Trust-Building Strategies for Entrepreneurs: A Practical Guide to Building Credibility and Brand Value

What is the "Credibility Game" for Entrepreneurs?

For entrepreneurs, gaining social and business "credibility" is the key to survival and success. However, when starting with no track record or name recognition, there are high hurdles to overcome before others recognize your value.

Particularly in Japan, there is a strong trust in "belonging to established companies," and titles such as employee of a large corporation or civil servant tend to form the foundation of social credibility. According to the World Bank, Japan ranks 93rd out of 190 countries in "ease of starting a business," with one of the background factors being the low social recognition and credibility of entrepreneurs¹. Additionally, the Global Entrepreneurship Monitor reports that only about 24% of Japanese people consider "entrepreneurship to be a desirable career"².

As an entrepreneur who quit my first job just six months after graduation, I experienced the struggle of gaining trust, especially in the early stages of founding my company. This challenge, which I call the "credibility game," is an unavoidable path for entrepreneurs. However, there are scientific approaches and practical strategies to conquer this high-difficulty game.

In this article, I will focus on overcoming evaluation costs and information asymmetry, utilizing social networks, and strategies for building brand value and credibility, providing both practical and theoretical approaches for entrepreneurs to lower the difficulty of the "credibility game."

Theory and Practice of the Credibility Game

The Science of Credibility in Entrepreneurial Trust Building

One of the fundamental reasons entrepreneurs struggle to gain credibility is "information asymmetry." Others don't have sufficient information about new businesses or founders, and evaluators (investors, customers, etc.) must spend time and effort (evaluation costs) to judge the entrepreneur's capabilities and integrity. For the other party, trusting and evaluating you is a kind of "investment," and the higher this cost, the more they will avoid it³.

The "science of credibility" isn't an independent academic field but is systematized across multiple disciplines. For example:

1. Economic information theory: Explains how credibility is formed through concepts like "information asymmetry" and "signaling theory"
2. Social psychology: Studies cognitive biases such as "confirmation bias" and "halo effect" that influence evaluation
3. Sociology: Provides theories on social networks and trust formation
4. Organizational theory: Explores mechanisms of evaluation formation and trust building within organizations

Integrating these insights reveals a theoretical framework for conquering the "credibility game."

Practical Application of Signaling Theory

Signaling theory, proposed by economist Michael Spence⁴, explains how in situations with information asymmetry, the party with more information (entrepreneurs) can lower evaluation costs by sending "trustworthy signals" to the party with less information (investors, customers, etc.).

The main signals entrepreneurs should utilize include:

1. Human Capital Signals

   • High educational background or professional qualifications as proof of ability
   • Work experience or past achievements as evidence of capability
   • Article writing or speaking activities demonstrating expertise

2. Social Proof Signals

   • Recommendations from well-known or trusted individuals
   • Partnerships with or certification from authoritative institutions
   • Media coverage or awards

3. Commitment Signals

   • Investing personal funds (skin in the game)
   • Full-time commitment to entrepreneurship (not a side business)
   • Investment in team formation

4. Quality Signals

   • High completeness of initial products
   • Positive evaluations from initial customers
   • Highly transparent information disclosure

For example, when I founded KikaGaku, my Kyoto University background served as a trust signal that helped establish initial credibility. At the same time, I organized free seminars with an innovative "pay-what-you-want" approach to demonstrate practical value and build trust. In theoretical terms, this was a combination of "human capital signals" and "quality signals."

Strategies Implemented During KikaGaku's Founding

One of the biggest challenges I faced when founding KikaGaku was the "chicken and egg problem."

At that time, I needed to attract participants to paid seminars, but people wouldn't come unless they perceived value. To demonstrate this value, I needed to host events that people could easily join, but no one would attend unless they were free. Even charging just 500 yen would drastically reduce participation - it was that severe a situation.

However, if I made the events completely free, I wouldn't attract my intended persona. When something is free, people attend with the mindset of "might as well go since it's free," which doesn't guarantee the quality of participants. Furthermore, when hosting free events, participants often think "it's free anyway" and may not recognize the value provided. This created a dilemma: "Free events attract attendance but don't convey value."

The solution I implemented was a "pay-what-you-want" seminar model. Specifically:

1. Hosted seminars that were free to attend (lowering the entry barrier)
2. Implemented a system where participants could freely pay based on their satisfaction after the seminar
3. Set up tiered benefits according to payment amount (using anchoring at 3,000 yen, 5,000 yen, 10,000 yen, etc.)
4. Maximized voluntary payments by providing high-quality information

This method was tremendously successful, achieving an average customer value of 5,000 yen for a two-hour seminar. Furthermore, this experience instilled in participants the recognition that "valuable information is worth paying for," which significantly contributed to later participation in our paid seminars costing around 50,000 yen.

