How To Grow Your Social Capital

The phrase ‘social capital’ has been doing rounds in the business world. But what exactly is it? 

Social capital refers to shared values/resources that help those involved in working together towards a common goal. In effect, the greater social capital, the greater accessibility to obtaining necessary resources or information. 

At CEOWorld, we have covered numerous CEOs and HNWIs, all of whom agree to the insurmountable utility of social capital. Whether it is about securing an interest-free loan based on a long-term relationship or getting referred to a higher position in a company, your social capital can take you places. 

So, how do you grow your social capital? Well, the tricks are simple. 

1. Everyone’s resourceful

   You must keep an open mind. We all have preconceptions about people and how they can help. But, these beliefs come with limitations; they are, after all, based on our judgment. Thus, you cannot rule out an individual from your network solely because you feel so.

   Of course, this doesn’t mean you have to always walk into a crowd of unrelated people. Rather, you should know how you can have mutually beneficial relationships with each and everyone in the room. Smart people can exact favors anywhere–and from anyone. Why? Because they find everyone resourceful.

2. Diversify

   Just like an investment portfolio, your social capital must comprise individuals from all walks of life. This suggestion is, in a way, an extension of the first.

   It is advised to keep open networks. The more people are in it, the more diverse it will be. For faster referrals, better feedback, and more authenticity, you should have associations with people who may not be associated with one another.

   For example, when you take up a project with a client and the client does a background verification, the diversity of your network will vouch for your credentials and can speed up the entire process.

3. Dedicate time to the task

   We are all busy, but social capital doesn’t build up on its own. You’ll have to dedicate some time of your everyday life to it. Every day or week, whatever is most comfortable with you, should be dedicated to carrying out networking. Schedule a lunch with an important colleague, or send your regards to a former boss or client. If there’s a workshop or social gathering of people you consider vital to social capital, then try making some time out for the same.

4. Social media is a powerhouse

   Social media is the fastest way to connect with people. To connect and to convey your values. You don’t have to do anything; just send them an invite, a simple ‘hello,’ and catch up on things.

   LinkedIn, for instance, is a powerful tool to connect and show your values and resourcefulness. Establish strong connections over there, request recommendations, and let them do the trick for you. Write down informative, deliberation-oriented posts, tag individuals, and engage. The impact is almost instantaneous if you do it right.

5. Give help

   Now, people may not hesitate in recommending you or taking up your case as a priority at the first instance. However, should you fail to build a relationship of trust and reliability afterward, they may not be as willing. Social capital is, after all, about mutual regard for a common goal.

   Be mindful. Should you come across any member of your network in need of help, offer them your assistance. Don’t make big claims. Only claim what you can do within your means. Even if they don’t need your help at the time, they’ll remember your eagerness and offer. And, perhaps, in the future, should you need their help, they’ll be willing to help you.

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