Why You Need Strategic Partnerships
and the Role of Social Capital in Building Them
Partnerships will be key to success…As the pace of change accelerates, no one company, entrepreneur, or organization can keep up with everything.
~ Steve Case, The Third Wave
The business environment is increasingly complex and evolving in a hurry. Steve Case offers insight in the above quote about how strategic partnerships can be a powerful mechanism to keep up with that change.
Strategic Partnerships — cooperative agreements where two or more organizations share profits and losses in their activities — can enable your startup to achieve goals that you could not otherwise reach on your own. It is likely that your startup (just like all the others) lacks all the necessary resources, such as financial resources, staff, time, experience, or credibility. These resources can be gained from strategic partnerships.
Leveraging social capital for strategic partnerships involves using your network of relationships to create mutually beneficial partnerships with other individuals and organizations. Here are some steps you can take:
Identify your Social Capital
Start by developing a social capital inventory to understand your existing network of friends, family, colleagues, and industry contacts.
Build Relationships
Focus on building and maintaining strong and authentic relationships. The best partnerships are built on a foundation of trust. Stay in touch, offer help and support when needed, and be responsive to their needs.
Identify Potential Partners
From those with whom you have built genuine, trusting relationships, who can help you achieve your strategic goals? Look for complementary skills, expertise, and resources.
Create Win-Win partnerships
Focus on creating win-win scenarios that benefit you and your partner. Start by identifying shared goals, defining clear roles and responsibilities, and establishing clear communication channels.
Conclusion
By leveraging your social capital, you can create powerful strategic partnerships to help you achieve your goals and to reduce the risk associated with a startup. Remember, though, that building strong relationships takes time and effort, so be patient and persistent in your efforts. It is unlikely that a partnership stems from every relationship you build. That’s ok; you need to find trusted partners with shared goals.
Do you have invaluable partnerships?
Give your partners a shout-out and share how strategic partnerships have helped you accomplish your goals in the comment section.
Need Advice or Have Questions?
Speaking of partners: Blackhawke partners with the Endurance Group to help those in the entrepreneurial ecosystem leverage human and social capital for growth and success using various data-based methods. Schedule a free 15-minute consultation with a Blackhawke I-O psychologist or a free demo of the Endurance Group’s Commonality tool.
We’ll happily provide advice or answer questions, no strings attached!
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