What we can learn from this case is the effectiveness of an approach that gradually overcomes the "credibility barrier." Rather than immediately trying to sell high-priced services, it's effective to first demonstrate value with a low threshold and gradually increase trust and price points.

Additionally, in these seminars, I intentionally used handwritten whiteboards instead of slides. This allowed me to rapidly A/B test by changing content and order each time, enabling quick learning from customer reactions. This "operations first" approach also contributed to rapid trust building.

The early startup phase is like the Japanese folktale of "Warashibe Chōja" (straw millionaire), where you start with nothing - no people, things, or money. Overcoming this through ingenuity is the role of a founder, and unfortunately, if you can't overcome this, you can't take the first step as an entrepreneur. Even more difficult challenges await beyond this initial hurdle.

Strategic Building of Social Networks

Social Capital and Japan's Introduction Culture

Social networks (human networks) play an extremely important role in entrepreneurs' credibility acquisition. Many studies show that for entrepreneurs, social capital is a success factor alongside human capital (skills and knowledge)⁵.

Social capital refers to intangible resources such as trust relationships and networks with friends and acquaintances, which entrepreneurs can build over time⁶. Particularly in Japanese culture, there is a strong tendency to value introductions (referrals). Connections made through introductions from trusted third parties develop trust relationships more smoothly than building relationships from scratch. This is like having some of the introducer's credibility "loaned" to you.

Empirical research supports this effect. According to analysis by the Research Institute of Economy, Trade and Industry (RIETI), whether a business gets on track during the first 18 months after startup is greatly influenced by the business networks (e.g., Chambers of Commerce) to which the entrepreneur belongs⁷.

For entrepreneurs, chains of introductions function as a "credit deposit." For example, by being introduced to person B by person A, and then to person C by person B, a foundation of trust forms even without direct acquaintance. In fact, I personally have a policy of "only looking at angel investment opportunities that come through trusted contacts," precisely because I value the effect of credibility transfer through introductions.

Concrete Steps for Building Connections

So how should entrepreneurs build effective networks? Here's a phased approach:

1. Active Participation in Networking Opportunities

   • Industry events and conferences
   • Entrepreneur communities and study groups
   • Accelerator programs
   • Online communities (Slack groups, Discord, etc.)

2. Prioritizing Value Provision

   • Sharing knowledge and information
   • Contributing to problem-solving
   • Introducing others or providing opportunities
   • Offering volunteer-like cooperation

3. Deepening and Maintaining Relationships

   • Regular follow-ups
   • Individual 1-on-1 meetings
   • Expressing gratitude and sharing results
   • Investing in long-term relationship building

4. Strategic Relationship Expansion

   • Requesting secondary and tertiary introductions
   • Creating connections across different industries
   • Acquiring mentors and supporters
   • Stepping up to become a community organizer

What's important in networking is not "what can I gain" but "what can I offer." Practice the principle of "Give & Take" by providing value first, and you'll receive multiplied value in return.

Networks also have "strong ties" (family, old friends, etc.) and "weak ties" (business acquaintances, etc.), with the former providing emotional support and dense information, and the latter bringing new information and opportunities⁸. Ideally, you should build a balance of both.

Effective Practice of "Give & Take"

Networking is certainly not an activity to "extract" value from others. Rather, it's an activity to build trust relationships by "giving" value first. Let's look at the key points for effective "Give & Take" practice.

1. The "Give First" Principle

   • Provide value from your side first
   • Carefully choose when to ask for something in return
   • Aim to provide value tailored to the other person's needs

2. Diversity of Value Provision

   • Information value: Sharing useful information or insights
   • Opportunity value: Introducing business chances or connections
   • Recognition value: Acknowledging and appreciating others' achievements
   • Support value: Concrete help in times of need

3. Appropriate Timing for "Take"

   • Make requests after the relationship has matured
   • Keep requests within what the other person can provide
   • Clearly communicate the purpose and reason for the request
   • Show gratitude for the other person's contribution

4. Maintaining a Long-term Perspective

   • Prioritize long-term relationship building over short-term gains
   • Avoid strict calculation of "debts" and "credits"
   • Understand that trust relationships grow like compound interest

Field experiments have revealed the "Benjamin Franklin effect"⁹, where those who have accepted a small request from you are more likely to accept larger requests later. This is a psychological effect where "people develop more goodwill toward those to whom they have shown favor."

