Social Capital; Building the ‘Networks of work’
By Gilbert Were
I have been doing research on the status of young entrepreneurs who are in the capital city compared with those outside the city. With the introduction of digital platforms, many young people find it easier to do business online. The testimony is that some succeed very well while others fail miserably.
The secret about entrepreneurship is discovering a niche in the market and providing alternative solutions to these problems.
With the high number of graduates out still searching for white color jobs, few will consider the blue color alternatives out in the market. This young generation has found it so hard to make it in their careers for lack of adaptability.
The digital space gives an opportunity for both the young and the old of self-discovery. There are various digital platforms that if are well used can keep us running.
I had a sit down with one of my mentors who is an MA Economics, Mr. Milton Onyiroo of Techbridge Hub, and in our discussion, we came to the realization that there exists such a thing as ‘Social Capital’
Yes, you know of Sweat Capital and Human capital.
Human capital is all about, people you need in your business to achieve your main goals, while sweat capital is the amount of time and resources you put in your business.
‘Social Capital’ on the other hand is the current investment formula for young entrepreneurs in the big city. What all this means is, all those connections that you need to make money, or should I say to make your business successful. Social Capital is all about, the connection needed to solve your problem. In other words, ‘The networks of work’ – Who do I need on my side.
Some of the people who have used the Social Capital aspect to their benefit very well and it worked out for them I could say are the Musicians. The collaboration aspect of the music industry where a song features various artists, the video directed by other directors, and audio production by another producer, has made the social capital aspect a success in the industry. This formula has made even songs with unsavory content to become huge hits.
But in the business sector, it has worked also for so many rich guys who discovered it a way back.
So as you think of getting customers and those good deals, make sure you build your networks and connections and use them to your advantage. Strengthen your social capital to ensure stable and sustainable success. You can do more research on this. Till next time, bye.