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Sir Richard Branson

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Richard Branson on how to build trust

How to win the trust of investors, future partners and suppliers.

Q: How do I win the trust of investors, future partners and suppliers?

A: There are few things more important in business than trust. After all, if potential customers do not have faith in your product or service, then your business will never get off the ground. And it’s not just customers you need to win over; almost everyone your company works with, from manufacturers to distributors, will need convincing.

This isn’t the easiest act to pull off, especially when you’re starting out and have little to back up your promises. Without a recognised brand or a history of successful trading, entrepreneurs and startups have to use other techniques to get a business going.

For one, it’s vital that you show people from the start that you’re different from the competition – you need to stand out. I learned this when we were signing acts to Virgin Records and we needed to gain the trust of the musicians we were chasing. When the Rolling Stones were looking for a label, we needed to convince them that Virgin was the place for them. I knew that we were getting somewhere when Mick Jagger commented that I was more like him than the “suits” from the other labels who had been courting the band.

…to read this article in full, visit leading US entrepreneurial resource, Entrepreneur.com