Most importantly, "entrepreneurs should not be alone." Rather than shouldering everything by yourself, building a network of supporters and collaborators makes it easier to overcome the difficulties of entrepreneurship. Simultaneously, that network becomes a powerful asset in lowering the "credibility barrier."

Founder Personal and Company Brand Strategy

The Importance and Methods of Personal Branding

An entrepreneur's personal charm and communication ability directly connect to the company's credibility as a personal brand. According to one survey, 82% of people have more trust in companies whose top management shares information on social media, and 77% of consumers have increased purchase intention for companies with actively communicating CEOs¹⁰.

The following elements are important for building a personal brand:

1. Establishing "Authority"

   • Demonstrating deep knowledge and insight in specific fields
   • Information sharing based on data and case studies
   • Presenting unique perspectives on industry challenges

2. Maintaining "Consistency"

   • Consistent expression of values and vision
   • Regular and planned information sharing
   • Consistency between words and actions

3. Expressing "Humanity"

   • Appropriate self-disclosure and storytelling
   • Sharing failure experiences and learnings
   • Expression of humor and passion

4. Ensuring "Visibility"

   • Selecting appropriate platforms
   • Using dissemination methods that reach target audiences
   • Creating opportunities to appear in external media

In Japan, where modesty is considered a virtue, people tend to be cautious about "self-promotion," but modern leaders are expected to appropriately disclose information about themselves. By sharing industry insights and passion for business through blogs, X (Twitter), LinkedIn, etc., you can cultivate both authority (being an expert in your field) and relatability (revealing your personality).

Gradual Acquisition of Social Proof

The brand value of startup companies themselves is also essential for building trust. Even unknown companies at founding can develop brand power by accumulating third-party evaluations. Typical examples include media coverage and awards.

Let's look at a strategy for gradually acquiring social proof:

Let's consider specific strategies for each phase:

1. Initial Phase

   • Collect detailed feedback from initial customers
   • Document success stories (case studies)
   • Feature customer testimonials on website and pitch materials

2. Growth Phase

   • Speak and present at industry events
   • Contribute to and be interviewed by specialized media
   • Build relationships with influencers

3. Establishment Phase

   • Secure exposure in major media
   • Apply for industry awards
   • Build partnerships with prominent companies

4. Expansion Phase

   • Publish books or serial columns in specialized magazines
   • Host your own events
   • Contribute to establishing industry standards

What's important at each phase is to create a cycle where social proof gained is used to acquire the next level of proof. For example, if you have success stories from initial customers, it becomes easier to get coverage from industry media, and with media coverage, acquiring the next customer becomes easier.

Particularly powerful social proof comes from "authoritative supporters." Support from well-known investors or industry key persons greatly influences the judgment of other evaluators. As a Japanese founder who started a company in the US stated, "Since I started with zero social credibility, Y Combinator's brand was of great value"¹¹. Partnerships with authoritative brands are a powerful means of building trust.

My Branding Experience and Success Examples

I'd like to share particularly effective elements from my own branding experience.

My Kyoto University background served as an important trust signal, especially in the early days of founding the company. This reflects the trust value that educational background holds in Japanese society. However, academic credentials alone cannot build sustainable trust. The strategies I consciously implemented were:

1. Visualizing Expertise

   • Generously sharing specialized knowledge in AI and machine learning through seminars
   • Writing specialized books (such as "Deep Learning Implementation Introduction: Image and Natural Language Processing with PyTorch")
   • Activities as a part-time lecturer at the University of Tokyo Graduate School

2. Building Track Record

   • Founding and growing KikaGaku (to a scale of over 100 full-time employees)
   • Appointment as an outside director of a Tokyo Stock Exchange Prime Market listed company (Ateam)
   • Activities as a Ministry of Education, Culture, Sports, Science and Technology Entrepreneurship Ambassador

3. Continuous Information Sharing

   • Regular dissemination of specialized knowledge
   • Sharing practical advice based on entrepreneurial experience
   • Honest information provision including failure experiences, not just successes

Particularly important was the consistent maintenance of "honesty and transparency." For example, when deciding to withdraw from fwywd (an entrepreneur development program), I shared the reasons and learnings in detail internally. While such transparency may show vulnerability in the short term, it leads to deeper trust building in the long term.

