The Role Of Network For The Entrepreneurial Firm
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The role of a network for the entrepreneurial firm
Introduction
The purpose of this assignment is to help the student with knowledge by choosing the relevant method of selecting articles and journals. The selection will enable the student to study a specific subject area that would serve their interest. Once the interest is served, the student will be able to apply the skill to the real life situation. The subject area that the student should know is “The role of network in the entrepreneurial firm”. It enables the student to understand the way an entrepreneurial network can promote business. Also, it develops the carrier of the student who pursues a master’s in business. Consequently, the students would learn the strategies that would able their business to grow in the future. These strategies include embrace speaking opportunities, create a rich company culture, colleague collaboration, and online presence expansion.
Main body
Journal evaluation is the method used in the selection of the journal and articles. The selection is done by the subject specialists who have a distinctive feature to guide people. This approach is always followed by when undertaking the previous ABS guide. This evaluation will engage experts from different scholarly association to produce the current guides. Two journals will be analyzed which include the Journal of Small Business & Entrepreneurship, and the Journal of Human resource management and employment studies. Five methodological components were followed in detail while selecting an association business school journal or article (Walker et al 2019).
Firstly, the request was made for the journal application to be part of those included in the guide. The scientific committee members or subject specialists were given chance to analyze good coverage of published research on the list that was provided by the school schools. The subject specialist was given chance to consult with leading academics in their areas, professional association, and learned society.
Secondly, the data collection from the source normalized impact per paper (SNIP), journals citation report (JCR), the web of knowledge (WOK), and SCImago journal rank (SJR) were analyzed by the chief of methodologists
Thirdly, the subject expert conducted evaluation again based on the consultation with leading academics in their areas, professional association, and learned society. The above process is always used in the evaluation of journals and articles. The rating will also be used to consider further modification(Walker et al 2019).
Fourthly, the modification is then suggested by the editors, through further consultation and correspondence with the members of the scientific committee. It is then followed by a further round of metric evaluation. The subject specialists were asked to give out the possible rating modification and further information based on the proposed journal in their various categories appeared too overstated. Consequently, other information was demanded to support the rating that was proposed for the particular journals where these were relatively dissimilar and inferred by the review. The additional quality control was also provided by further peer review (Shideler & Araújo 2016).
Fifthly, the provision ratings were given by the editors, chief methodologist, and the chair of the scientific committee. Later, these new ratings were sent to the subject specialist to comment. The discussion was done until each subject area reached the agreement. There was a positive outcome which later preserved the credibility of the guide. The positive outcome is achieved through the making of hard choices in every area so that they can come with the final expertise in their respective areas (Shideler & Araújo 2016).
The key challenge of the Association of Business School journals is to modify it to serve the interest of the community. In any case, the journals are to be upgraded beyond what is expected. They will confuse since the schools will not adopt their method and guide of development of the journal. This challenge was solved through negotiation to come up with a fair solution. People need to carry out businesses in a successful way through the use of a guide. Further insight can be gained by the editors in the specific dynamic of various fields through the agreement made by the experts. This agreement will cause the stakeholders to understand the problem of the scenario being addressed by the guide (Shideler & Araújo 2016).
In the database, some changes are done in the coverage in the guide and the subject areas. Primarily, the number of the subject remained 22 and some changes have been experienced in the latest ABS 2015. The two new subject areas and two old subject areas of ABS guide 2010 have been removed because they have been combined with other subject areas.
Critical review
The aim and objectives of the content of the articles analyzed are
- To expose the learner with knowledge on how they will make the business successful through networking
- To enable the student to know how to create an entrepreneurial network in the firm.
