Reference no: EM132897301
Social Capital:
An economic idea that refers to the connections between individuals and entities that can be economically valuable. Social networks that include people who trust and assist each other can be a powerful asset. These relationships between individuals and firms can lead to a state in which each will think of the other when something needs to be done. Along with economic capital, social capital is a valuable mechanism in economic growth.
The term social capital emphasizes not just warm and cuddly feelings, but a wide variety of quite specific benefits that flow from the trust, reciprocity, information, and cooperation associated with social networks. Social capital creates value for the people who are connected and - at least sometimes - for bystanders as well. - Professor Robert Putnam
As you prepare a final feasibility study, we investigate the concept of Social Capital. It is so much more than a social network. More important that knowing the definition of social capital, is how we can use the concept to further our business while helping others at the same time.
1. If you were to start your business tomorrow, who are the three people that you absolutely would need to speak with to help ensure success? I don't want to hear bankers, the SBA, or me...who in your community/network do you view as critical to your success? Tell me why you picked each one and how they accelerate your growth.
2. Now we know who you need, but social capital works both ways. How will you be able to benefit those three people you mentioned above?
3. What is YOUR definition of Social Capital? How does YOUR definition differ from what Prof. Putnam believes Social Capital to be?
4. What are your biggest limitations to creating a high level of social capital?