{"id":459790,"date":"2022-06-08T14:50:06","date_gmt":"2022-06-08T11:50:06","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/without-trust-your-startup-is-worthless\/"},"modified":"2022-06-08T14:50:06","modified_gmt":"2022-06-08T11:50:06","slug":"without-trust-your-startup-is-worthless","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/without-trust-your-startup-is-worthless\/","title":{"rendered":"#Without trust, your startup is worthless"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a295a7a1267e\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a295a7a1267e\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/without-trust-your-startup-is-worthless\/#%E2%80%9CWithout_trust_your_startup_is_worthless%E2%80%9D\" >&#8220;Without trust, your startup is worthless&#8221;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/without-trust-your-startup-is-worthless\/#Trust_is_something_we_share\" >Trust is something we share<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/without-trust-your-startup-is-worthless\/#Displaying_trust_as_a_commercial_value_and_currency\" >Displaying trust as a commercial value and currency<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/without-trust-your-startup-is-worthless\/#Trust_in_the_future\" >Trust in the future<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/without-trust-your-startup-is-worthless\/#Building_trust_in_your_organization\" >Building trust in your\u00a0organization<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/without-trust-your-startup-is-worthless\/#1_Listen_Louder\" >1. Listen Louder<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/buradabiliyorum.com\/en\/without-trust-your-startup-is-worthless\/#2_Show_that_you_care\" >2. Show that you care<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/buradabiliyorum.com\/en\/without-trust-your-startup-is-worthless\/#3_Telling_the_truth_can_be_tough_but_do_it_nevertheless_%E2%80%93_always\" >3. Telling the truth can be tough, but do it nevertheless \u2013 always!<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CWithout_trust_your_startup_is_worthless%E2%80%9D\"><\/span>&#8220;Without trust, your startup is worthless&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/img-cdn.tnwcdn.com\/image?fit=796%2C417&amp;url=https%3A%2F%2Fcdn0.tnwcdn.com%2Fwp-content%2Fblogs.dir%2F1%2Ffiles%2F2022%2F06%2Fentrpreneurs.jpeg&amp;signature=bfa4b14603960758fe8f0b7309403117\" \/><\/p>\n<div>\n                            As an entrepreneur or founder, increasing trust in your brand should be your top priority.<\/p>\n<p>We all know it takes decades to build up trust, but only a few days, or even hours, to lose it.<\/p>\n<p>                <iframe loading=\"lazy\" src=\"https:\/\/fast.wistia.net\/embed\/iframe\/gpmn9xkc7o?videoFoam=true&amp;autoPlay=true\" title=\"\" allowtransparency=\"true\" frameborder=\"0\" scrolling=\"no\" class=\"wistia_embed\" name=\"wistia_embed\" allowfullscreen=\"\" msallowfullscreen=\"\" width=\"100%\" height=\"100%\"><\/iframe><\/p>\n<p>In Denmark, where I live, we are good at trusting one another. It is common for Danish startups to grant their employees \u2018trust with responsibility\u2019 by allowing them to make important decisions on their own.<\/p>\n<p>In fact, according to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.oecd.org\/denmark\/Better%20Life%20Initiative%20country%20note%20Denmark.pdf\">OECD<\/a>, Danes are one of the most trusting countries in the world.<\/p>\n<p>This is an encouraging discovery, as confidence is essential for people and organizations to develop. The German sociologist, Niklas Luhmann, called trust \u201ca mechanism for the reduction of <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social<\/a> complexity\u201d.<\/p>\n<p>In practice, this means that good entrepreneurial culture is about trust. If your employees don\u2019t trust you, they won\u2019t follow your instructions. Equally if there\u2019s a lack of trust, a workforce behaves more like a group rather than a team.<\/p>\n<p>In the past, organizations used physical representations to build trust among their clients. For example, in the banking sector, tall buildings would represent both affluence and security to potential customers.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Trust_is_something_we_share\"><\/span>Trust is something we share<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Today, it\u2019s not necessarily big buildings that build trust. Instead trust has re-emerged as an important component of the sharing economy. This focuses on placing our trust in people we may not know, so we can do business with them.<\/p>\n<p>The sharing economy has increased in popularity partly because it has become easier to measure and assess trust.<\/p>\n<p>This development has <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>eared in new technologies, where social profiles, identity checks, written reviews and ratings are the basis for a visualized and digital approach to trust.<\/p>\n<p>Considering this it makes a lot of sense that when looking at <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/morningconsult.com\/most-trusted-brands-2021\/\">one of the world\u2019s biggest studies about brands and trust<\/a>, Google, PayPal, Microsoft, YouTube &amp; Amazon are in the top. But what can startups and entrepreneurs learn from these massive tech-companies that of course also began as small startups?<\/p>\n<p>One key thing to consider is that written reviews create the most trust among peers in the sharing economy with Blockchain likely to play a central role in the coming years.<\/p>\n<p>Trust is shared and made public through \u2018trust scores\u2019 which we give and receive based on our different business decisions. They show how much confidence others have in us.<\/p>\n<p>The online company Trustpilot have built their entire business model on collating and visualizing trust scores for companies in the form of stars. Meanwhile, the startup Deemly, gathers your score across various platforms and assigns a \u2018personal trust score\u2019.<\/p>\n<p>This benefits both yourself and provides useful information to those who want to do business, share, rent or exchange with you.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Displaying_trust_as_a_commercial_value_and_currency\"><\/span>Displaying trust as a commercial value and currency<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Taking part in the sharing economy has numerous benefits, including building up scores for participants. For example, when you rent a room on Airbnb, sell a lawnmower on eBay or buy an iPad on Amazon, this affects your score.<\/p>\n<p>Rachel Botsman, a leading expert in the world of the sharing economy described how this score is not just a simple trust-indicator, but could have a real-terms impact in the future. Her research concluded that when trust increases, the probability of a company attracting more customers increases with it. This means a company can value itself according to its reputation.<\/p>\n<p>In sum, trust has gained real commercial value.