Online Social networking use by businesses is already quite well established. With newer avenues, business expansion and marketing ideas to a ready audience of other net-workers happens effortlessly, even for cash strapped small scale businesses. Entrepreneurs and social entrepreneurs are finding avenues to market and spread the word about their ventures, and create brand value at almost no cost by using social network or media websites. The social network, fan and follower base that these entrepreneurs end up building for their local businesses through globalised internet tools is inspiring.
For example, a local kiosk chain in India, which serves wraps for people to eat was at some point of time known more from its Facebook page than through other means. In fact, the owner of this chain uses Facebook and other social networking sites as his main marketing and branding tool. A strategy adopted by such new food chain entrepreneurs with limited budget in India is to get a few well known newspapers or magazines carry an article about them in the Lifestyle section. They make sure to mention their brand’s Facebook or Twitter page in such articles and end up getting a considerable number of fans or followers online. How much of this converts to business is an aspect to consider, but, the mission of creating a brand value at almost no cost is accomplished.
The use of social network as a knowledge network by entrepreneurs and social entrepreneurs is yet another area of interest. With existence of several interest groups and knowledge sharing groups or networks, it is well known that these social networks have gone on to help several of its members by bringing together strangers separated by physical distances onto a common platform. Entrepreneurs and Social Entrepreneurs have found this platform an extremely viable medium through which knowledge of business processes, technicalities, laws, organisation culture and so on can be shared extensively in a cost effective manner.