Take the example of a cargo ship from a time when it still used to depend on sails to cross oceans. When a storm hit the ship in the middle of the sea, that was the worst that things could get for the men aboard. The person in charge was the captain. He directed what needed to be done by whom as strong winds and heavy rains continuously threatened to overturn the vessel. The first and second mates took up their responsibilities of either directing the sailor as to how to properly manoeuvre and which cargos to secure. The ship that had men with the expertise of dealing with a storm survived. The vessel always reached the shores after weathering the crisis.
Now, assuming that the captain was responsible for hiring the entire crew, how do you suppose he selected the mates, sailors and cabin boys? How did he know that the crew he is taking on board had the expertise of dealing with a violent sea storm to save the ship? The groundwork for these naturally started well before the crisis hit, when the ship was still anchored. The captain, knowing well that the sea was likely to be turbulent, used to depend on his networks to find the right men for the job at hand.
Running a new business is similar to sailing a wooden ship. You cannot do it alone. And you do not survive with the wrong team. The entrepreneurial lessons of the colleges in Delhi for PGDM include topics like crisis management and talent identification where a common theme always floats on the surface. The stretch and depth of your networks can come to your rescue almost always and make sure that you see the storm through without taking much of a hit.
Your networks can send you the right talent
As the COVID-19 crisis hit, those businesses filed for bankruptcy who failed to adapt. Companies like LVMH, Gap, Nike and even Uber, have continued to hold their mast up at a time when customers vanished from the market. Adaptability was key to their survival and they did it with the help of talents. The companies went from their core products to making sanitisers, masks and outsourcing human resources to keep the revenue flowing.
Such inflow of crisis managers can come easily from your networks. When a lot of things are going downhill in a short time, ready help can save your back. For instance, you can contact a digital expert in your pool of connections to take your company to the online world. You might also hire a product manager, referred to you by a network, you had earlier worked with a struggling business under similar conditions. Even the best of entrepreneurs struggle with recruitment. Networking eases the process, especially during a crisis.
Networking can also gift you temporary mentors
Another reason as to why the top ten PGDM colleges in Delhi value networking highly in entrepreneurship. The COVID-19 crisis has also thrown the global economy into a financial crisis. This is a different kind of struggle that the new entrepreneurs will have no experience to deal with. However, a veteran who has already worked through the 2000 dot-com bust and weathered the graver 2008 financial crisis can offer valuable insights to infant founders who have not seen an economic downturn in a decade. Looking for such a mentor randomly is going to eat away your firm. But among your networks, you will always find help.
In fact, the top CEOs of the top companies form temporary mentors from their networking pool. Depending on the crisis, they bring in people on board who have experience in dealing with such a crisis. Not only do you weather the current crisis with the help of the veteran, but you can also tap into his/her knowledge to prepare for future risks and close the existing loopholes. There is seldom any substitute to experience. And that is abundantly available among your valuable networks.
Start networking early
To become a successful entrepreneur with the right backing. The EMPI B-School, one of the top AIU approved PGDM colleges in Delhi, provides ample networking opportunities to its current students and future entrepreneurs. Through its extensive alumnus and regular workshops, you can gel with different professionals at various hierarchies and create a deep chain of networks. Take any aspect of running a business and you will see that your networks will always be the vital assets. Right from funding to managing crises, you can rely on your networks for prompt support. Begin interacting right from your college days and steer your ship with only the best crew aboard.