The new economy is all about trust. It used to be difficult to break into the “old boys” network. If you went to the right schools, you had the right connections and the inner circle helped each other maintain the status quo. Then women started breaking the glass ceiling. Other minorities also entered the bigger leagues.
Now anyone from anywhere can do business with anyone. The barriers to business have fallen. The number of people that can approach you has increased. And so has the importance of trust.
People don’t know who to trust any more. In both the real and online worlds anyone can pretend to be anyone.
You can build your trust online. Through providing valuable links on facebook/twitter. Or starting a blog. The advantage I have now over someone who you never read from before is that if we meet you already trust me more. You do so as you have seen myvideos or read my articles. This makes it easier for people to trust me. I get approached for more joint ventures and business as I have an edge over someone that doesn’t have a YouTube channel or their own website.
Imagine if the both of us apply for a job. We both have a resume and pretty much they all say the same thing. We are leaders. Motivated. Smart. Creative. Etc. The problem if you don’t have your own website is that someone hiring you has to risk it. You might have BSed your way through the interview. My advantage is that they can check out my content over the past few years. They can get to really “know me” without me just BSing my way through the 45 minute interview. If they don’t like what they see on my website/facebook/twitter/YouTube than I also know that I wasn’t a good fit for that company/business partner/ (or even girlfriend!).
Now who is a less risky candidate to hire? Someone with content over the past few years (effectively able to clone themselves) or a candidate with a two page resume that you have only had a 45 minute interview to get to know? More and more HR managers will be looking through blogs rather than resumes.
Who would you rather do business with Oprah Winfrey or a cold-caller from a company you never heard of. My guess is Oprah. As she has built her brand over the past few decades. If she recommends a book, it is likely to become a bestseller. You too can now become more “trustable”. The advantages are that business deals will happen quicker. The disadvantages are that if you have something to hide, its likely to come out sooner or later – the public eventually spots the inauthentic politicians or celebrities. So will your potential business clients or employers.
What steps are you going to take to prepare yourself for the trust economy?
Webpreneur Academy will be starting in Dubai from the first Saturday of July 2010. We will be teaching how to build your brand and your trust. We meet every first Saturday of the month for classroom training and help you get your business off the ground. My co-founder is www.ask-ali.com – someone who has built his brand over the past few years in various ways. Please email me or call me +971 50 1977 531 if you are interested to find out more.