As an entrepreneur I very much understand the importance of networking with other individuals and companies in my industry. Many people that try to start a business tend to operate in a very introverted way which often prevents them from making the networking connections that would be beneficial to their business in the long run. Many fear that discussing their business with others in the same industry may open them up to issues where private company information is divulged but I have found that not to be an issue. Individuals in the same industry can often discuss common issues that affect the industry and work together to resolve these issues faster than they could on their own.
A great example as to when business social networking helps is when an exploit is discovered and affects one company. Information about the exploit can spread across the social network and cause other providers to proactively protect themselves from the issue. If you want a specific example of an issue you can Google for “HyperVM fsckVPS” and I am sure you will turn up loads of good results about the issue.
If you really want to run a successful business – talk to people who are already in the industry and listen closely to what they have to say. Do your best to make business related social networking ties with other individuals and businesses in your industry as you may not need them now but I am sure at some point in time you will.