Trust And Entrepreneurship: 4 Applicable Ways You Should KnowOluwaseun Olayisade
Have you ever wondered what the relationship between trust and entrepreneurship is?
Keep reading to find out more about the intriguing relationship between trust and entrepreneurship.
In a new year a lot of decisions need to be made. Some people will decide to employ or let go of certain staff while some will decide to persevere/pivot.
Some will decide to win more customers, some will outsource their business while some will try to woo investors.
One common factor in taking all these decisions is “Trust”. Therefore Trust and Entrepreneurship are more entangled than you think.
Trust is key for entrepreneurial success.
As an entrepreneur you may have started your business alone and built it alone but at some point it will surpass you.
At that point you need to hire employees and (or) outsource. In comes trust.
As an entrepreneur you need trust to employ, relate with your suppliers and clients. You need to build an environment of trust around your business.
Trust And Entrepreneurship As Applied To Employees.
Exponential growth of your business will require you bring in a team of people with a vision same as yours.
Know the perfect time to trust your business to people. Not too early and not too late.
Bringing them in too early might make you incur unnecessary costs thereby debt and too late might stagnate your business.
The perfect time is when you have put all the necessary things in place and you can afford to pay the people you hire.
Bring people in one at a time not in one fell swoop. Though you still need to guide them.
If you mistakenly hire the wrong person(s) quickly retrieve the tasks you delegated to them.
Can you trust your employees not to steal your funds, your ideas or sell your ideas to your competition? Ensure you conduct morality tests.
Can it also be said of you that you are committed to the interests of your employees?
The key thing is to trust them to do their job after you have hired the most qualified hands.
Trust And Entrepreneurship As Applied To Suppliers and Outsource Providers.
A business in operation will definitely involve suppliers. You need to trust them to supply you the best your money can buy and they need to trust you to come up with payments as at when due.
You need trust to maintain business relationships.
You should have a working relationship with your suppliers in terms of them knowing when to supply you and you knowing when to pay them.
This arrangement can only work with trust.
It’s important to treat your suppliers and outsource providers like partners. This increases the level of trust thereby creating a well oiled engine for your business. This relationship requires patience though.
Trust And Entrepreneurship As Applied To Customers
A customer who has never patronized you before approaches your business for only one reason “Trust”.
He trusts that your product/service will meet his needs.
While a repeat customer comes back to you due to only one thing “Trust”. That you are not a one-hit wonder. Just to confirm that his first purchase from you wasn’t a fluke.
Can the customer trust you to serve him well?
As a business you must also be able to trust your customer to give you feedback about your product/service rather than sue you without initial dialogue. Or that they won’t imitate your products.
Some customers will purchase from you on credit; do you trust them to pay you as at when due and can they trust they will get the best despite not paying you immediately.
Trust is the foundation of your business relationships.
Trust And Entrepreneurship As Applied To Investors
Every entrepreneur dreams to expand their business. Funds are needed which you may not have much of. This is where investors come in.
Your investors need to trust that you won’t squander the funds given to you.
Also you need to trust the people you approach to be your investors will work with you to make sure your business doesn’t go down the drain.
It is common knowledge people only do business with who they know, like or trust with emphasis on “Trust”.
To cap it all up trust is what makes a first time customer patronize you and makes a one time customer become a repeat customer.
Trust is what you hold on to that an employee’s interest in your business is genuine, that a supplier or outsource provider has good intentions, it guarantees a customer that you are committed to his interests and your investors that your commitment to their interests is great.
It’s what makes suppliers and outsource providers remain in business with you even when they know luck isn’t smiling on you.
Also makes your staff keep coming to work even when there are no funds to pay them and what makes your investors keep pumping funds into your business.
Hence “Trust” is an entrepreneurial behavior you should learn to cultivate.
Would you love to tell us more about the relationship between Trust and Entrepreneurship? Kindly join the conversation.