Page 8 - IO3_Career Kit_Modules Summary_FINAL_EN

USEFUL LINKS:
https://creately.com/usage/risk-management-tools-templates/ – Risk Management Plan
Templates
https://www.investopedia.com/articles/financial-theory/09/risk-management-business.asp –
Identifying and Managing Business Risks

How to build trust and how to expand your network

This module is about building trust and expanding the business network of an entrepreneur.
Regarding migrant entrepreneurs, in particular, they often face a number of serious challenges, the
most common of which are lack of language skills and cultural knowledge as well as the mistrust of
the local people.
Regarding business trust, it is often not related to business goals, products, or services, but to the
interaction of an entrepreneur with his/her customers and associates. Trust is a common
challenge, particularly for migrant entrepreneurs, who often face mistrust from local consumers,
as they are unable to convince them of their reliability. However, cultivating trust is a key success
factor for any business venture.
If a migrant entrepreneur wants to build trust, he/she can follow a trust-building process which
can be carried out following 3 basic steps: a) developing a code of honor, b) extending trust and c)
openness in communication and information sharing. Specific pieces of advice on how the
entrepreneur can become trustworthy and build trust relationships can be summarized as follows:
a) be willing to make commitments and keep promises, b) make achievable commitments, c) take
actions to protect the reputation of his/her business brand, d) adopt formal procedures in
interactions and transactions with partners and customers, e) develop effective communication

This project has been funded with support from the European Commission. This communication reflects the views only of the author, and
the Commission cannot be held responsible for any use which may be made of the information contained therein.