Trust Before We Transact – The India Bridge
Trust is the fundamental that sustains and grows business in India.
Trust Before We Transact
The Indian business ecosystem is driven by relationships. We transact a lot more basis the ‘comfort’ that we enjoy in our relationships. The fine layer of trust that exists in our business fabric is what drives growth.
Trust comes in several formats.
- If you are a global technology giant like Google, facebook, YouTube, people would adopt to your service simply because the larger number of people they know around them are using this service. Remember, its because of the “people around them”.
Of-course there’s all the talk of single-user-utility, India works on trust. I say this with 100% confidence in my understanding of India.
- In my second startup, I raised the first INR 5lacs (approx $8000) from a gentleman who possibly knew its not going to work, but he invested in me. He placed his trust and hence his money on me (Paritosh).
- Most early stage angel investment in India happens of-course on business logic, but a lot more on the trust in people driving the vision and execution.
- I know of a senior executive who recently took over a companies operations (that was shutting down). The first money that he raised to make it possible was simply basis the trust he enjoys with the people who have seen him over the years.
Thousands and possibly millions of such small and interesting stories exist in our society.
Build Trust and How?
The first thing that you must do as a business in India is to invest in building this layer of trust with hires, partners and customers. This one investment done right will go a long way in your business success in India.
Trust is people. Hire people basis the trust they enjoy in their respective communities. On-board partners that enjoy a similar trust in the business circles.
- #1: Make trust as the fundamental factor for how you transact in India.
- #2: Communicate trust. Across all your public and internal communication, establish trust. As the TATA Group, it works.