<\/p>\n<p>Similarly, Botsman has shown how trust-ratings can be transferred from one context to another. Stack Overflow is essentially a \u2018question corner\u2019 for software programmers who can get solutions to problems from other users.<\/p>\n<p>The owners realized that some users used their Stack Overflow-score on their CV, with companies incorporating potential employees \u2018scores\u2019 into their recruitment methods. This meant that users could transfer their online reputation to real job applications. Furthermore, their reviews <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">travel<\/a>led with them, and they didn\u2019t have to re-start building their reputation in a new organization.<\/p>\n<p>Building on this, many sharing platforms are starting to introduce discounts for their most trusted customers. This is similar to insurance companies which analyze their confidence in a customer when assessing an insurance policy.<\/p>\n<p>Some banks in Asia are experimenting with the idea of providing loans based on customer\u2019s Airbnb reviews. They are doing this by building on the logic that if you are a trustworthy person you are more likely to pay your loan back regardless of your current financial situation.<\/p>\n<p>Trust is not just something we share, trust is the future currency!<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Trust_in_the_future\"><\/span>Trust in the future<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The future challenge will be to find out which trust scores work best for different industries.<\/p>\n<p>For example if you\u2019re about to hire a new salesperson to your company, is a high trust score for their post on a forum about rare birds, or a one for their actions on eBay worth the most consideration?<\/p>\n<p>The first score could indicate passion and the ability to build relationships online. While the second could indicate that they are reliable. Can these trust scores give a more accurate prediction of a person\u2019s success in a given job compared to the sales figures they gained in a previous role?<\/p>\n<p>For organizations, the dilemma is that trust is necessary for cooperation, but you don\u2019t always know in advance if your trust will be betrayed. Therefore it can be risky for a company to send a product before receiving a payment for it, although in principle the company wishes to be able to rely on the customer paying.<\/p>\n<p>Similarly, a startup with a very good business idea can consult a potential investor, but may require them to sign a confidentiality statement. This in turn could send the wrong signal of trust.<\/p>\n<p>As companies and individuals, we need to give something of ourselves including: skills, time and resources to build up trust. The challenge is that if we trust too much, we can be exploited, but if we give too little we run the risk of scuppering a potentially successful collaboration.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Building_trust_in_your_organization\"><\/span><strong>Building trust in your\u00a0<\/strong>organization<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>To round of this article, I want to share with you my 3 most important pieces of advice, when you want to build more trust in your organization:<\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_Listen_Louder\"><\/span>1. Listen Louder<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Your employees are unique individuals who have their own ideas and viewpoints. Ask them to speak their mind, and when they do, genuinely listen. This is the foundation for positive workplace relationships built on mutual understanding and trust.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Show_that_you_care\"><\/span>2. Show that you care<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Yes, your employees get a paycheck in return for their work, but this isn\u2019t enough to demonstrate that you value and trust them. It\u2019s vital to provide them with frequent recognition in real time. You may show recognition by sending thank you messages, offering verbal praise, and distributing tangible rewards like employee awards.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Telling_the_truth_can_be_tough_but_do_it_nevertheless_%E2%80%93_always\"><\/span>3. Telling the truth can be tough, but do it nevertheless \u2013 always!<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>There\u2019s no denying that telling the truth can be tough. It\u2019s often easier to tell your employees what they want to hear \u2014 especially during difficult times. By being honest with your employees while being sensitive to their feelings, however, you can encourage them to trust you. If you\u2019re not honest with a member of your team, you may lose more than their trust and respect, however.<\/p>\n<p>Every relationship, whether professional or personal, is based on honesty. One lie can ruin even a long-term relationship \u2014 potentially irreparably. You should also be transparent when it comes to discussing changes to business processes and updates so that your employees are always in the know. Your team won\u2019t trust you if you catch them by surprise by modifying a procedure without making it known or neglect to inform them in advance regarding major changes in the workplace.<\/p>\n<blockquote><p>\u2018The best way you can find out if you can trust somebody is to trust them.\u2019 \u2014 Ernest Hemingway<\/p>\n<\/blockquote><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more like this article, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/technology\/\" target=\"_blank\" rel=\"noopener\">Technology category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/thenextweb.com\/news\/the-greatest-entrepreneurs-in-the-world-are-also-the-greatest-at-building-trust\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Without trust, your startup is worthless&#8221; As an entrepreneur or founder, increasing trust in your brand should be your top priority. We all know it takes decades to build up trust, but only a few days, or even hours, to lose it. In Denmark, where I live, we are good at trusting one another. It&#8230;<\/p>\n","protected":false},"author":1,"featured_media":459791,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/img-cdn.tnwcdn.com\/image\/growth-quarters?filter_last=1&fit=1280,640&url=https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2022\/06\/entrpreneurs.jpeg&signature=7028cb2b8ab743414150afcd6476d27e","fifu_image_alt":"","footnotes":""},"categories":[18],"tags":[],"class_list":["post-459790","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/459790","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=459790"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/459790\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/459791"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=459790"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=459790"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=459790"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}