1. What is entrepreneurial legitimacy and why is it important?
2. The challenges of establishing legitimacy as a new venture in a competitive market
3. Competence, benevolence, and integrity
4. How to build trust through effective communication, transparency, and accountability?
5. How to maintain trust through consistent performance, feedback, and adaptation?
6. How to repair trust when it is broken or damaged?
7. The benefits of trust for entrepreneurial success and social impact
8. Key takeaways and recommendations for aspiring entrepreneurs
Entrepreneurial legitimacy is the degree to which an entrepreneur or a new venture is perceived as credible, trustworthy, and deserving of support by relevant stakeholders. It is a crucial factor for the survival and success of any entrepreneurial endeavor, as it can influence the availability of resources, the formation of partnerships, the attraction of customers, and the recognition of opportunities. However, achieving and maintaining entrepreneurial legitimacy is not an easy task, as it requires constant negotiation and adaptation to the expectations and norms of the environment. In this section, we will explore the following aspects of entrepreneurial legitimacy:
- The types and dimensions of entrepreneurial legitimacy
- The sources and indicators of entrepreneurial legitimacy
- The challenges and strategies of building entrepreneurial legitimacy
- The benefits and outcomes of entrepreneurial legitimacy
## The types and dimensions of entrepreneurial legitimacy
Entrepreneurial legitimacy can be classified into different types and dimensions, depending on the nature and scope of the assessment. Some of the common types and dimensions are:
- Sociopolitical legitimacy: This refers to the extent to which an entrepreneur or a new venture conforms to the laws, regulations, and values of the society and the political system. It can be influenced by factors such as legal compliance, social responsibility, ethical conduct, and political alignment.
- Cognitive legitimacy: This refers to the extent to which an entrepreneur or a new venture is taken for granted, understood, and accepted by the relevant audiences. It can be influenced by factors such as familiarity, similarity, categorization, and classification.
- Normative legitimacy: This refers to the extent to which an entrepreneur or a new venture adheres to the norms, standards, and expectations of the industry and the profession. It can be influenced by factors such as certification, accreditation, endorsement, and affiliation.
- Pragmatic legitimacy: This refers to the extent to which an entrepreneur or a new venture provides value, benefits, and solutions to the stakeholders. It can be influenced by factors such as performance, quality, innovation, and customer satisfaction.
## The sources and indicators of entrepreneurial legitimacy
Entrepreneurial legitimacy can be derived from various sources and indicated by various signals, depending on the type and dimension of legitimacy. Some of the common sources and indicators are:
- Media coverage: This is a source and an indicator of sociopolitical and cognitive legitimacy, as it reflects the public opinion and awareness of an entrepreneur or a new venture. It can also enhance the visibility and reputation of the entrepreneur or the new venture, and generate positive word-of-mouth and referrals.
- Awards and recognition: This is a source and an indicator of normative and pragmatic legitimacy, as it demonstrates the excellence and achievement of an entrepreneur or a new venture. It can also increase the confidence and credibility of the entrepreneur or the new venture, and attract more attention and support from the stakeholders.
- Partnerships and alliances: This is a source and an indicator of sociopolitical and normative legitimacy, as it shows the collaboration and cooperation of an entrepreneur or a new venture with other established and reputable entities. It can also provide access to resources and networks, and create synergies and complementarities.
- Testimonials and feedback: This is a source and an indicator of cognitive and pragmatic legitimacy, as it reveals the perceptions and experiences of the customers and users of an entrepreneur or a new venture. It can also improve the quality and innovation of the products and services, and foster loyalty and retention.
## The challenges and strategies of building entrepreneurial legitimacy
Entrepreneurial legitimacy is not a given, but a dynamic and contingent process that requires constant effort and attention. Some of the challenges and strategies of building entrepreneurial legitimacy are:
- The liability of newness: This is the challenge of overcoming the initial skepticism and uncertainty that surround a new entrepreneur or a new venture, due to the lack of track record and reputation. A possible strategy is to leverage the personal and professional backgrounds of the entrepreneur and the team, and to highlight their qualifications, skills, and achievements.
- The liability of smallness: This is the challenge of competing with larger and more established competitors, who have more resources and capabilities. A possible strategy is to focus on a niche market or a specific customer segment, and to differentiate the products and services by offering unique value propositions and solutions.
