The network construct is in common usage in entrepreneurship research. However while the increasing use of the construct has furthered our understanding of the phenomenon of entrepreneurship, its popularity has sometimes led to misapplication and inconsistent research findings. Traces the development of the network concept in the two strands of research that have dominated this field, namely inter‐organisational networks and the entrepreneur’s personal network. Discusses the specific contexts in which these two branches have received most attention. Proposes that several key areas have been relatively neglected and offers direction for future research which would serve to improve our understanding of the entrepreneurial process.

For some time, researchers at the marketing/entrepreneurship interface have employed the concepts of networks and networking as a means of exploring how entrepreneurs "do business". More recently, attempts have been made to show how the process of networking contributes to small firm marketing. The overall research study on which this paper is based aimed to show how networking contributes to marketing. This paper focuses on a specific objective of the overall research study, namely an understanding of the process of small firm networking. It reviews previous research into the concept of networking and demonstrates how the process of networking can be captured as a number of dimensions along which entrepreneurial networking may vary. The paper then explains that while previous research has allowed a conceptual framework of small firm networking to be developed, further empirical research is merited and an entirely appropriate type of research is of a qualitative nature.

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Small business risk is a particularly pertinent issue for researchers as there is a strong association between small business owner‐managers/entrepreneurs and risk by virtue of the high failure rates of small firms. The objective of this study was to uncover situations encountered by owner‐managers/entrepreneurs that they perceive to involve an element of risk. More importantly, it seeks to understand how owner‐managers behave when faced with such “risky” situations. A qualitative study was undertaken with owner‐managers of small firms operating in a wide spectrum of industry settings. While great variation was encountered between the entrepreneurs, areas of commonality were distilled and it was shown that the key situations owner‐managers deemed to be risky were those pertaining to cash flow, company size, entering new markets or new areas of business, and entrusting staff with responsibilities. Furthermore, it was shown that the two key tools used to manage these risky situations were the use of managerial competencies and networking.

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