Tuesday, October 14, 2014

Business Development and Your Social Capital

From the October 7, 2014 New Yorker, The Limits of Friendship.  This idea of a fixed amount of social capital that can go toward relationship management and business development in the context of we all just have 1,440 minutes in a day is interesting.

""There’s no question, Dunbar agrees, that networks like Facebook are changing the nature of human interaction. “What Facebook does and why it’s been so successful in so many ways is it allows you to keep track of people who would otherwise effectively disappear,” he said. But one of the things that keeps face-to-face friendships strong is the nature of shared experience: you laugh together; you dance together; you gape at the hot-dog eaters on Coney Island together. We do have a social-media equivalent—sharing, liking, knowing that all of your friends have looked at the same cat video on YouTube as you did—but it lacks the synchronicity of shared experience. It’s like a comedy that you watch by yourself: you won’t laugh as loudly or as often, even if you’re fully aware that all your friends think it’s hysterical. We’ve seen the same movie, but we can’t bond over it in the same way.

With social media, we can easily keep up with the lives and interests of far more than a hundred and fifty people. But without investing the face-to-face time, we lack deeper connections to them, and the time we invest in superficial relationships comes at the expense of more profound ones. We may widen our network to two, three, or four hundred people that we see as friends, not just acquaintances, but keeping up an actual friendship requires resources. “The amount of social capital you have is pretty fixed,” Dunbar said. “It involves time investment. If you garner connections with more people, you end up distributing your fixed amount of social capital more thinly so the average capital per person is lower.” If we’re busy putting in the effort, however minimal, to “like” and comment and interact with an ever-widening network, we have less time and capacity left for our closer groups. Traditionally, it’s a sixty-forty split of attention: we spend sixty per cent of our time with our core groups of fifty, fifteen, and five, and forty with the larger spheres. Social networks may be growing our base, and, in the process, reversing that balance.""

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