Discuss “Building social and financial capital”
Social Capital is defined by Dictionary.com as a network of social connections that exist between people, and their shared values and norms of behavior, which enable and encourage mutually advantageous in social cooperation. Because of my own attempt to stay closely involved with like-minded people, I have chosen to build relationships that would best fit my interest both personally and in the business realm. The Rotary Club, N.C. Chaplains Association, church organizations, and national law enforcement groups fit my quest to be an individual that builds communities through service.
The organizations I have listed certainly are for the most part geared to being service oriented groups which give me an insight on what is needed in the communities they serve. Networking with other organizations is key to new non-profits simply because of the small size of those new non-profits. In many instances, you have a small staff that are handling multiple jobs and quite frankly that can become draining on your staff, where if you have a network of other social capital, you have connections that can assist you in growing your business and you may be able to assist them. According to Misner (2011), “The key to improving your social capital isn’t the number of contacts you make. What’s important is making contacts that became lasting relationships.”
Building financial capital is sometimes needed for the growth of your business. According to the business dictionary.com financial capital is defined as “Borrowed sums or equity with which the firm’s assets are acquired and its operations are funded.” A lot of times new startup companies have to find financial capital to help support the initial growth of their business so they turn to angel investors, small business loans, family & friends, or if they are patience they will do it their selves and build their business slow.
Finally, it’s never an easy process to building your social and financial capital. However, if you are confident in your product or service and you are passionate about your business growing ,you will succeed. While marketing your business to the community you have immersed yourself in, you are building your business every day. At some point, if your product is a good product, people will begin to support you because you put in the time and hard work.
Retrieved from http://www.dictionary.com/
Retrieved from www.businessdictionary.com/definition/financial–capital.html
Misner, Ivan (2011) retrieved from https://www.entrepreneur.com/article/219590