Founders, Leverage Your Social Capital to Help Face Challenges
3 Strategies to Improve Your Tenacity
Let’s face it, starting a business is hard. There are countless challenges that you will encounter along the way. From funding to marketing to sales, there are a lot of moving pieces to handle. Without tenacity, it is far too easy to call it quits after hitting wall after wall.
So what can an entrepreneur do to strengthen their tenacity?
The solution: Build your social capital.
Social capital is the value of your startup’s connectivity to the marketplace — the sum of your employees’ social and professional networks. It’s an important asset when dealing with inevitable problems, crises, and failures. For example, if someone is trying to start a new business, having a strong network of contacts can provide them with valuable advice, feedback, and support that can help them navigate challenges and stay motivated in the face of setbacks.
If you are a founder, below are three strategies to leverage your social capital and enhance your tenacity.
- Build a Supportive Network
Having a strong support system can lift you up when you are down. For example, having a group of people who believe in you and support your goals can give you the encouragement you need to keep pushing forward, even when faced with obstacles. So nurture meaningful relationships with mentors, advisors and fellow founders who can provide guidance, support, and motivation. Lean on them during tough times, as their support can help you stay resilient and determined. For example, I have a monthly call with another woman founder to share and talk and support one another.
Entrepreneurship is a team sport, not a solo game. Building a supportive network is critical to success.” — Robert Kiyosaki, founder of Rich Global LLC
- Seek Feedback and Accountability
You can also leverage your social capital to build an Advisory Board who can provide honest feedback and hold you accountable. Tap into their expertise and allow them to help you navigate challenges and make better decisions, even when the going gets tough. For example, when we need to make strategic decisions, we share the situation with our business advisor to get feedback and guidance before making a final decision.
The most successful entrepreneurs are those who seek advice from others, but ultimately make their own decisions.” — Richard Branson, founder of the Virgin Group
- Engage with a Startup Community
Interacting with startup communities can provide plenty of advantages. You can tap into a vast pool of resources, opportunities for knowledge-sharing, and promising collaborators. Engaging with others who are going through similar experiences can fuel your tenacity by allowing you to learn from their journeys and find inspiration in their successes. For example, I went to DC Startup Week last year. I chatted with so many founders about their ideas, path, and struggles. We were all there, not only to learn but also to make connections with each other and with potential investors. Exchanging our challenges and insights gave me the strength to continue on my path.
Thus, Attend startup-focused events, join entrepreneurial organizations, and participate in online communities. I personally can’t wait for 2023 DC’s Startup Week !
“Your network equals your net worth. Every relationship is an asset.” — Tim Sanders, author and former Yahoo executive
Conclusion
As you build your social capital, remember to give back to the community that supports you. Share your knowledge and experiences with others who may benefit from your insights. Actively mentor aspiring entrepreneurs, participate in panel discussions, or contribute to industry publications. By utilizing these strategies, founders can tap into the power of their social connections to boost their tenacity and increase their chances of success.
Need Advice or Have Questions?
Blackhawke partners with the Endurance Group to help those in the entrepreneurial ecosystem leverage human and social capital for growth and success using a variety of data-based methods. Schedule a free 15-minute consultation with an I-O psychologist or a free demo of the Commonality tool. We’d be happy to advise or answer questions, no strings attached!
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