I also paid attention to the balance between personal brand and company brand. When a founder is too prominently featured, it can limit organizational growth, so I gradually shifted to a strategy that emphasized the company's unique value.

Roadmap for Building Trust

Time-sequenced Trust Acquisition Steps from Founding

Trust is not built overnight but accumulated in stages. Let's look at a typical timeline for entrepreneurs acquiring trust:

Let's look at the key points and practical examples to focus on at each stage:

Year 0 (Founding Preparation)

• Acquisition and visualization of specialized knowledge (article writing, community participation)
• Building the foundation of human networks (industry events, leveraging previous job connections)
• Market understanding and verification (customer interviews, small-scale experiments)

Year 1 (Service Launch)

• Providing thorough value to initial users (extensive support, personalized responses)
• Establishing feedback loops (quick improvements reflecting user voices)
• Documentation of small success stories (case studies, collection of customer testimonials)

Year 2 (Initial Growth)

• Beginning systematic PR activities (press releases, building media relationships)
• Increased exposure at industry events (participation as panelists, speakers)
• Acquisition of strategic investors/advisors (focusing on expertise and networks)

Years 3-4 (Expansion Period)

• Strengthening brand identity (consistent messaging, visual unity)
• Expanding industry influence (opinion sharing, participation in trend formation)
• External communication of organizational culture/values (linked with recruitment branding)

Year 5+ (Establishment Period)

• Positioning as an industry leader (participation in standardization, policy recommendations)
• Systematization and sharing of knowledge (book publication, provision of educational programs)
• Support and development of next-generation entrepreneurs (mentoring, investment activities)

Trust building is cumulative, with the results of previous stages forming the foundation for the next stage. It's important to not betray trust at any stage and to accumulate it steadily.

Key Points to Focus on at Each Stage

Let's look in more detail at the points to intensively work on at each stage of trust building:

Initial Stage (Years 0-1): Creating a Foundation of Trust

• Ensuring consistency: Always keeping promises, building up from small trusts
• Maintaining transparency: Honestly sharing the situation even in highly uncertain phases
• Close relationships with users: Investing time in building deep relationships with initial customers

At this stage, "starting small and delivering reliably" is key. When founding KikaGaku, I first delivered value through free seminars, received feedback from that, and moved on to the next step. Rather than making grandiose claims, I built initial trust by reliably providing services that exceeded expectations.

Growth Stage (Years 2-3): Expanding Trust

• Utilizing social proof: Visualizing acquired trust and using it to build new relationships
• Forming communities: Nurturing groups with common interests or values centered around your company
• Consistent storytelling: Effectively communicating company philosophy and founding story

At this stage, creating a "chain reaction of trust" is important. Gradually expanding the initial circle of trust and involving new stakeholders. Systematizing success stories and sharing them widely through media and industry events broadens the foundation of trust.

Establishment Stage (Year 4+): Institutionalizing Trust

• Embedding in organizational culture: Institutionalizing trust-building mechanisms into corporate culture and business processes
• Contributing to industry standards: Strengthening your own position by contributing to improving industry-wide credibility
• Long-term relationship management: Continuing investment in maintaining and deepening existing trust relationships

The goal at this stage is to build a "self-replicating system of trust." Ensure that trust in the company functions sustainably as organizational culture and brand, not dependent on individuals. Particularly important is setting up recruitment, development, and evaluation systems so that each employee becomes a bearer of trust.

Learning from Failure: My Experience

The path to building trust is by no means smooth. I myself have learned much from failure. Here I'd like to share cases that were particularly instructive.

Lessons Learned from the Decision to Withdraw from fwywd (Entrepreneur Development Project)

fwywd was an entrepreneur development project I was passionate about, but I decided to withdraw after one year. The main lessons I gained were:

1. Clarification of "Value Proposition"

   • Realized that the hypothesis of "educating to develop entrepreneurs" was (at least in the short term) unrealistic
   • Recognition that acquired skill learning and entrepreneurial mindset development are different things

2. Importance of Withdrawal Decisions

   • Decided to withdraw at the point when there was little further learning from continuation
   • Attitude that "failure ≠ complete waste," but rather using learnings for the next endeavor

Particularly important was team care after withdrawal. In many cases, members leave with business withdrawal, but we continued communication with transparency, and many members remained in the organization, moving toward the next challenge.

From this experience, I learned that trust is greatly influenced by how you handle difficult situations. Trust during successful times is relatively easy, but honesty during failure or withdrawal is what leads to true trust building.

