as Apple, Facebook and Google have achieved tremendous success in their operations by forming right alliances and partnerships through networking. Apple has created mutually beneficial relationships with corporations such as Foxconn which is based in China. Apple outsources the production of Apple devices to Foxconn, which has a greater control of trade flows in China, enabling Apple to produce at lower cost, maximizing its profit margin. Through the introduction of iPhones, iPods, and iTunes, Apple is able to create new networks as its products has strong hardware and software features that enable people to communicate efficiently to friends and families through social networks, and listening to music online through iTunes (Boone & Kurtz, 2013) . Product features of Apple products has enabled it connect with customers who view the product features superior and authentic in relation to other electronic brands in the market. Apple is therefore able to have a competitive advantage in the market, enabling the company to reap higher profits from the sale of its products.
For business to reap highly from networking, they have to thoroughly involve themselves in the networking process through indulging in a number of activities. Businesses and entrepreneurs have to be the first people to offer help first to the community by asking how they can help provide value through its products before receiving in return. Businesses should engage themselves through social media platforms such as Facebook and Twitter for them to build and gain the trust of their followers. Entrepreneurs and businesses have to involve their customers in the networking process to enable it to gain visibility among its clients as asserted by Motoyama and Knowlton (2017) . Lastly, after creating connections, the business must ensure that it stays in touch with its customers, as former connections made can be very beneficial towards the future career development of the business .
Networking has a lot of advantages to businesses. Through networking, businesses can gain new contacts and referrals which the business can do a follow up on and add to its existing client base. The business can identify relevant opportunities that would enable it to expand its business operations into new areas. Through networking, a business can stay current in the market as it can familiarize and adapt to technological changes in the target market hence enabling the business to create a successful marketing plan for its products. Networking provides an avenue for sharing of knowledge and experiences, and a business can learn from prior experiences of other businesses and prevent itself from making similar mistakes.
A watering hole is a place where prospective business clients gather for pleasure or work-related activities. It can be a seminar, restaurant, a bar or a trade show. Businesses can identify and locate the watering hole through an understanding of the behavior of its intended prospects and by figuring out the interest the clients share and the type of social events they value (Hurff, 2015). Locating watering hole for a client base enables a business to speed up the validation of its customer segment.
References
Schoonjans, B., Van Cauwenberge, P., & Vander Bauwhede, H. (2013). Formal business networking and SME growth. Small Business Economics , 41 (1), 169-181.
Kasemsap, K. (2014). The role of social networking in global business environments. Impact of emerging digital technologies on leadership in global business , 183-201.
Boone, L. E., & Kurtz, D. L. (2013). Contemporary marketing . Cengage learning.
Motoyama, Y., & Knowlton, K. (2017). Examining the connections within the startup ecosystem: A case study of st. louis. Entrepreneurship Research Journal , 7 (1).
Hurff, S. (2015). Designing Products People Love: How Great Designers Create Successful Products . " O'Reilly Media, Inc.".
