"Namedropping, attending parties, hiring non-clued employees, etc all seem like very non-core activities that people trying to build real businesses would not engage in a whole lot (if at all). "
Disagree. Who you know is important. It's not all about building a better mousetrap and having the world come to your door. Business is done many ways. People choose different ways to get to the same place.
Also, specifically regarding this: "hiring non-clued employees". There are many capable people out there who don't necessarily know the "lay of the land" but are quite capable. The fact that someone is impressed with something that they shouldn't be impressed with is no reflection on their value in an area of their expertise which you might hire them for.
Disagree. Who you know is important. It's not all about building a better mousetrap and having the world come to your door. Business is done many ways. People choose different ways to get to the same place.
Also, specifically regarding this: "hiring non-clued employees". There are many capable people out there who don't necessarily know the "lay of the land" but are quite capable. The fact that someone is impressed with something that they shouldn't be impressed with is no reflection on their value in an area of their expertise which you might hire them for.