Definitions surrounding what constitutes an effective business network are both sporadic and incomplete. However, couching the formalized business network in voluntary organization literature and the corresponding definitions of organizational effectiveness, this study uses an emergent approach to examine the various perceptions (i.e. - the body of literature, the members of existing networks, and the directors of existing networks) of business network effectiveness. Using data from networked businesses (N=1,037) in 27 different networks, results are compared and contrasted with the findings in the literature as they relate to business network effectiveness. In particular, I look for commonalities and discrepancies throughout the data. Finally, themes from in-depth interviews with the directors of the 27 networks are used to further explore any commonalities and differences in perceptions of business network effectiveness.