The capacity of a firm to acquire new customers and extend its customer base is based on the organization’s ability to network. Interactions between Gys Louw and the enormous number of networks he had in Namibia positively impacted his new business. He discovered that he could generate opportunities not just in Namibia but also in other nations worldwide. He decided to pursue this opportunity.
Entrepreneurs can capitalize on more opportunities due to their efforts to build relationships with other entrepreneurs and investors. The interactions assist the company in expanding its market share as well as its presence in new geographical areas. Rent-A-Drum’s extensive network has established itself as one of Namibia’s most successful recycling enterprises. It has proved successful operations in other countries.
In today’s competitive market, a company’s established network is a crucial resource for its long-term success. Entrepreneurs may have access to a plethora of information that will assist them in making the best decision. As a result of this link, Louw established a working relationship with a South African company that assists Rent-A-Drum in recycling the large majority of the waste materials.
Networking enables an entrepreneur to interact with other business owners and exchange ideas with other business owners. Through this approach, entrepreneurs can identify mentors and role models in the business world to help them on their journey. As a result of Louw’s extensive network, he was able to develop a large pool of ideas that, when put into action, resulted in the establishment of a successful firm.
When entrepreneurs interact with others at networking events and meetings, their reputations and notoriety rise due to continuous interaction. The entrepreneurs meet new individuals and rise to new social accomplishment levels through interacting with others. In the long run, successful entrepreneurs may establish themselves as valuable sources of information for their peers, who may perceive them as highly qualified professionals.
Every firm has a brand, and the entrepreneur is the most well-known of all the brands associated with the company. Entrepreneurs who have collaborated with others have demonstrated the ability to create their brands even more effectively than otherwise. Louw relied on his broad network to guarantee that his company was well-known and promoted wherever he went on business trips with his networks.
Entrepreneurs get access to a wealth of information and hence are more aware of what is happening within the business world. They gain more experience by sharing with others and understanding the various challenges. They brainstorm solutions together, and, in most cases, the ideas work. It was similar to how Rent-A-Drum was able to face its challenges by working with other businesses to achieve its goal.
To increase the scope of their activities and the influence they have over others, entrepreneurs must first identify a need and fill it. Because of what their companies have experienced in recent years, people are willing to listen to whatever they say. According to consumers’ perception, these qualities are vital since they are necessary for any successful company because their owners are helpful, kind, and honest.
Networking brings many successful entrepreneurs together. The activity could be stressful for upcoming entrepreneurs who are yet to attain a high level of success, even though constant interaction with successful others positively impacts them. Eventually, their personalities are positively influenced as they get inspired and motivated. There is no doubt that Louw’s was once upon a time at this point before Rent-A-Drum became what it is today.
Entrepreneurs are provided with the opportunity to practice their sales pitches due to their networking activities. Entrepreneurs will introduce themselves regularly in various social settings as part of their participation in these networks and discuss what they do and how their business is doing well.
Man is considered a social entity whose behavior is mirrored in his interactions with others. Entrepreneurs can create new friends when networking, which will allow them to expand their network of information sources in the future.
Entrepreneurs benefit from networking since it allows them to experiment with fresh ideas. During brainstorming, an entrepreneur may discover a solution to their problems or even a recommendation that could benefit their company.
Networks may present an entrepreneur with a golden opportunity to meet individuals who want to invest in their businesses. This kind of opportunity would be instrumental in ensuring the company gets more funds to continue with its operations and expand its operations.
Gys Louw, after founding Rent-A-Drum, was very definite when it came to networking. Through the networks he showed, he was able to take advantage of the network as discussed, which enabled him to propel his business to success and become one of the most admired entrepreneurs of all time in Africa.