“How important is trust in establishing a long-term business relationship?”
I think trusting your business partner is one of most crucial essential to have when starting a business. You must know your partner before you even start considering doing business with them. They could be reckless, sloppy, careless etc. You must find someone who levels with you. Let’s say financial stuff is your forte, I’d find someone somewhat charismatic and clever, then you’re good at his weakness, and he’s good at your weakness, 50/50.
You don’t want somebody who doesn’t do anything, then you’re just doing everything and it’s not worth it. When you find somebody who is somewhat at your level or already has some experience, then the next step is trusting them.
Who knows what they’ll do once they’re in charge, they could be cheating money, or taking money from the company. But when you find the right person, you can start trusting them, but if you know that they aren’t that capable, then don’t even bother.
But it’s also bad if you don’t trust anybody. If so, then you’d be running the whole business by yourself, that takes time, stress, sleep, etc. But if the business is just starting, maybe not as much stress is involved, but when it starts taking off, you gotta rely on somebody.
In conclusion, trust is very important when in a business relationship, but make sure you trust the right person and not some swindle. I hope you liked this essay thanks for reading.