In the business world, many terms get tossed around, but one word holds immense power and that is: trust. If you are surrounded by friends and family who are into business ventures, you would’ve heard them repeat this word, trust, often. But, for new founders, understanding the true weight of trust can be a revelation.
A Broken Promise, a Broken Bond
Venkatarangan shares a personal anecdote to illustrate this point. During a recent vacation, he booked a trip through a travel agent, a person he’d known for years. Everything went smoothly, or so it seemed. Upon returning home, he realized he’d accidentally paid an extra installment. A few hours later, the travel agent called, acknowledging the mistake and offering a refund.
Beyond Transactions: The True Cost of Broken Trust
While the money is returned, something feels off. The trust is shaken. You expected the agent, someone you’ve known for a long time, to automatically rectify the situation without prompting.
This experience highlights a vital truth: trust goes far beyond financial security. It’s the invisible thread woven into every business interaction, the foundation of strong relationships with clients, partners, and even employees.
Earning, Not Buying: The Currency of Trust
Trust isn’t a commodity to be purchased. It’s earned through consistent actions, transparency, and a genuine commitment to fulfilling your promises. Every interaction, every transaction, builds upon the foundation of trust. It takes years to build trust. Yet, a single misstep, like the one in the example, can erode that trust in an instant.
The Takeaway for New Entrepreneurs
For new entrepreneurs, the message is clear: prioritize building trust. It’s not just a feel-good notion; it’s the cornerstone of sustainable business success. By fostering trust, you create loyal customers, reliable partners, and a thriving business ecosystem. Remember, trust is earned, not bought, and its value is immeasurable.
