23Trust in the Entrepreneurial Process
Trust is a ‘lubricant’ that facilitates cooperative exchange, especially under conditions of uncertainty, information asymmetry, and unobservable actions … It enables entrepreneurs to overcame the lack of legitimacy … and serves as a flexible and adaptive governance structure. [However], developing trust and trustful relations … involves the expenditure of scarce resources (time, psychological and social energy, and perhaps even economic resources).
(Venkataraman, 1997: 127)
Introduction
Research on trust issues in the psychological, sociological and organizational sciences is an established topic of interest (Graham & Tarbell, 2006; Mayer, Davis, & Schoorman, ...
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