What is Generic Network Taxonomy

Internet technology has undoubtedly revolutionised our personal and business lives, however “the ‘killer application’ of the internet turns out to be other human beings” (Kang, 2000, p. 1150). The fusion of the computer and mobile technologies has created a World Wide Web of computer networks, which have brought about limitless opportunities for communication (Rheingold, 2002) and collaboration among social entities (Weaver and Morrison, 2008). Social networks, apart from facilitating user-to-user social interaction, can be seen as a very effective business approach for entrepreneurs, business professionals, and companies (Dimicco et al., 2009). In this chapter we present distinct aspects of networks. Initially, we describe and define social networks, emphasizing upon their key characteristics. Subsequently, we review the different network types and we proposed a holistic network taxonomy based on four distinct dimensions: network focus, network openness, network orientation, and social space. Finally, we examine the strategic perspectives of social networks for business actors, while focusing on organisational benefits and associated risks.