Table of Contents
Introduction
It is a matter of fact that business networking is a critical strategy for entrepreneurs when starting a new business. It is vital since it presents exceptional opportunities to entrepreneurs when they attend events arranged by investors and business partners (Osterley, Fleischer and Alt, 2011, p.45). Similarly, mentorship in business is relevant to an entrepreneur since mentors enable an entrepreneur to evaluate their ideas and decisions as well as enabling them to learn from the experiences of the mentor and hence, can correct where the mentor went wrong as well as make any necessary improvements. The essay highlights the impact of the presentations (on business networking and mentors) made by Professor Morgan, Bowen, and Flaherty on my start up.
Influence of Morgan’s Presentation
The presentation made by Morgan delineates how to grow a small firm. He reiterates the need for an entrepreneur to distinguish potential opportunities in the society from risky ideas that should be avoided. He goes further to explain the functions of an entrepreneur citing that they identify opportunities that are generated by social, economic and technological aspects. Fordland Mouse’s, (2013, p.441) state that these aspects can only be learned through networking where an entrepreneur reaches business stakeholders and listening to customers to determine what they need. My business idea comes from the fact that I identify that social issues such as aging necessitate the need to have a nursing home that can help the aging population in the US.
Morgan underlines the importance of planning. In business and management, failing to plan is planning to fail. The presentation postulate that an entrepreneur must establish where customers lie, the products they need and the marketing plan that is applicable. As such, the sentiments aired had an impact on the development of my business in that I recognised the need to develop skills such as financial management and marketing skills. I also incorporated a marketing plan that explains how the product will reach consumers. Morgan pinpointed that successful entrepreneurs who succeed are well networked, emphasise on marketing and are willing to absorb partners. This made me realise that I need a partner in my business so as to raise funds. I thus incorporated a friend as a partner and liaised with a bank to come up with a financing plan. My business will thus build on a partnership with the relevant stakeholders thus creating a network.
Marc Flaherty’s Presentation
The presentation focused on social business, entrepreneurship and innovation. This presentation had an influence in my business since it underlined the significance of having a business mentor. Flaherty illustrated how Wales Co-operative Centre supports businesses through consultation services and offering advice. The presentation also demonstrated how it is important for a business, especially a social business to be driven by the community (Chill, 2007, p. 18). Consequently, my business idea was crafted on the basis of giving back to the community or CSR rather than the general purpose of making a profit.
Nursing homes accommodate the elderly who have challenges in taking care of themselves.
My business can thus be said to be a social enterprise since it exists to meet a social need in the society. Hence, the presentation helped me to come up with a business that identified a need in the social condition and offer services that meet the problems. The impact of the nature of my business contributes to business networking in several ways. First, it enhances public relations since the public appreciates more a business that engages the community than a business that is money oriented. The business will also employ members of the society, thereby tackling unemployment.
My business as a social enterprise is attributable to the presentation that describes why an entrepreneur should start one. My business offers a wider community benefit, protects the interests of the community and takes care of the future generation by caring for the aging generation. Furthermore, the presentation influenced the sources of capital for my business. For instance, being a social enterprise, the business will source its funds from grants from well-wishers, service level agreements, and social impact bonds. Using Marc Flaherty as a mentor has benefited my business as he has offered information that is vital for the development of my business idea. The information is invaluable thus emphasising the importance of having a business mentor for your business as it improves the knowledge of the entrepreneur (Cull, 2006, p.12).
Presentation by Glenn Bowen
The presentation has had an impact on my business because it illustrates how vital co-operation is to a business and the community as a whole as documented by Osterley et al. (2012, p.87). Bowen argues that it is important for organisations to constitute employees who own the business and be established on the principles of co-operation. I have thus created a plan to employ nurses who will have ownership of the business. Further, my business integrates the corporative principles such as autonomy, education, and training. Apart from the health care services, the firm also offers training to individuals who are interested in giving back to the community.
Conversely, my business embraces diversification by offering both care and educational services. This is a growth facet that I have integrated to my business that will focus on expansion and transformation. The presentation also presented an opportunity for me to adopt principles and values that underpin mentoring. For instance, one of the values is that mentoring encourages collaboration but not competition. As such, my business avoids competition with rival businesses who are already offering care services except in cases where the competition is healthy.
The presentations made by the three mentors impacted on my business because I have the characteristics of a good mentee. Minim et al. (2007, p.3) noted that’s some of the qualities that a good mentee has include being flexible, adaptable and well organised, qualities that I uphold. The presentations also influenced my choice of business since the respective authors provided a level of inspiration and security that not only helped me to choose a viable business but also enabled me to be decisive on my to choice in order to achieve success at the end.
Conclusion
It is evident mentorship and business networking are part and parcel facets in contemporary business organisations. It is important to have a mentor for advice, information as well as to provide direction as an upcoming entrepreneur. It is a matter of fact as illustrated that businesses require networks to connect entrepreneurs to business stakeholders and other investors. The influences of the presentations at hand to my business are conspicuous going by the nature, characteristics, and scope of my business- a nursing home and learning centre. Ultimately, as demonstrated networking also entails collaborations, partnerships, and cooperation.
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