Here's Why Entrepreneurs Need to Build Good Relationships at Work
Entrepreneur's New Year’s Guide
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Walk into a networking event and you will see start-up founders huddled up talking to each other, exchanging cards and lining up meetings for the upcoming days. In an entrepreneur’s life, networking takes an important role. The relations he/she builds over the years often result in fruitful partnerships over the next years of the business.
However, there are also entrepreneurs who choose to stay aloof and work on their own. While this could be their choice, they are also missing out on a viable opportunity to make more business come their way.
Not just that, it’s also important for entrepreneurs to build a good rapport with their employees so that they can work as a team.
Here’s why building relationships within and outside of office is crucial.
Networking Has Immense Power
By building relationships, one opens up the door for multiple opportunities. Ishan Gupta, MD India, Udacity, believes that networking has an immense power. “A good network has multiple benefits — be it finding the next high performing team member, the next client, or the next investor. Therefore, it is pertinent for an entrepreneur to invest time and energy in building relationships,” he said.
Relationships are critically important for the health of your business. Sanjay & Naina Parekh, founders of EUME, said that entrepreneurs certainly need to be knowledgeable about their field of business but that alone will never guarantee the success of a business. They added that entrepreneurs need to first develop and then consistently hone these skills if they want their business to succeed. It is undoubtedly a difficult task, but then again, such is the life of an entrepreneur. “Our business is a people-centric endeavor and we have to deal with employees, investors, clients, and customers on a regular basis. That’s why entrepreneurs need to master certain key human skills such as adaptability, creativity, empathy and relationship-building,” the duo said.
Gives The Team Comfort
In the initial days, as a start-up founder builds his/her business, it’s important to get the team in place and make them believe in the vision. Hiren Shah, Founder and Chairman, Vertoz believes that the kind of relationship an entrepreneur builds with employees decides the fate of the venture. It is his or her duty to make his team comfortable around him and offer them reassurance.
Meanwhile, Pinky Daga, CEO of Thriive Art & Soul said that the heart of all entrepreneurship lies in the rapport they can create with not only their clients but their employees. “It's this rapport that showcases the energy, faith and passion they have in their own project. At the end of the days that passion is the underlying strength of any entrepreneur and the relationships they can create and build reflect this energy always,” she said.
Relationships Become the Foundation of Your Business
It is through these relationships that one builds over the years, that avenues come your way. While sometimes an acquaintance gives you the right path to reach out to an investor, some other times a vendor/supplier comes to your rescue at the time of crisis. Shah believes that it is of paramount importance that he or she has good relationships with the vendors and suppliers. “It goes a long way in winning over their trust and building a strong connection with them, without which, the business will not grow, and life can be difficult for a budding entrepreneur,” he said.
The relationships we build, be it with your investors, vendors, customers or for that matter employee, are the foundation of any successful business, believes Dr Hitesh Doshi, Chairman and Managing Director, Waaree Group. “A healthy relationship demands clear communication between each parties. Entrepreneurs are considered the face of the company and consequently, it is essential for them to communicate effectively and develop good interpersonal skills,” he said.
It Becomes an Asset
An entrepreneur can be hard-working, skillful or intelligent. But those qualities alone do not determine the success of any business. Ranjit Punja- Co-founder and CEO, CreditMantri.com said that it requires the support of numerous people to run a company. “The success of any start-up is intertwined with the strong network established within and outside the company. Therefore, all relationships must be nurtured through mutual support and respect,” he said.
In today’s changing times, one often belittles the importance of building good relationships. Notwithstanding the growing popularity of gadgets and automation, people still need relationships and brands they can trust to take important decisions. Gaurav Gupta- Co-founder and CEO, MyLoanCare, said that starting with just an idea and not much else on the ground, most entrepreneurs sign up initial partners, investors and even customers using personal relationships. “Most start-ups rely heavily on referrals for hiring and relationships with people in the ecosystem come in handy. Similarly, for entrepreneurs wanting to differentiate themselves vs competition, focus on building the brand’s relationship with customers can actually be a significant competitive edge,” he said.