One of the hallmarks for success in a business-to-business market is the ability to form personal relationships as well as professional business relationships. Both require building trust. I am always dismayed when I read advice that advocates bait and switch or other forms of con games that erode trust and make it difficult for any startup to build relationships.
Building a Business Requires Building Trust
“Don’t take business advice from people with bad personal lives.”
Frank Chimero “Some Lessons I Learned in 2013“
Anyone who always puts themselves first ends up with bad personal life. Startups that are only clear on their own needs rarely outrun the same fate. It’s the difference between a focus on funding or an “exit” and a focus on building a business.
Working with bootstrappers sometimes puts us on teams that are in desperate circumstances. Where they are able to translate time pressure and resource starvation into a bias for action from a change in perspective they often succeed–or at least move beyond the current crisis: success, like the horizon, is an imaginary line you can approach but never seen to cross. But where they use it as an excuse to take shortcuts that abuse prospects trust we sometimes have to part company. It does not happen very often, and it hasn’t happened in more than a year, but perhaps three or four times in the last decade we have had to walk away from a sales or marketing strategy we didn’t feel was in the long term best interest of the startup or their prospects.
“Fame is something that must be won.
Honor is something that must not be lost.”
Related blog posts
- Treat Social Capital With The Same Care as Cash
- De Tocqueville on Concept of “Self Interest Rightly Understood”
You meet people who have a clear understanding of their own needs and seem to spend no time on anything else. But the deals that they make seem to based only on fear and threat. To create real opportunities in your own business requires that you explore and understand the needs and aspirations of your current and potential customers. To bring them ideas that will improve their lives and businesses requires that they trust you have their interests at heart when they talk about current problems that may expose their weaknesses and shortcomings
- Keeping Your Customers’ Trust [Includes a Recap of Weinberg’s 11 Laws of Trust]
I think B2B software is often purchased by firms hoping to achieve–or avoid–some sort of change. Like consulting, software is the promise of an ongoing business relationship. The two essentials in a mutually satisfactory business relationship are trust and an exchange of value.
- Sustaining Is More Important Than Starting
- David Foster Wallace: The Only Choice We Get is What to Worship especially this section from Wallace’s talk:
But of course there are all different kinds of freedom, and the kind that is most precious you will not hear much talked about in the great outside world of winning and achieving and displaying. The really important kind of freedom involves attention, and awareness, and discipline, and effort, and being able truly to care about other people and to sacrifice for them, over and over, in myriad petty little unsexy ways, every day. That is real freedom. The alternative is unconsciousness, the default-setting, the “rat race” — the constant gnawing sense of having had and lost some infinite thing.
- Honesty in Negotiations
One of the key tasks we help early stage teams with preparing for and executing successful negotiations. There is a belief among some engineers that the best marketing and sales people are the most accomplished liars. In my experience nothing could be further from the truth. Most negotiations have long term consequences and involve interacting with people that you will encounter again and who know others you will encounter in the future. I always assume that at some point in the future the folks I am negotiating will know the full truth of the situation and that very few secrets remain that way for long. In George Higgins‘ novel “Dreamland” a character remarks “I never forget and I always find out. ” I assume that about anyone that I am negotiating with.
Image Credit: copyright SKMurphy, Inc. All rights reserved.
7 thoughts on “Building a Business Requires Building Trust”
Pingback: SKMurphy, Inc. » Quotes For Entrepreneurs–March 2014
Pingback: SKMurphy, Inc. Quotes for Entrepreneurs-June 2014 - SKMurphy, Inc.
Pingback: SKMurphy, Inc. Q: Side Payment Requested In Negotiation - SKMurphy, Inc.
Pingback: SKMurphy, Inc. Build Your B2B MVP In a Way That Inspires Trust
Pingback: SKMurphy, Inc. Honesty in Negotiations - SKMurphy, Inc.
Pingback: SKMurphy, Inc. Early Sales Efforts Foster Value Co-Creation - SKMurphy, Inc.
Pingback: SKMurphy, Inc. Adventures in Missions: Ten Principles for Trust and Integrity