Western countries have created layers of laws, regulations and other kinds of structural protections to enable entrepreneurs to build businesses. These don't necessarily exist, or aren't consistently enforced, in developing countries. But there is a solution and that solution is trust. This book, by an eminent business scholar and developing world entrepreneur, shows how to build trust in three crucial ways-
Tarun Khanna is the Jorge Paulo Lemann Professor at the Harvard Business School. In 2007, he was named Young Global Leader (under 40) by the World Economic Forum, and in 2009, he was elected as a Fellow of the Academy of International Business. In 2015, he was named Chairman of the Indian government's commission on Entrepreneurship and Innovation. In 2016, the Academy of Management conferred on him its Eminent Scholar Lifetime achievement award for scholarship in International Management. He serves on numerous for-profit and not-for-profit boards in the US and India. Recently, he co-founded Axilor, a vibrant incubator in Bangalore.
"In these days, when the buzzwords around business are new technologies, disruption, AI to have advantageous information, substitution of the incumbents, et cetera, it is pleasing to have someone of Professor Tarun Khanna's stature writing about trust. It made me reflect on my own career with partners based on hiring exceptional people, developing partnerships that worked, avoiding wasteful litigation, and basically moving forward with minimum legal hassle. Trust was probably more important in our progress than the businesses we chose to invest in. It is good that Professor Khanna has called my attention and hopefully that of others to this so important aspect of doing business." --Jorge Paulo Lemann, Co-founder, 3GCapital, Brazil "Trust is fundamental to entrepreneurship. Those who generate and, more importantly, retain trust prosper; those who do not eventually become a flash in the pan. Young, first-time entrepreneurs will immensely benefit from Tarun Khanna's anecdotal book on how to earn trust and respect for one's pursuit." --Ratan Tata, Chairman, Tata Trusts, former Chairman, Tata Group, India
"Khanna's Trust is a refreshing and brilliant view of how individuals and entrepreneurs can build lasting relationships, create more positive conditions in society, and reach past the difficulties of deeply entrenched systems of mistrust. A wonderful companion to Billions of Entrepreneurs." --Andronico Luksic Craig, Chairman, Luksic Group, Chile
"Trust deals with entrepreneurs across the developing world, where creativity is sorely needed. Khanna weaves together stories of conventional and social enterprises in the private sector and in government. He recognizes the enormous promise of technology--but to be used wisely. A highly readable and must-read narrative!" --Nandan Nilekani, cofounder of Infosys Technologies and Founding Chairman, Unique Identification Authority of India (Aadhaar)
"As the leader of a business predicated on family values, I understand the value of trust. Khanna shows that, even outside the familiar setting of a family, entrepreneurs prioritizing trust not only advance their own ventures but contribute dramatically to economic and social development." --Suh Kyung Bae, Chairman, Amore Pacific, South Korea
"I cannot agree more with Tarun Khanna on the vital element of trust on scaling up an idea originally invented in the developing world--trust with regard to the competence of the product and the character and the care of the founders." --Po Chung, Co-founder, DHL International
"Trust is central to any enterprise, and this is especially true across countries in Latin America and the developing world, as Khanna suggests it must be. We work hard to build and maintain it with our customers, employees, bankers, suppliers, investors, and public authorities. Trust is by far more important than simply counting on the rule of law or our institutions. It is the vital underpinning of our growth and prosperity through thick and thin." --Woods Staton, Chairman, Arcos Dorado, Mexico
"Khanna studies the core of the matter for entrepreneurship in emerging markets. Entrepreneurs in such markets face a 'friction-full' environment. As a friend of mine says, 'We live in a market economy with soviet scaffolding' and because of this everything needs to be negotiated--nothing happens by itself. And why does this happen? The answer is lack of trust!" --Alvaro Rodriguez Arregui, cofounder and Managing Partner, IGNIA, Mexico
"Challenges abound across the developing world, and it's up to us to address them, and not wait for the government, or for charity. My experiences as an entrepreneur across Africa make me appreciate Khanna's focus on weaving a web of TRUST to get everyone focused, very practically, on how ventures get built, and how they scale across large populations. I hope young people everywhere are inspired by this book's 'can-do' spirit." --Mo Ibrahim, Founder, Celtel International, Founder and Chair of the Mo Ibrahim Foundation, Africa
"Khanna's book is right on target in spotlighting the supreme importance of trust, not just in private entrepreneurship, but in all connections between en- trepreneurs and government, civil society, and people. As Khanna's examples compellingly demonstrate, building and maintaining healthy levels of trust is crucial for human progress." --Muhammad Ali Pate, former Minister of State for Health, Nigeria
"Khanna skillfully and convincingly argues that trust is a core part of the enabling environment that civil society and the state must foster to enable enterprising individuals to help themselves. I would recommend it to all interested in private sector development." --Emmanuel Jimenez, Executive Director, International Initiative for Impact Evaluation(3ie), India
"Professor Tarun Khanna writes most engagingly on entrepreneurs and the creation of enterprises in developing countries. Applying the principles drawn out by Professor Khanna, though challenging, will lead not only to greater success for entrepreneurs but also help to build the trust ecosystems in their societies." --Sir Fazle Hasan Abed, Founder and Chairperson, BRAC, Bangladesh
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