Business networking

Networking is a socioeconomic business activity by which businesspeople and entrepreneurs meet to form business relationships and to recognize, create, or act upon business opportunities, share information and seek potential partners for ventures.

In the second half of the twentieth century, the concept of networking was promoted to help businesspeople to build their social capital. In the US, workplace equity advocates encouraged business networking by members of marginalized groups (e.g., women, African-Americans, etc.) to identify and address the challenges barring them from professional success. Mainstream business literature subsequently adopted the terms and concepts, promoting them as pathways to success for all career climbers. Since the closing decades of the twentieth century, "networking" has become an accepted term and concept in American society. In the 2000s, "" has expanded beyond its roots as a business practice to the point that parents meeting to share child-rearing tips to scientists meeting research colleagues are described as engaging in "networking".

A business network is a type of business social network which is developed to help businesspeople connect with other managers and entrepreneurs to further each other's business interests by forming mutually beneficial business relationships. There are several prominent business networking organizations that create models of business networking activity that, when followed, allow the business person to build new business relationships and generate business opportunities at the same time. A professional network service is an implementation of information technology in support of business networking. Chambers of Commerce and other business-oriented groups may also organize networking activities.

Many business people contend business networking is a more cost-effective method of generating new business than advertising or public relations efforts. This is because business networking is a low-cost activity that involves more personal commitment than company money. Country-specific examples of informal networking are guanxi in China, blat in Russia, good ol' boy network in America, and old boy network in the UK.

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