Financial capital is generally considered to be wealth that is accumulated individually or in a business and used, or available for use, in the production of more wealth. "Social capital" is in fact very similar. It, too, is accumulated by an individual or business and used or available for use in the production of wealth. Social capital is the accumulation of resources developed through personal and professional "networks". These resources include ideas, knowledge, information, opportunities, contacts and, of course, referrals.

Establish VISIBILITY, Develop CREDIBILITY, Acquire PROFITABILITY. This is the three step process in building your business through referrals.

Social capital is built by design, not chance. According to Wayne Baker, author of Achieving Success Through Social Capital, "Studies show that lucky people increase their chances of being in the right place at the right time by building a 'spider web structure' of relationships that catch information." Furthermore, according to Baker, "success is social; all the ingredients of success that we customarily think of as individual—talent, intelligence, education, effort, and luck—are intertwined with networks." [ Read more... ]