Theoretical background
Networking is an important way to gain and develop knowledge of finding new potential clients and informing them about your entrepreneurial firm. Primarily, for the success of your firm, interaction methods by potential customers are important. The successful business partners have tried by all means to network with others through social media. Through networking, they have achieved goals that could have not achieved on their own. Business referrals can be created effectively through networking. Also, it can build a business that is successful and sustainable for the owner. Referrals can make the potential client know the type of goods that are produced in your firm. This act will make your firm to achieve goals easily. Networking is mostly preferred in the modern world than other forms of marketing. The entrepreneurial firm needs to benefit more in networking (Anwar, & Ali 2020).
The role of the study is to solve the problem of an Entrepreneurial firm. Most of the businesses were growing slowly due to a lack of networking. The sluggish developments of the businesses were the problem experienced because there were no connections with potential customers. Networking has now made the businesses to grow rapidly. The owners have gained knowledge through networking. This knowledge would the owner to improve on their product market through networking (Anwar, & Ali 2020).
There are six roles of the network in the entrepreneurial firm.
Firstly, is raising the firm’s profile. Your firm needs to be noticed and visible. This act can be achieved by attending all social and business events at a regular interval to be known. The greatest way to be known is to attend and actively participate in the conferences, expos, and advisory committee. Ensure that spend time and energy by forcing it to happen through your concerted and constant effect. The visibility and the presence of the owner will result to gain referrals as their firm name will pop up. The other fellows will contact you whenever they need your firm products (Anwar, & Ali 2020).
Secondly, you first offer your help. It is important to add value to your product by helping other people. Networking events are places where has got an immediate solution to the problems. The problem cannot be left unsolved. It is important to ask a question on how to go about it to add value to others by solving their problem. The problem once solved then the business will be successful. Even the owner of the firm must be helped to solve the problem. Extension of the help is much likely to reciprocate (Anwar, & Ali 2020).
Thirdly, is the connection. In the successful firm, “WHAT” and “WHO” you know is the determinant of the business. The great resources for the connection are the most important because it will determine the information will be passed. Connection with highly influential people can be carried out through networking. In the absence of the network, it would become difficult to interact or find those clients. Do not be tempted to make direct contact because they have a prior network that could help them. A connection can make someone widely known.
Fourthly, is the opportunity. Networking can cause the owner of the firm to get more opportunities. They include client leads, joint ventures, speaking and writing, and asset sales. The person needs to choose the right opportunity but not to get into any opportunity that comes into their way. One must consider the opportunity that is relevant to your area of business. Correct opportunity can make you grow your knowledge based on the business(Anwar, & Ali 2020).
Fifthly, it enables a person to become a resource on social media. The platform of Facebook, Twitter, and LinkedIn is the best way to get connected with other entrepreneurs. It also enables one to comment on the idea that has been shared and then finally engage in building trust through joining industry by fellow. Through connection, one can solve problems by generating an exchange that will help others to reach out to you (Mohamad & Chin,2019).
Sixthly, it enables one to do some basic press outreach. Networking has made people make testimony on how they were successful in their business. This act is practiced through narrating stories. This will keep you updated on the way to solve problems in your business. First, identify those are interested in your business update then create the contact list on social media. The email should be sent immediately then introduce yourself after that narrate the story about your business (Mohamad & Chin,2019).
Sample characteristic
The sample collected in these articles must have the following characteristic. The sample must be goal-oriented. It means it should observe the goals that fit the survey condition. It should represent the units accurately. The sample should be proportional which means it should represent the universe properly. There should be a random selection of the sample. It gives each item an equal to being selected. The sample should be practical which means it should be easy. The sample is designed to give actual information that is needed for research.
