Friday, October 30, 2015

How to Create Lasting Success through the Power of Social Capital


People who build the right networks get the resources they need when they need them — entrepreneurs secure venture capital, investors find new business opportunities, job seekers locate good jobs, salespeople find new customers, managers boost their influence and effectiveness, business leaders tap the competitive advantage of human resources by building social capital as an organizational competence.
~ Wayne Baker
Anyone who keeps up with current affairs, knows there is a lot of volatility in many areas of society. These areas include, but are not limited to business, banking and real estate. One of my interests—connected to my personal Higher Purpose--is centered upon providing financial literacy to help reduce wealth disparity in the United States, particularly among youth and woman of color. My intent is to share my financial literacy curriculum that I designed to teach people how to build wealth. To this end, my focus is on home ownership and entrepreneurship.

My background is in system engineering and business consulting. I have applied the skills and knowledge that I have acquired in these two areas (over the past 25+ years), to create a systematic process for producing sustainability in the areas of home ownership and business creation.

My process for creating and maintaining this sustainability in both of these volatile areas is based on the strategy of leveraging the power of social capital that flows naturally through connected-engaged social networks.

Specifically my strategy calls for the following:

  • Promoting the four organizing principles of Conscious Capitalism
  • Creating businesses for the purpose of serving a higher purpose
  • Ensuring that all stakeholders benefit by partnering with community-based non-profit organizations
  • Connecting with other socially conscious individuals and organizations
  • Forming mastermind alliances with conscious leaders
  • Connecting social networks that in turn form conscious cultures

How? This is done by first acquiring social capital by serving others in a positive, measurable, impactful way. The most successful people know how to increase their wealth, health and happiness by tapping into the rich source of wealth hidden within social capital.

I’m sure many of you may be thinking “What is social capital?”

In his book Achieving Success Through Social Capital: Tapping the Hidden Resources in Your Personal and Business Networks, Professor Wayne Baker defines social capital as referring to the resources available in and through personal and business networks. These resources include information ideas, leads, business opportunities, financial capital, power and influence, emotional support, even goodwill, trust and cooperation.

Many people believe they should be able to get along just fine without social capital. They mistakenly believe that the “go it alone” strategy will bring them the success they are after. Nothing could be further from the truth.

In my next post, we will discuss How to Acquire Social Capital.

With Intent,
King