Networking groups create opportunities for success

06/15/03
Brigham Young University
By By Gary Williams Printed in the Deseret News

How many times has each of us struggled with a nagging problem that had to be resolved, but had no logical solution? Often, we find that others have had a similar challenge and through personal experiences have learned the good, the bad and the ugly of making the right or the wrong decision.

Entrepreneurs, like inventors, must often create a new alternative to resolve a difficult issue. No prescribed path lies before us, but if we can invent and travel the most correct path (and often we are the first to do so), we will reap the rewards.

Invention and discovery for entrepreneurs is enhanced through the process of networking. Networking is the process of finding, contacting and communicating with individuals who possess information or know where information can be found that is of value. That information may be marketing and sales opportunities, product data, intelligence on competitors, candidates for employment or other contacts.

Some individuals are gifted at making connections and seeking advice. For others, the networking process does not come easily or naturally. Many of us are not good listeners, for example. For others, posing the right question does not come easily.

The more we can formalize the process of networking the better will be the result. Random contacts can result in random results. Formal networks of like-minded individuals with similar experiences will improve your chances of quality input.

Utah boasts several organizations that are focused on networking to help entrepreneurs be successful. Following are a few of these groups:

• Utah Information Technology Association (www.uita.org) — UITA markets itself as "making a difference in Utah's high tech community." As part of each of its monthly presentations, UITA offers an hour of networking for those in attendance. The group also sponsors periodic "peer-to-peer" forums for CIOs, CTOs and CEOs.

• Mountain West Venture Group (www.mwvgutah100.org) — The Web site defines Mountain West's mission as "Utah's Deal Network, dedicated to helping its members succeed through valuable networking services and business recognition programs." The group starts its meetings with a networking opportunity.

• Utah Valley Entrepreneurial Forum (www.uvef.org) — This group meets the second Thursday of each month for an entrepreneurial presentation and a networking opportunity.

• Wayne Brown Institute (www.venturecapital.org) — The institute sponsors monthly meetings on "How to Raise Money" (the first Wednesday in Salt Lake City and the first Thursday in Provo).

An additional great networking opportunity is the Investor's Choice Conference, held in February each year. The conference mixes entrepreneurs with VCs and service professionals.

• U.S. Small Business Administration (www.sba.gov) — The SBA is organized to promote small businesses by providing counseling and other assistance.
Resources include the Small Business Development Centers (SBDC) and the Service Corps of Retired Executives (SCORE), a group of professionals and small-business owners who volunteer to help other business owners by providing expertise on a variety of issues.

• Young Presidents Organization (www.ypo.org) — This is "an organization of young leaders committed to sharing their individual and collective resources to help one another learn and grow." New members must meet certain requirements.

Use good networking as you invent and discover your path to success!

author1 is associated with the BYU Center for Entrepreneurship. He can be reached via e-mail at Mr. Williams is associated with the BYU Center for Entrepreneurship. He can be reached via e-mail at cfe@byu.edu. .