Data analysis
| rating 4 | Rating 3 | Rating 2 | Rating 1 | Total | |
| Accounting | 6 | 21 | 30 | 23 | 80 |
| business history and economic history | 2 | 5 | 12 | 7 | 26 |
| economics econometrics and statistic | 23 | 68 | 120 | 108 | 319 |
| Entrepreneurship and small business management | 3 | 5 | 5 | 7 | 20 |
| finance | 8 | 29 | 38 | 30 | 105 |
| General management, ethics and social responsibility | 7 | 10 | 12 | 15 | 44 |
| Human resource management and employment studies | 5 | 10 | 17 | 16 | 48 |
| International business and employment | 2 | 7 | 14 | 17 | 40 |
| Information management | 4 | 17 | 31 | 27 | 79 |
| Innovation | 2 | 2 | 14 | 11 | 29 |
| management development and education | 1 | 3 | 16 | 23 | 43 |
| Marketing | 8 | 12 | 21 | 25 | 66 |
| operation and technology management | 3 | 9 | 11 | 36 | 59 |
| operation research and management science | 5 | 22 | 16 | 22 | 65 |
| organization studies | 5 | 4 | 13 | 7 | 29 |
| psychology (organizational) | 7 | 13 | 19 | 30 | 69 |
| psychology (general) | 7 | 13 | 11 | 24 | 55 |
| public sector and Health care | 3 | 10 | 11 | 9 | 33 |
| regional studies, planning, and environment | 2 | 12 | 8 | 2 | 24 |
| sector studies | 5 | 10 | 34 | 44 | 93 |
| social sciences | 9 | 27 | 23 | 3 | 62 |
| strategy | 1 | 3 | 5 | 4 | 13 |
| All subject area | 118 | 312 | 481 | 490 | 1401 |
Findings
In the database, some changes are done in the coverage in the guide and the subject areas. Primarily, the number of the subject remained 22 and some changes have been experienced in the latest ABS 2015. The two new subject areas and two old subject areas of ABS guide 2010 have been removed because they have been combined with other subject areas.
In the ratings of the journals, most of their subject area has a few numbers of the rating of four by the journal where in this category is not publish the most original. It means the journal has a low acceptance rate and high submission rate. Generally, this journal has the highest impact citation factors in the subject areas.
These subject areas of the journal, have a rating of three by 312 journals. It shows that the subject area is original and well implemented and the submission rate is good. This subject area metrics related to the other fields.
At 2 rating, the subject area is at the standard and it is accepted since it is fully refereed. Its standard and convention are accepted. Most of the high-quality articles are published in 2 rated subject areas. The rating has been done by 481 journals
At 1 rating, these journals are published and then recognized. The papers are considered as light according to conventions that are accepted. The citation impact factors are categorized in a few journals. It has been rated by a larger number of journals compare to other rates.
ABS guide 2015 is covered by a larger number of journals than that of the ABS guide of 2010. The guide of 2015 contains 1401 journals and the guide of 2010 contains 745 journals. This shows an 88% increase in the journal number that is covered.
Conclusion
In conclusion, the role of networking in an entrepreneurial firm can be achieved by being connected to all social and business events at a regular interval to be known. The greatest way to be known is to always attend and actively participate in the conferences, expos, and advisory committee. Ensure that spend time and energy by forcing it to happen through your concerted and constant effect. The visibility and the presence of the owner will result to gain referrals as their firm name will pop up
The implication for the entrepreneurs is that a business must establish a model. This model will be used by the consumer to access the product owned by the business to facilitate the exchange of peer to peer and collaborative consumption. The next research topic will be the role of social media in the business
Reference
Anwar, M., & Ali Shah, S. Z. (2020). Managerial networking and business model innovation: Empirical study of new ventures in an emerging economy. Journal of Small Business & Entrepreneurship, 32(3), 265-286.
Mohamad, M., & Chin, O. (2019). Business networking and sustainability of small rural business: Mediating effects of entrepreneurial orientation. Management Science Letters, 9(4), 595-606.
Walker, J. T., Salter, A., Fontinha, R., & Salandra, R. (2019). The impact of journal re-grading on the perception of ranking systems: Exploring the case of the Academic Journal Guide and Business and Management scholars in the UK. Research Evaluation, 28(3), 218-231.
Shideler, G. S., & Araújo, R. J. (2016). Measures of scholarly journal quality are not universally applicable to determining the value of advertised annual subscription price. Scientometrics, 107(3), 963-973.