As far as my perception goes, social media is going to play a vital role in creating business networks for budding entrepreneurs if they use this in a constructive manner. The main advantage of social media is the brand awareness and reach will be more and in untapped markets. Moreover the usage percentage of social media is increasing day in and day out.

One of the critical success factors for entrepreneurs is how well they network with their relevant suppliers and customers. My experience suggests that they use lots of different social media already, and for slightly different purposes--some for peer-to-peer networking, some for selling, some for keeping up with their customers/competitors. But as social media evolve, some become more popular than others, while some drop in popularity, so keeping up with what the entrepreneurial community is doing on social media is hard because it changes quickly.

I think experience suggests that they use lots of different social media already, and for slightly different purposes--some for peer-to-peer networking for reev-reviewer of broadcasting media.