Social capital is the value of your startup’s connectivity to the marketplace — the sum of your employees’ social and professional networks. It’s an important asset when dealing with inevitable problems, crises, and failures.
The Quest for Mental Well-Being on the Entrepreneurial Journey. Mental health is intertwined with entrepreneurship performance. Much entrepreneurship performance depends on cognitive resources and capability. One thing founders can implement immediately to improve their mental health is to leverage their social capital.
Building new relationships is critical. But even more critical is ensuring that you take the time to strengthen existing relationships. Tips.
Here’s Why You Should Join a Professional Association
Partnerships will be key to success…As the pace of change accelerates, no one company, entrepreneur, or organization can keep up with everything.
To truly leverage social capital for your startup’s success, you must know how to use it effectively. It takes a diverse, industry-embedded, and interconnected social network to launch and grow your new venture over time. If you invest time in building relationships, your social capital will develop and grow over time, but connecting with other professionals is only the first step.
Social capital does not emerge from a bulging Rolodex or countless connections on LinkedIn. People want to be around others who see them, appreciate them, and value their contributions. You need to make an effort to build genuine relations and enter relationships with no expectations or needs. People don’t want to be used. You can avoid making others feel used by approaching your social capital efforts with a long-term and strategic lens.
How do you know if a startup leadership team will perform and execute its vision? How do you know if they will do it well enough for you to get a return on your investment?
Startups financed by venture capital are more likely to survive than those that do not. Those scientific findings are unsurprising. As the tired adage goes, “it takes money to make money.” There’s a catch, though: financial capital without human or social capital is worthless.
Startups very rarely (if ever) possess all the resources they need. So if a startup has strong social capital it is more likely to survive because social capital facilitates resourcefulness.