- The liability of difference: This is the challenge of introducing a novel or disruptive idea, product, or service, that deviates from the existing norms and expectations. A possible strategy is to educate and persuade the stakeholders about the benefits and advantages of the innovation, and to provide evidence and examples of its feasibility and effectiveness.
- The liability of conformity: This is the challenge of balancing the need to fit in and the need to stand out, as both too much and too little conformity can undermine the legitimacy of an entrepreneur or a new venture. A possible strategy is to adopt a hybrid approach, that combines elements of both conformity and differentiation, and that adapts to the changing environment and demands.
## The benefits and outcomes of entrepreneurial legitimacy
Entrepreneurial legitimacy is not an end, but a means to an end, as it can enable and facilitate various benefits and outcomes for an entrepreneur or a new venture. Some of the benefits and outcomes are:
- Resource acquisition: This is the benefit of obtaining and securing the necessary resources, such as capital, talent, technology, and information, that are essential for the operation and growth of an entrepreneur or a new venture. Legitimacy can increase the availability and accessibility of these resources, and reduce the cost and risk of acquiring them.
- Stakeholder support: This is the benefit of gaining and maintaining the support and cooperation of the relevant stakeholders, such as customers, suppliers, investors, partners, and regulators, that are involved in the creation and delivery of value by an entrepreneur or a new venture. Legitimacy can enhance the trust and commitment of these stakeholders, and increase the likelihood and frequency of positive interactions and transactions with them.
- Opportunity recognition: This is the benefit of identifying and exploiting the potential opportunities, such as new markets, new customers, new products, and new services, that can generate value and growth for an entrepreneur or a new venture. Legitimacy can expand the scope and depth of these opportunities, and improve the ability and readiness to pursue them.
- Competitive advantage: This is the outcome of achieving and sustaining a superior position and performance in the market, relative to the competitors, by creating and delivering value to the customers. Legitimacy can enhance the attractiveness and distinctiveness of the products and services, and increase the customer satisfaction and loyalty.
Never expect that your startup can cover every aspect of the market. The key is knowing what segment will respond to your unique offering. Who your product appeals to is just as important as the product itself.
One of the most critical and daunting tasks for any new venture is to gain the trust and acceptance of various stakeholders, such as customers, investors, suppliers, regulators, and competitors. This is what entrepreneurial legitimacy entails: the perception that a new venture is appropriate, desirable, and worthy of support within a given market or industry. However, achieving legitimacy is not easy, especially in a competitive and dynamic environment where established incumbents may have more resources, reputation, and influence. In this section, we will explore some of the challenges that new ventures face in establishing legitimacy, and how they can overcome them by applying different strategies and tactics. Some of the challenges are:
1. Lack of awareness and recognition. A new venture may have a great product or service, but if no one knows about it, it will not be able to attract customers, investors, or partners. Therefore, a new venture needs to create awareness and recognition among its target audience, and communicate its value proposition effectively. For example, a new venture in the online education sector may use social media, blogs, podcasts, webinars, and online forums to reach out to potential learners and educators, and showcase its courses, features, and benefits.
2. Lack of credibility and reputation. A new venture may have a compelling value proposition, but if it does not have a track record of delivering quality, reliability, and customer satisfaction, it will not be able to convince stakeholders to trust and support it. Therefore, a new venture needs to build credibility and reputation by demonstrating its capabilities, achievements, and testimonials. For example, a new venture in the biotechnology sector may use scientific publications, patents, awards, and endorsements from experts and influencers to validate its research, innovation, and impact.
3. Lack of conformity and legitimacy. A new venture may have a unique and disruptive value proposition, but if it does not conform to the norms, standards, and expectations of the market or industry, it will not be able to gain legitimacy and acceptance from stakeholders. Therefore, a new venture needs to align its practices, policies, and culture with the prevailing rules, regulations, and values of the market or industry. For example, a new venture in the fintech sector may use certifications, accreditations, and memberships from relevant authorities and associations to comply with the legal, ethical, and professional requirements of the financial services industry.
The challenges of establishing legitimacy as a new venture in a competitive market - Entrepreneurial legitimacy Building Trust: The Key to Entrepreneurial Legitimacy
One of the main challenges that entrepreneurs face is to establish and maintain legitimacy in the eyes of various stakeholders, such as customers, investors, regulators, and competitors. Legitimacy is the perception that an entity is desirable, proper, and appropriate within a given social context. It is not a fixed attribute, but rather a dynamic and relational process that depends on the interactions and evaluations of others. To achieve legitimacy, entrepreneurs need to build trust with their stakeholders, which is the willingness to accept vulnerability based on positive expectations of the intentions or behavior of another party. Trust is not a monolithic construct, but rather a multidimensional one that can be influenced by different factors. In this section, we will explore three key dimensions of trust that are relevant for entrepreneurial legitimacy: competence, benevolence, and integrity.
