If you’re scratching your head and wondering why or pausing to decide just what we mean by Social Capital, you’ll want to read on.
For thousands of years, the most successful business people have intuitively known how to continually build and strengthen their Social Capital. Today’s experts say your Social Capital is not as valuable as your Financial Capital, it’s more valuable.
So just what is Social Capital? Social Capital is the expected collective or economic benefits derived from preferential treatment and cooperation between individuals and groups. Who doesn’t want preferred treatment and a higher level of cooperation? And, why not get the benefits of that preferred treatment and higher level of cooperation from more people?
Think of it as the value behind your social connections. When you devote your attention to raising and investing in your Social Capital as you do your financial capital, you'll discover benefits flowing from these intangible investments. You’ll be surprised at how fast you’ll multiply your material returns beyond your wildest dreams. We’ve all heard the saying, “It’s not what you know. It’s who you know.” However, building Social Capital requires just a bit more than simply knowing people. It requires relationship building.
Remember, “Where ever you go Networking makes you grow!”
While this comes naturally for some, it requires a slight change in perception for others.
Think of relationships as currency. We’re not suggesting that you use your Social Capital to exploit or take unfair advantage of your relationships. We are suggesting that you stand strong and confident in what you do to support others and let others know how they can support you. This mutual cooperation or fair exchange is what builds and strengthens your relationships aka Social Capital.
The key to improving your Social Capital is not just acquiring tons of business cards. The value is in turning those contacts into strong lasting relationships.
Members of the Local Entrepreneur Network are welcome to contribute blog articles, tips, etc. Email your blog article suggestions to Carole at EntrepreneursEdge4U@gmail.com .
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Carole Pepe, president, Local Entrepreneur Network