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Turning Social Capital into Social Income: The Importance of Goals



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Regardless of their social ability, everyone has a certain level of social capital. Whether considered the biggest jerk on the face of the planet or the most caring person in your office, both of these individuals have a level of social capital regardless of who they are and what they represent. One could easily argue that the number of people in your contact list is meaningless unless there’s something to gain from knowing them.

When economists look at social capital, they immediately look at the cost/benefit scenario. After all, maintaining social capital is an expensive task, especially if you have many strong ties (consider all the time you spend maintaining a relationship). So from the economist’s perspective, turning social capital into social income is the key to successfully leveraging our relationships for something meaningful. Not too romantic, but it demonstrates the potential utility of our connections (i.e., emotional and financial support, contacts, information, knowledge).

The key to successful networking is developing mutually beneficial relationships so that the social capital doesn’t dry up. Just like a bank account, if you continue to make withdrawals and don’t deposit more funds, you’ll eventually end up with a zero balance. It’s important to realize that when we refer to leveraging contacts, the need to approach networking that is mutually beneficial is crucial....I take something from the network and I give something back.

So how do we look to our network and identify what social resources exist within it? To catalogue all the embedded resources would seem like an impossible task; where would we start?

To make this process more simple, the first step is to be clear about what you want to accomplish before you even consider going to the network. This means setting clear and concise goals that can easily be communicated to contacts. By setting goals, we’re able to determine if there are social resources in our network that can help. By doing this, it makes the task of cataloguing resources more manageable and will motivate us to continue to network. If you require a plumber to fix a leaky toilet that is causing damage to your bathroom, who in your network can either fix the problem or is most likely to know someone who can? When you go to the network with that specific goal, the contact can easily determine if they can help you or if they know someone that might be able to. It’s as simple as that. Be clear on what you want to accomplish and make sure that you’re able to communicate it to the network in a concise way. If this can be accomplished there is no telling what can be achieved.

Turning social capital into social income can only be accomplished if we’re clear on what goals we want to achieve. When we set goals, the social explorer is no longer setting goals for themselves but the network itself. This means that goals need to be clear, concise and to the point. After all, if we have to make our contacts figure out what we actually need, the likelihood of them helping dramatically reduces.

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