ENT 600 – Week 3
Who is responsible for your success, as an entrepreneur? Can you be a lone success, especially in a long run?
I had many chances to attend many Exit Conventions in the past, since I worked with my husband as a Broker/Realtor, and last March at a NOEW 2016 (New Orleans Entrepreneur Week – The hub of Entrepreneurship in the South), on Fulton Street. This is just a co-incident happened during our vacation and I was glad that at least I saw what was going on in this event.
There were many successful entrepreneurs came from all over the corners in the south of the country. I learned there was one common thing when they talked about was: “Being an Entrepreneur is a lot of things, but easy is not one of them”
Is it fun? Yes
Do you make a lot of money? Yes. But for some, as mostly starter, working a long time without earning income before seeing the fruits of their labor, is a part of normal.
There are so many things featured their success. Building, using social and financial capital is among those.
What is social capital? It is resources (intangible, invisible, re-searchable resource access for information, influences, trust, reputation…) and is made up from relationship.
Life as a founder/entrepreneur is nothing like an episode of “Shark Tank”. That’s just TV. One of the biggest hurdles is building and raising capital. Once you have worked long and hard enough to startup your business, then to get your business off the ground, you will need capital to grow it. You deserve every opportunity to share your unique gift with the world. You surely need human capital, some backup and some bridges. “Do you think investors would line up, willing and ready to write million-dollar check? Not sure.”, said the co-founder and CEO Brian Bordainick. The important thing is you working hard to make investors believe in what you do.
Everyone has social capital but it’s up to you to choose to use it with greater wisdom and purpose. Everyone has a part to play, for example if you see yourself as an employer, the part you can play is looking at your employment pipeline: who you are hiring, where to get them to add value to your company and to your industry.
“Research has shown that people who accumulate more social capital before founding are able to attract more human capital and financial capital with which to launch the startup, and to do so more quickly.” (p.48 The Founder’s Dilemmas)
“Savvy financial advisors know that our connections to other people and the resources they can provide are just as important as financial capital in building our practices.”
The Founder’s Dilemmas of Noam Wasserman
Many You Tubes videos
E Book: Your social network advantage
Social Capital and the power of relationship
NOEW The Magazine vol. II at www.NOEW.org