Implications for Internal Innovators

Evaluation Acquisition Strategies Applicable Within Companies

The methods described so far can also be applied to internal entrepreneurs (intrapreneurs) who promote new businesses or reforms within companies, and to business people who want to gain trust as project leaders. Even within organizations, new proposals require "evaluation" from bosses and colleagues, and the essence of this process is similar to entrepreneurs gaining trust from society.

The following points are directly applicable to internal change agents:

1. The "Start Small and Ensure Success" Principle

   • Begin with small proof of concepts (PoCs) rather than large-scale projects
   • Create success stories and expand incrementally based on them
   • Demonstrate clear results at each stage to gain approval for the next step

2. "Internal Sponsor Acquisition" Strategy

   • Gain support from influential individuals within the organization
   • Broaden your foundation by obtaining support from different departments and hierarchies
   • Share results with supporters and expand the circle of support

3. Building "Expertise and Influence"

   • Internal information sharing (hosting study sessions, knowledge sharing)
   • Accumulation and visualization of achievements through practice
   • Building cooperative relationships across departments

4. Designing "Change Compatible with Organizational Culture"

   • Relating reforms to existing values and language systems
   • Explaining the necessity of change in the organization's context
   • Balanced presentation of short-term results and long-term vision

Tips for Promoting New Projects Within Organizations

As an internal change agent, both "evaluation acquisition" and "execution ability" are required for successful projects. Here are specific tips:

1. Focus on "Problem Definition"

   • Focus on truly important problems for the organization
   • Quantitatively demonstrate the scale and impact of problems
   • Clarify the value for multiple stakeholders

2. "Building Allies" Strategy

   • Involve key persons from the beginning
   • Form an "internal coalition" by gaining support from different departments
   • Differentiate between formal and informal communication

3. Thorough "Risk Management"

   • Present anticipated risks in advance and prepare countermeasures
   • Distribute risk through a phased approach
   • Incorporate mechanisms to learn from failures

4. Ingenious "Visualization of Results"

   • Systematically create short-term "small victories"
   • Systematically record both quantitative and qualitative results
   • Express and share results in the organization's language

In transformation, "informal influence" often becomes more important than "formal authority." Rather than relying on titles or positions, the ability to move people through achievements and trust is required.

Trust-Building Techniques Usable by Internal Entrepreneurs

Here are trust-building techniques particularly effective for internal entrepreneurs (intrapreneurs):

1. Practicing "Internal Customer Development"

   • Conducting interviews with potential users within the company
   • Small-scale testing of problem hypotheses and solutions
   • Building and continuing feedback loops

2. Utilizing "Organizational Language"

   • Understanding the metrics and values emphasized within the company
   • Explaining new ideas within existing frameworks
   • Breaking down abstract concepts into concrete examples

3. Forming "Internal Coalitions"

   • Gaining support from multiple departments
   • Utilizing both formal and informal channels
   • Building and maintaining mutually beneficial relationships

4. Designing "Small Experiments"

   • Designing experiments that minimize resource requirements
   • Setting clear learning objectives and success metrics
   • Quickly sharing results and proposing next steps

The principles of the "credibility game" apply internally as well. Particularly important is the ability to make "value propositions contextualized to the organization." No matter how excellent an idea is, it won't gain support unless its relevance to organizational strategy and priorities can be demonstrated.

Also, the concept of "trust deposits" is important in gaining evaluation within the company. By keeping promises and consistently delivering quality results in daily work, you can build a foundation of trust for when you make new proposals.

Conclusion: To Master the Credibility Game

Message to Future Entrepreneurs and Change Agents

The entrepreneur's "credibility game" is high in difficulty and a long-term battle. However, as discussed in this article, by understanding the mechanism of evaluation and acting strategically, you can build trust and reputation even from zero.

While Japan's entrepreneurial environment certainly has challenging aspects, mechanisms to support entrepreneurs, such as government low-interest loans, credit guarantees, and increasing investors, are gradually developing¹². Social perspectives are also beginning to change, with successful startups being praised in the media more frequently.

The important thing is to solidify the foundation of credibility step by step without rushing. Trust once gained becomes a significant intangible asset for entrepreneurs and drives business expansion¹³. Even in adversity, having the "invisible support" of trust can help overcome difficulties.

