TRUST: The Essential Ingredient for a Successful Entrepreneurial Partnership

Trust is the glue that holds entrepreneurial business partnerships together. Trust is essential for not only building strong partnerships (and relationships) but for maintaining them and repairing them when the relationship becomes stressed or strained, as it inevitably will.

Without trust, your relationship will quickly deteriorate, resulting in negative consequences for both the entrepreneurial partnership and the business itself.

Building trust is predicated upon mutual respect, transparency, and open and honest communication. Therefore, partners are willing to take risks because they know their partner will support them if challenges arise related to the risk that was taken. And the benefits to risk taking is that it often spurs innovation and creativity.

Another huge benefit of a partnership based on trust is that it allows entrepreneurial partners to be aligned with and work together towards a common vision and goal for the business. This alignment allows for quick decision-making because both partners are confident that the other will make decisions that benefit both the partnership and the company, and not just themselves.

Trust also reduces the chance of work redundancy because everyone is rowing the boat in the same direction.

Finally, and many entrepreneurs don’t usually realize this – that a business partnership based on trust is more likely to be seen as a reliable and trustworthy partnership by others in the industry. This positive reputation can potentially lead to new opportunities and business growth.

Creating, maintaining and repairing trust within your entrepreneurial business partnership will set you up for success. Without trust, you are flirting with disaster.

Dr. Patty Ann

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