How to convert your social capital to financial capital

[Augusta]

When it comes to funding your business you need to harness all sources so that you would always have good cash flow for your business. You need your business to outlive you so you would always oil it with a lot more capital to help sustains it. One of the ways you can achieve this feat is by looking at your social life and see how you can harness the capital you can get from there to grow your business.

When it comes to getting quick loan or money from people it is a lot easier to get from friends and people in your circle than from total strangers. So you can get your funding from your social class.One person that used this kind of funding method and made a success of it is the founded of Alibaba, one of the popular marketplace online. Resesrch shows that he invited his friends of the same social class over to his home and pitched them his business idea of starting an online marketplace that will be notable in the future and he made about $60,000 that day which he used to fund Alilibaba and today it is a success story for him.

so you can try it out, get your friends from the same social class to fund your business.

What's your thoughts?

 

[Yusra3]

Leveraging connections and relationships is key to transforming social capital into financial capital. Share your business ideas and financing needs with your broad network to find potential investors, lenders or helpful introductions. Bring value to collaborations first before making funding asks. Tap into your community's skills, resources and influence to strengthen the viability of your venture. With an abundant, reciprocal mindset applied to meaningful relationships, social currency unlocks tangible monetary support.