Growing Your Social Capital

1) One person must be a domain expert in your industry. This would be someone who's engaged in the same type of business activity as you would like to be. They may own the same kind of company that you would like to own, or they may be a technical expert who knows a lot about the kind of product or service that you would like to produce.

2) One person must be an expert on your market. This would be someone who is targeting your market with similar products services -- or knows a lot about conducting customer research in your area -- or represents a major piece of your market (this might be most applicable with B2B markets).

3) One person must be an important supplier to your industry. This would be someone who is selling products and services to other organizations/firms in your industry. 

What constitutes 'contact'? Social capital exists in the "potential goodwill" that exists between two people. For you to establish "potential goodwill" for this exercise, you need to have asked feedback from each of these people on your business idea so far or in some other way created a favor "request." For instance, this could include asking to meet with them to show your elevator pitch or your idea napkin. 

One last catch: The three people you add to your social capital cannot have participated in any other exercise you have completed as part of this course. 

How to write up this post. Break up your post into three parts, one for each person. For each person, describe:

1) Who they are and what their background is.

2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.

3) A description of how you found the person and contacted the person.

4) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? 

5) How will including this person in your network enhance your ability to exploit an opportunity?

Finally: Reflect. This experience requires you to do a little 'targeted networking.' How will this experience shape how you participate in any future networking events? Did this experience differ from your networking experiences in the past? How?