Final Advice for Mastering the Credibility Game

Finally, let me summarize practical advice for mastering the credibility game:

1. Be Aware of "Evaluation Costs"

   • Be conscious of the costs others incur when evaluating you
   • Aim to provide clear and concise information
   • Prioritize approaches through trusted referrers

2. Strategically Emit "Signals"

   • Identify effective signals that demonstrate your strengths
   • Combine multiple signals to increase persuasiveness
   • Maintain continuous and consistent signal emission

3. Prioritize "Network Building"

   • Don't be a lonely entrepreneur; build a circle of supporters
   • Build relationships based on the principle of "Give & Take"
   • Cultivate a balance of strong and weak ties

4. Accumulate "Trust Deposits" Daily

   • Develop the habit of reliably keeping small promises
   • Make transparency and honesty the foundation of all relationships
   • Maintain honest communication even in failures or difficult situations

5. Maintain a "Long-term Perspective"

   • Distinguish between short-term reputation and long-term trust
   • Prioritize sustainable trust building over temporary success
   • Adopt an attitude that views failure as a learning opportunity for the future

Those who master the credibility game are the ultimate winners. I hope you too will build trust and brand with your own strategy, establishing a solid foundation for future success.

Finally, as one of the Entrepreneurship Promotion Ambassadors, I hope that society as a whole will deepen its understanding of entrepreneurial spirit and develop a culture that appropriately evaluates people who take on challenges. This is precisely what will become the driving force for creating new value.

References

Footnotes

1. World Bank. (2019). "Doing Business Report" The World Bank report points out that Japan ranks 93rd out of 190 countries in "ease of starting a business," with the low social credibility of entrepreneurs cited as an issue. World Bank Report 2019: Japan Ranks 93rd Globally in "Ease of Starting a Business" ↩

2. GEM. (2024). "Global Entrepreneurship Monitor 2023/2024 Annual Report" The percentage of Japanese people who believe "entrepreneurship is a desirable career" is only about 24%, one of the lowest figures among surveyed countries. ↩

3. Entrepreneurs as Trust's Builders: An Integrated Model. (2019). Open Journal of Business and Management, 7, 1160-1170. This analyzes the mechanisms of trust building and credibility acquisition for entrepreneurs from the perspectives of evaluation costs and information asymmetry. ↩

4. Spence, M. (1973). "Job Market Signaling". Quarterly Journal of Economics, 87(3), 355-374. This foundational paper on signaling theory demonstrates the importance of credibility signals in markets with information asymmetry. ↩

5. Research Institute of Economy, Trade and Industry. (2013). Empirical Analysis of Success Factors for Entrepreneurs This empirically demonstrates that social capital is an important success factor for entrepreneurs alongside human capital. ↩

6. Japan Finance Corporation Research Institute. (2021). "The Impact of Entrepreneurs' Social Capital on Corporate Growth" This analyzes the definition and impact of social capital on entrepreneurs, particularly the value of human networks in Japan. ↩

7. Research Institute of Economy, Trade and Industry. (2013). "Analysis of Factors for Business Getting on Track in the First 18 Months After Startup" This quantitatively demonstrates the impact of business networks that entrepreneurs belong to on early success. ↩

8. Granovetter, M. (1973). "The Strength of Weak Ties". American Journal of Sociology, 78(6), 1360-1380. This proposes the theory of "strong ties" and "weak ties" and empirically demonstrates the effect of weak ties in bringing new opportunities and information. ↩

9. Jecker, J., & Landy, D. (1969). "Liking a person as a function of doing him a favor". Human Relations, 22(4), 371-378. This verifies the psychological effect known as the "Benjamin Franklin effect" and explains the mechanism by which goodwill toward someone increases after showing them favor. ↩

10. Entrepreneur. (2022). Why Personal Branding Is Crucial for CEOs in Today's World This introduces a survey on the correlation between CEO social media communication and company credibility (82% of consumers have more trust in companies with CEOs who share information). ↩

11. Fond Founder Taro Fukuyama. (2023). The "10 Lessons" of an Entrepreneur Who Fought in America for 10 Years This shares the experience of a Japanese founder on starting a business overseas with zero social credibility and the brand value of support institutions. ↩

12. Startup Handbook. (2022). World Bank Report 2019: Japan Ranks 93rd Globally in "Ease of Starting a Business" This explains Japan's entrepreneurial environment and support systems that are being developed, such as low-interest loans, credit guarantees, and crowdfunding. ↩

13. Entrepreneurs as Trust's Builders: An Integrated Model. (2019). Open Journal of Business and Management, 7, 1160-1170. This explains how trust becomes an intangible asset for entrepreneurs and drives business expansion. ↩