Chapter 9 Flashcards
(17 cards)
The Power of Networks -
2 sources of personal differentiation
Human Capital - skills and knowledge
Social Capital - our personal social networks : ppl who cooperate, exchange information, build trusting relationships
The best networks provide what?
multiple benefits-access to financing/expertise/emotional support
mutual learning and exchange of information
3 dimensions of social capital
- Structural : Components of your network and the degree to which these social ties are informal or formal
- Relational : what your contacts represent (ex: trusting relationship)
- Cognitive : norms, visions, values, interpretations, and beliefs you may share with other, which provide a foundation for working well together
Organization for Economic Co-operation and Development (OECD) has three varieties of social
capital
- Bonds : Connections with ppl who are just like us ( family, friends, ppl with same background/ethnicity)
- Bridges : Links that go further than simply sharing a sense of identity (classmates who may hv different cultures, etc)
- Linkages : Connections to ppl or groups regardless of their position in an organization, society, or other community.
Benefits to Social Capital
- Sense of shared value
- Emotional, social, economic support
Downsides to Social Capital
- Strong ties can be restrictive
- Connections with ppl who are too similar to us can prevent an open mind to alternatives
- Too much loyalty can cause ppl to go against the interests of society as a whole
Advantages to Networks
- Access to private information
- Access to diverse skillsets
- Access to power
What is impression management?
Paying attention to the way people perceive you and taking steps to be perceived in the way you want others to see you.
Self-Selected Stakeholders
The people who “self-select” into an entrepreneur’s network to offer some type of short-term or long-term commitment to the venture and to connect the entrepreneur with resources.
they are motivated to help you, you didn’t have to come to them and pitch to them
What is a startup incubator?
An organization that helps early-stage entrepreneurs to refine an idea into a viable business model
What is a startup accelerator?
An organization that provides tailored support for existing startups that have already built an MVP by helping to
scale and grow their business through
focused programming designed to accelerate sales and establish a presence in the market.
What is a founding team?
A group of people with complementary
skills and a shared sense of commitment coming together in founding an enterprise to build and grow the company.
Usually consists of the founder and a few other cofounders.
Goal: build and grow the company and provide economic and social returns for themselves, employees, other owners, and potential investors
Having a partner is essential because:
– They bring a diverse skillset.
– They are a friend on the startup journey.
– They can take over.
– They can find the blind spots.
What is an homogeneous team?
A group of people with the same or similar characteristics such as age, gender, ethnicity, experience, and educational background.
– Members are more likely to feel included, which aids in communication.
– Lack of diversity can stifle creativity and information processing.
What is an heterogeneous team?
A group of people with a mix of knowledge, backgrounds, skills, and experience.
– Diverse set of collective characteristics aids in decision-making, expands a group’s set of possible solutions, and allows the group to conceptualize problems in new ways.
– Tends to have higher creativity and innovativeness.
What is Groupthink ?
A phenomenon in which people share too similar a mindset, which restrains their ability to spot gaps or errors.
The Value of Team Diversity
Team commitment and cognitive comprehensiveness;
A process in which team members examine critical issues and have different approaches, course of action.
