The Top Ten Strategies For Building Social Capital 

By Kimberly George of Rebel Business

(1) Understand The Relevance of Social Capital

Dr. Ivan Misner, Founder and CEO of Business Network International (BNI), defines Social Capital as the accumulation of resources developed through your personal and professional networks. These resources include ideas, knowledge, contacts, referrals and opportunities. Social Capital is about investing in relationships and the cornerstone of any effective business is the quality and sustainability of your connections.

(2) Become a Connector

Connectors are people with a particular knack or gift for bringing people together. Malcolm Gladwell first shared this term in his book, The Tipping Point. Connectors naturally build bridges between people and diverse groups. Connectors are responsible for the “small world phenomenon”. Their activities connect people, resources and ideas who might not otherwise meet. Although some people are born with this skill, it can be learned, and is the single most effective strategy for building your social capital. To find out more about the connector mentality, visit www.socnetcommunity.com.

(3) See People Exponentially

When you meet someone for the first time, are you thinking only about what they themselves can provide? Are you focused on them hiring you or using your product? What about their Social Capital – the who they know? The theory six degrees of separation holds that any one of us is basically six people away from the person we want to meet. Begin to look at the world through a different lens. Actualize the concept of six degrees of separation. Look beyond the first degree – the person you’ve just met – to explore the people and resources they are willing to connect you to.

(4) Map Out Your Connections

A study conducted found a mere 22% of American professionals accurately comprehend their Social Capital. Most people underestimate the potential of their connections, and overestimate how well they are leveraging these resources. By literally drawing out what your personal and professional networks look like, you can see opportunities to connect others, and possibilities you may be missing out on. This process is like a mind map for your networks. An excellent online example can be found at www.humaxnetworks.com.

(5) Create Diversity

We’ve all heard “like attracts like”. People tend to associate with people who share the same interests, background and work. As a result, you automatically limit access to new and different opportunities. To build your Social Capital, strive not only to meet new people, but people from different industries, walks of life, and geographic regions. By doing so, you bring diversity to your network and can position yourself as a connector. People with abundant Social Capital literally bring the world together.

(6) Avoid “Shotgun” Networking – Be a Farmer

We’ve all seen them; maybe you’ve even been one at some point in time. “Shotgun networkers” are focused on one thing and one thing only at a networking event – getting hired, making a sale, tying up the transaction. They work a room like a frenzied hyena, giving out so many business cards randomly that they get paper cuts. Their efforts and their energy spray out over the room like a shotgun blast, diffusing effectiveness and leaving lots of bad impressions in their wake. To grow your Social Capital, develop a networking strategy before you attend an event. Focus on meeting and connecting with 3-5 people, rather than 30-50. Provide resources and gather information. Be thoughtful and interested. Learn beforehand who is running the event and introduce yourself. Have an idea of who you want to meet and what you want to achieve. As Dr. Misner says, “networking is farming, not hunting.”

(7) Develop “Degrees of Opportunity”

When you meet a new acquaintance you meet at a networking event, your relationship is at the “first degree of opportunity”. You are discovering what they do, learning about their products and services, and they are on the same discovery process about you. Masterful networkers build a relationship over time, getting to know individuals for who they are, not just for what they do. When you build a solid relationship beyond the surface level, you enter the “second degree of opportunity”. Trust is earned and built. Ideas are shared. The “third degree of opportunity” is where both parties are willing and committed to making referrals, sharing business, and adding value. Collaborations such as strategic alliances, mastermind groups and mentoring occur at the third degree.

(8) Master the Art of Resourceful Giving

Most people let their contacts languish at the “first degree of opportunity.” They don’t invest time, energy or attention to nurture an acquaintance into a connection. People with abundant Social Capital are creators not “waitors”. They don’t get grey hair waiting for people to come up to them, they introduce themselves. They don’t get frustrated waiting for the phone to ring, they pick up the phone. Connect with others by adding value. Recognize when there is an opportunity to provide resources by listening for key phrases like, “I need, I’m looking for, I wish.” Develop a deep treasure chest of information, contacts, and ideas ready and waiting to be of service. Build a reputation for being a resourceful giver, which creates stick-ability in people’s minds.

(9) Actively Listen

People with abundant Social Capital seek to be of service before they sell. They seek to understand rather than be understood. Many times, in a networking “situation”, people are so busy thinking about what they are going to say, how they are going to pitch themselves and their product that they miss the very opportunity to fill the need. Be genuinely interested in the person you are talking to. Ask thoughtful, engaging, open ended questions. Be curious, but respectful. People love to be asked, but more importantly, people love an audience. We live in an attention economy. Attention is our most precious commodity.

(10) Follow-up

Building Social Capital is about investing in relationships. The single greatest networking mistake people make is not following up with new contacts. It’s not how many networking events you attend, it’s how many opportunities you maximize. Some people attend 3-4 networking events a week, and yet, never take the time to follow-up and meet individually. A business card has no value if there is no connection behind it. Limit your networking events to a number that makes it easy to commit to cultivating contacts, rather than collecting a stack of business cards that end up at the bottom of your drawer. Following-up is one of the greatest ways to stand out from the crowd. Think about it – when’s the last time someone contacted you that you met at a networking event?

For more information, contact Kimberly George at kim@leveragedynamics.com or visit her online at http://rebelbusiness.com

I want to give you a very special audio interview with Kimberly George of Rebel Business. The subject is Social Capital and Networking. I am finding this topic to be so important as I continue to grow my business, and I want to share Kim's wisdom with you. Enjoy:

Listen to the interview with Kimberly... MP3 format