Hello Entrepreneur, your network is your net worth

Building Social Capital – Social Capital refers to resources, knowledge and information that results from a network of relationships between individuals or organizations. A strong network is like money in your bank account hence the name social capital. Sometimes, whom you know and whom you don’t know can be the difference between winning or losing a business opportunity.

In a startup world, the importance of networking cannot be overemphasized. Networking can open up opportunities for investment, client acquisition and business growth. It widens the perspective of an entrepreneur and helps him or her to think differently.

Here are some guidelines for startups with regard to networking.

• Network strategically – networking is not just socializing and exchanging business cards. Focus and intent are key in developing a strategic network.

• Pay it forward – while building a relationship. There is an old saying – the currency of networking is not greed but generosity. This also helps build relationships based on trust and integrity.

• Network with people from diverse backgrounds – this is similar to allowing fresh air by opening windows in a room. Recycling your own thoughts is like being in a closed room. Many times, creative ideas come from interactions with people outside your fraternity.

• Allocate time – You need to allocate time to build your social capital. Social media presence is important, as it can help build your network.

• Former Colleagues and Alumni – They are best network and can help without expecting anything in return.

• Find Mentorship and Support – As a startup you need this most. Experience