- Competence refers to the ability and expertise of the entrepreneur to deliver on their promises and meet the expectations of their stakeholders. It involves demonstrating technical skills, knowledge, and experience in the domain of the venture, as well as managerial and interpersonal skills to lead and coordinate the team and the resources. Competence can be signaled by various indicators, such as credentials, track record, endorsements, awards, and media coverage. For example, a biotech entrepreneur who has a PhD in molecular biology, a patent portfolio, and a successful exit from a previous venture can signal competence to potential investors and partners.
- Benevolence refers to the extent to which the entrepreneur cares about the interests and welfare of their stakeholders, beyond their own self-interest. It involves showing empathy, compassion, and generosity, as well as being responsive, attentive, and supportive. Benevolence can be signaled by various actions, such as sharing information, providing feedback, offering assistance, giving recognition, and making sacrifices. For example, a social entrepreneur who donates a percentage of their profits to a charitable cause, engages with the local community, and listens to the feedback of their customers can signal benevolence to their stakeholders.
- Integrity refers to the adherence of the entrepreneur to a set of moral principles and values that are consistent with the norms and expectations of their stakeholders. It involves being honest, transparent, fair, and accountable, as well as honoring commitments, respecting agreements, and avoiding conflicts of interest. Integrity can be signaled by various behaviors, such as disclosing information, acknowledging mistakes, apologizing for errors, correcting wrongdoings, and enforcing ethical standards. For example, a fintech entrepreneur who discloses their fees and risks, admits their limitations, apologizes for delays, and complies with the regulations can signal integrity to their stakeholders.
trust is a vital component of entrepreneurial legitimacy, as it enables entrepreneurs to establish and maintain positive relationships with various stakeholders, such as customers, investors, partners, and employees. Trust can be built through effective communication, transparency, and accountability, which are essential for demonstrating the value, credibility, and reliability of the entrepreneurial venture. In this segment, we will explore how these three elements can foster trust and enhance legitimacy in different contexts and scenarios. Some of the ways to build trust through effective communication, transparency, and accountability are:
- Effective communication: Communication is the process of exchanging information, ideas, and emotions between the sender and the receiver. Effective communication is clear, concise, consistent, and respectful, and it aims to achieve mutual understanding and alignment of goals and expectations. effective communication can build trust by:
- Reducing uncertainty and ambiguity: Uncertainty and ambiguity can create doubt, confusion, and anxiety among stakeholders, which can undermine trust and legitimacy. Effective communication can reduce uncertainty and ambiguity by providing accurate, timely, and relevant information, and by addressing questions and concerns promptly and honestly. For example, an entrepreneur can communicate their vision, mission, values, and objectives to their stakeholders, and explain how their venture solves a problem or meets a need in the market. This can help the stakeholders to understand the purpose and potential of the venture, and to feel more confident and comfortable in supporting it.
- Establishing rapport and empathy: Rapport and empathy are the ability to connect and relate with others on a personal and emotional level. Effective communication can establish rapport and empathy by using appropriate verbal and non-verbal cues, such as tone, body language, eye contact, and gestures, and by expressing interest, appreciation, and gratitude. For example, an entrepreneur can communicate with their customers by listening to their feedback, acknowledging their pain points, and showing appreciation for their loyalty and referrals. This can help the customers to feel valued and respected, and to develop a positive and lasting impression of the venture.
- creating a shared vision and culture: A shared vision and culture are the common beliefs, values, and norms that guide the actions and behaviors of the members of a group or organization. Effective communication can create a shared vision and culture by articulating and reinforcing the core values and principles of the venture, and by encouraging collaboration, participation, and feedback. For example, an entrepreneur can communicate with their employees by setting clear and realistic goals, providing regular and constructive feedback, and recognizing and rewarding their achievements and contributions. This can help the employees to feel motivated and engaged, and to identify and align with the mission and vision of the venture.
