Trust building process in entrepreneurial context
Due to cultural distance between the immigrant entrepreneur and his/her hosting country, the building of trust may take more time and effort. Assistive mechanisms for building up trust could be networks and clubs – both professional and private – as well as individual family members and friends.
Integration into new culture enables immigrant entrepreneur to communicate in the same manner, share the same codes, and narratives with the surrounding society, as well as to gain reputation as a trustworthy businessman/woman. Through trust building activities and gradual integration, immigrant entrepreneurs will be able join new networks and organisations.
Trust building process is comprised by 3 basic steps:
- Code of Honour – showing respect, telling the truth, and keeping your word are fundamental characteristics to the process of trust. If you are consistent in keeping the code then you will build trust over time with your audience.
- Extend Trust – go first and give trust. Giving trust with clear expectations and strong accountability builds into the process.
- Be Open – Limitations of trust coming from people who communicate only when they need something. People sharing information appropriately increase trust. You have to use your judgment to keep the balance between protecting confidential information and sharing needed knowledge (Human Energetics, 2014).
