Networking with other business owners and entrepreneurs can be good for your business and also benefit communities.

Here's a quick look at the value of finding and tapping into local business networks and resources.

Encourages Entrepreneurial Success

Experienced entrepreneurs often cite having access to a robust business network as a key factor in their success.

Further, its value is buoyed by decades of academic research showing a data-driven link between business networking and entrepreneurial success.

How you use your network is important, says Waverly Deutsch, who teaches entrepreneurship at the University of Chicago's Booth School of Business.

"Trusted contacts can be particularly helpful at overcoming early challenges," she writes in an article in Chicago Booth Review, a magazine that focuses on research-driven insights on business, policy, and markets.

Entrepreneurs who engage in business networking discover opportunities they otherwise would not be exposed to. "You have access to insights by exchanging best practices with individuals who are not your direct competitors but are operating in the same area or in a related industry," says entrepreneur Usman Zaheer, founder and CEO of OnyxTec.

"It can help open doors to resources, opportunities, and collaborations that can significantly impact the success of a business," he writes in his weekly newsletter for entrepreneurs, Spark to Success, and posted on LinkedIn.

Contributions to Ecosystems

Becoming part of an entrepreneurial network gives you the opportunity to be a part of and contribute to entrepreneurial ecosystems, which, when thriving, can have a positive impact on local communities and economies.

"The essence of an entrepreneurial ecosystem is its people and the culture of trust and collaboration that allows them to interact successfully," explains the Kauffman Foundation's "Entrepreneurial Ecosystem Playbook." 

"An ecosystem that allows for the fast flow of talent, information, and resources helps entrepreneurs quickly find what they need at each stage of growth. As a result, the whole is greater than the sum of its separate parts."

Exposure to Local Issues and Potential Partnerships

A business network is a great way to keep you well-informed about local and industry events and opens up opportunities for partnerships and collaborations with other business owners.

Becoming involved with local groups like the Chamber of Commerce gets you "in the room" with key business and civic leaders in your community — expanding your network of contacts and knowledge about topics and events that are important to area residents and leaders.

Building Your Business Network

Even if you have a professional "network," it's important to keep expanding and evolve your network, particularly if you're a startup or entering a new growth stage.

A diverse network offers insight from a wider range of perspectives and experiences, which could help your decision-making in different areas of your business, expand your access to new opportunities, and lead you to more creative solutions.

Also, for startups, a diverse network increases the likelihood of finding the right information, resources, and skills needed to grow your company successfully, according to academic research cited in the Booth Review article.

If you're a startup or even considering a new business, look for local resources that focus on helping new entrepreneurs and businesses, such as an area SBA office, or reach out to the business mentoring group SCORE.

Other possible resources may be university-based programs, privately sponsored incubators, and others that offer business assistance to specific populations, such as women or entrepreneurs starting businesses in a specific industry.

These types of resources, along with becoming involved with local business and civic organizations in your area, can mark the beginning — the seeds, if you will, for a diverse and vibrant business network.