- Transparency: Transparency is the degree to which information, decisions, and actions are open, visible, and accessible to the relevant stakeholders. transparency can build trust by:
- enhancing credibility and reputation: Credibility and reputation are the extent to which a venture is perceived as trustworthy, competent, and reliable by the stakeholders. Transparency can enhance credibility and reputation by disclosing and sharing information, decisions, and actions that demonstrate the quality, performance, and impact of the venture, and by inviting and responding to feedback and criticism. For example, an entrepreneur can enhance their credibility and reputation by publishing and presenting their financial statements, customer reviews, social and environmental impact reports, and awards and recognitions. This can help the stakeholders to verify and validate the claims and achievements of the venture, and to appreciate and acknowledge its value and contribution.
- Building confidence and loyalty: Confidence and loyalty are the extent to which the stakeholders trust and support the venture, and are willing to continue and deepen their relationship with it. Transparency can build confidence and loyalty by disclosing and sharing information, decisions, and actions that affect the interests and expectations of the stakeholders, and by involving and consulting them in the decision-making process. For example, an entrepreneur can build confidence and loyalty by informing and explaining their customers, investors, partners, and employees about any changes, challenges, or opportunities that may impact the venture, and by seeking and incorporating their input and feedback. This can help the stakeholders to feel informed and empowered, and to commit and invest in the venture.
- Preventing and resolving conflicts and disputes: Conflicts and disputes are the disagreements or clashes that arise between the stakeholders due to differences in opinions, interests, or expectations. Transparency can prevent and resolve conflicts and disputes by disclosing and sharing information, decisions, and actions that may cause or trigger conflicts and disputes, and by addressing and resolving them in a fair and timely manner. For example, an entrepreneur can prevent and resolve conflicts and disputes by communicating and clarifying their expectations and obligations to their customers, investors, partners, and employees, and by apologizing and compensating for any mistakes or failures. This can help the stakeholders to feel respected and satisfied, and to maintain and restore their trust and relationship with the venture.
- Accountability: Accountability is the degree to which a venture is responsible and answerable for its information, decisions, and actions, and for their consequences and outcomes. accountability can build trust by:
- Demonstrating integrity and ethics: Integrity and ethics are the adherence to moral and professional standards and principles that govern the conduct and behavior of a venture. Accountability can demonstrate integrity and ethics by complying and aligning with the relevant laws, regulations, policies, and codes of conduct, and by reporting and correcting any violations or misconduct. For example, an entrepreneur can demonstrate integrity and ethics by following and respecting the rules and norms of the industry, market, and society, and by disclosing and rectifying any errors or frauds. This can help the stakeholders to trust and respect the venture, and to perceive it as legitimate and honorable.
- Delivering value and quality: Value and quality are the extent to which a venture meets or exceeds the needs and expectations of the stakeholders, and provides them with benefits and satisfaction. Accountability can deliver value and quality by setting and meeting SMART (Specific, Measurable, Achievable, Relevant, and Time-bound) objectives and indicators, and by monitoring and evaluating the progress and results of the venture. For example, an entrepreneur can deliver value and quality by defining and measuring the key performance indicators (KPIs) and customer satisfaction metrics of the venture, and by improving and optimizing the products, services, and processes of the venture. This can help the stakeholders to trust and appreciate the venture, and to perceive it as valuable and competitive.
- Learning and innovating: Learning and innovating are the ability and willingness to acquire and apply new knowledge and skills, and to create and implement new ideas and solutions. Accountability can foster learning and innovating by acknowledging and learning from the strengths and weaknesses, successes and failures, and feedback and criticism of the venture, and by experimenting and testing new and better ways of doing things. For example, an entrepreneur can foster learning and innovating by conducting and sharing the SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis and the lessons learned of the venture, and by developing and launching new and improved products, services, and processes. This can help the stakeholders to trust and support the venture, and to perceive it as dynamic and adaptive.
I've been an entrepreneur and venture capitalist in the cryptocurrency industry for a long time, working with numerous projects.
One of the most important aspects of entrepreneurial legitimacy is building trust with various stakeholders, such as customers, investors, partners, and regulators. Trust is the belief that the entrepreneur will act in a reliable, honest, and competent manner, and that the venture will deliver on its promises and expectations. Trust is not something that can be established overnight, but rather it requires consistent performance, feedback, and adaptation over time. Here are some ways that entrepreneurs can build trust through these three dimensions:
- Performance: The entrepreneur should demonstrate a track record of delivering high-quality products or services, meeting deadlines, and achieving goals. Performance is the most tangible and visible indicator of trustworthiness, and it can be measured by various metrics, such as sales, revenue, customer satisfaction, retention, and referrals. For example, a software startup that consistently releases bug-free updates, adds new features, and grows its user base will build trust with its customers and investors.
