According to the pioneering research of Harvard Business School professor Toby Stuart, successful entrepreneurs need to build strong social networks. Stuart lays out his findings in a paper titled "Social Networks and Entrepreneurship" (co-authored with Olav Sorensen). The paper was published in the Handbook of Entrepreneurship (edited by Olav Sorenson, Rajshree Agarwal and Sharon Alverez. Kluwer Academic Publishing, 2004).

In a press release by the Kauffman Foundation:

KANSAS CITY, Mo. (Aug. 14, 2006) - To be a successful entrepreneur, the people you know are as important as your ideas, according to the winner of the 2007 Ewing Marion Kauffman Prize Medal for Distinguished Research in Entrepreneurship.

The Kauffman Foundation awarded the Kauffman Prize Medal to Toby Stuart on Aug. 14, 2006, at the Academy of Management annual meeting in Atlanta. Stuart is a professor at the Harvard Business School. Previously, he was the Arthur J. Samberg Professor at Columbia Business School and prior to that, the Fred Steingraber-A.T. Kearney Professor at The University of Chicago Graduate School of Business.

Stuart received the Medal for his pioneering research into social networks and their effects on entrepreneurship. His work points to the dynamics of networking and proves that successful entrepreneurs need more than good ideas and intelligence. They also need to be perceived positively in their networks.

"As an organizational sociologist, my research shows how social and industrial networks shape fundamental individual and firm outcomes in technology-intensive industries. Many of the core elements of the entrepreneurial process are dependent on the individual or firm's positions in a social network," said Stuart.

The Sacramento Executive publishers agree with Stuart's findings. Networking is key. The Sacramento Executive was created and exists with this sole mission - to link executives to the vital resources to be successful.

Speaking of networking - remember to sign up for the next Sacramento Executive event on September 20 at Lomo's. To register, click here.

Pierre Cutler
The Sacramento Executive