- Feedback: The entrepreneur should seek and respond to feedback from various sources, such as customers, mentors, peers, and experts. Feedback is the process of collecting and analyzing information about the venture's strengths, weaknesses, opportunities, and threats, and using it to improve and innovate. Feedback can help the entrepreneur identify and address problems, learn from mistakes, and discover new possibilities. For example, a social enterprise that solicits and incorporates feedback from its beneficiaries, donors, and partners will build trust with its stakeholders and enhance its social impact.
- Adaptation: The entrepreneur should be willing and able to adapt to changing circumstances, such as market trends, customer preferences, competitor actions, and regulatory requirements. Adaptation is the ability to adjust and modify the venture's strategy, operations, and offerings in response to feedback and environmental changes. Adaptation can help the entrepreneur seize new opportunities, overcome challenges, and create value. For example, a food delivery startup that adapts its menu, pricing, and delivery options to suit different customer segments and occasions will build trust with its customers and increase its market share.
The art of delegation is one of the key skills any entrepreneur must master.
Trust is a vital component of entrepreneurial legitimacy, as it enables entrepreneurs to establish and maintain positive relationships with various stakeholders, such as customers, investors, partners, and regulators. However, trust is not a static or permanent attribute; it can be eroded or damaged by various factors, such as poor performance, unethical behavior, miscommunication, or external shocks. Therefore, entrepreneurs need to be aware of the potential threats to their trustworthiness and take proactive or reactive measures to repair trust when it is broken or damaged. Some of the strategies that entrepreneurs can use to repair trust are:
- 1. Acknowledge and apologize for the breach of trust. This is the first and most important step in repairing trust, as it shows that the entrepreneur is aware of the problem and takes responsibility for it. A sincere and timely apology can help to reduce the negative emotions and perceptions of the affected stakeholders and signal the entrepreneur's commitment to restoring trust. For example, in 2018, Facebook CEO Mark Zuckerberg publicly apologized for the Cambridge Analytica scandal, which involved the misuse of personal data of millions of Facebook users, and promised to take steps to protect user privacy and security.
- 2. Provide explanations and justifications for the breach of trust. This is another way of showing accountability and transparency, as it helps to clarify the causes and motives behind the breach of trust and address any doubts or questions that the stakeholders may have. Providing explanations and justifications can also help to mitigate the severity and impact of the breach of trust and restore the stakeholders' confidence in the entrepreneur's competence and integrity. For example, in 2010, Toyota President Akio Toyoda explained the reasons and remedies for the recall of millions of vehicles due to faulty accelerator pedals, and expressed his determination to improve the quality and safety of Toyota products.
- 3. Implement corrective and preventive actions to address the breach of trust. This is a crucial step in repairing trust, as it demonstrates that the entrepreneur is not only sorry for the breach of trust, but also willing and able to take concrete actions to fix the problem and prevent it from happening again. Implementing corrective and preventive actions can help to restore the stakeholders' trust in the entrepreneur's reliability and credibility, and show that the entrepreneur values and respects the stakeholders' interests and expectations. For example, in 2017, United Airlines CEO Oscar Munoz announced a series of policy changes and customer service improvements after a passenger was forcibly removed from an overbooked flight, and pledged to make United a more customer-centric airline.
- 4. Rebuild and reinforce the relationship with the affected stakeholders. This is the final and ongoing step in repairing trust, as it involves re-establishing and strengthening the emotional and social bonds that underlie trust. Rebuilding and reinforcing the relationship can help to enhance the stakeholders' trust in the entrepreneur's benevolence and goodwill, and foster a sense of mutual understanding and respect. Rebuilding and reinforcing the relationship can also help to create new opportunities for cooperation and collaboration, and generate positive outcomes and feedback that can further enhance trust. For example, in 2014, Airbnb CEO Brian Chesky launched a new brand identity and a global campaign called "Belong Anywhere" to reconnect with its hosts and guests, and to emphasize its mission of creating a world where anyone can feel at home anywhere.
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Trust is a vital component of entrepreneurial legitimacy, as it enables entrepreneurs to establish and maintain positive relationships with various stakeholders, such as customers, investors, partners, suppliers, regulators, and society at large. Trust can also facilitate entrepreneurial success and social impact by providing several benefits, such as:
- reducing transaction costs and risks. Trust can lower the costs and risks associated with doing business, such as negotiating contracts, enforcing agreements, resolving disputes, and protecting intellectual property. For example, a trust-based partnership between two entrepreneurs can allow them to share resources, expertise, and networks without worrying about opportunism or exploitation.
- Enhancing reputation and credibility. Trust can increase the reputation and credibility of entrepreneurs, as they are perceived as more reliable, competent, and ethical by their stakeholders. For example, a trust-based relationship with customers can lead to positive word-of-mouth, referrals, and loyalty, which can boost sales and profitability.
- fostering innovation and learning. Trust can foster innovation and learning among entrepreneurs, as they are more willing to share information, ideas, and feedback, and to collaborate and experiment with new solutions. For example, a trust-based culture within an entrepreneurial team can encourage creativity, diversity, and openness, which can enhance the quality and novelty of their products or services.
- promoting social responsibility and sustainability. Trust can promote social responsibility and sustainability among entrepreneurs, as they are more motivated and able to address the social and environmental challenges and opportunities in their markets. For example, a trust-based approach to social entrepreneurship can enable entrepreneurs to create value for both their beneficiaries and their investors, while also ensuring accountability and transparency.
The reality is that unless you understand the regulatory environment and payment structure, you can't revolutionize it. I think most tech companies and startups have come to this realization: that you have to partner with people in the ecosystem.
In this article, we have explored the concept of entrepreneurial legitimacy and how it is crucial for the success of any new venture. We have also discussed the role of trust as a key factor in building and maintaining legitimacy among various stakeholders, such as customers, investors, partners, employees, and regulators. We have seen how trust can be established through different strategies, such as signaling, storytelling, social proof, and certification. We have also examined some of the challenges and pitfalls that entrepreneurs may face in their quest for legitimacy, such as overpromising, underdelivering, or losing credibility. Based on our analysis, we would like to offer some key takeaways and recommendations for aspiring entrepreneurs who want to achieve and sustain legitimacy in their markets. These are:
- understand your target audience and their expectations. Before launching your venture, you should conduct a thorough market research and identify who are your potential customers, what are their needs and preferences, and how do they perceive your value proposition. You should also be aware of the norms and standards of your industry and the regulations and policies that affect your business. This will help you tailor your product, service, or solution to meet the expectations of your audience and avoid any mismatch or misunderstanding.
- Communicate your vision and value clearly and consistently. Once you have defined your target audience and their expectations, you should craft a compelling story that explains who you are, what you do, why you do it, and how you do it differently from others. You should use various channels and platforms, such as websites, social media, blogs, podcasts, videos, or press releases, to convey your message and showcase your achievements. You should also seek feedback and testimonials from your customers, partners, or mentors, and use them as social proof to enhance your credibility and reputation.
- Demonstrate your competence and commitment. Besides telling your story, you should also show your capabilities and results. You should use various signals, such as certifications, awards, endorsements, or affiliations, to indicate your quality and reliability. You should also deliver on your promises and exceed your customers' expectations. You should be transparent and honest about your progress and challenges, and admit and correct your mistakes. You should also show your passion and enthusiasm for your venture and your willingness to learn and improve.
- build and nurture relationships with your stakeholders. Trust is not a one-time event, but a continuous process that requires constant attention and effort. You should not only seek to acquire new customers, but also to retain and satisfy existing ones. You should not only attract new investors, but also to update and involve current ones. You should not only find new partners, but also to collaborate and support existing ones. You should not only hire new employees, but also to train and motivate current ones. You should not only comply with regulators, but also to cooperate and influence them. You should treat all your stakeholders with respect and gratitude, and seek to create mutual value and benefit.
By following these recommendations, you can increase your chances of achieving entrepreneurial legitimacy and building trust with your stakeholders. This will enable you to overcome the challenges and uncertainties that you may face as a new venture, and to grow and thrive in your market. Remember that legitimacy is not a static state, but a dynamic and evolving one, that requires constant monitoring and adaptation. As the famous entrepreneur and investor Peter Thiel once said, "Every moment in business happens only once. The next Bill Gates will not build an operating system. The next Larry Page or Sergey Brin won’t make a search engine. And the next Mark Zuckerberg won’t create a social network. If you are copying these guys, you aren’t learning from them." Therefore, you should always strive to be original, innovative, and authentic, and to create your own legitimacy and trust.
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