200. Why Trust Sits at the Heart of Running a Business

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In this episode, Julia speaks with Sheila Gujrathi about trust: why it sits at the heart of running a business, and why it becomes even more critical as responsibility, complexity, and stakes increase. Sheila reflects that trust is important for all working relationships: between founders and teams, executives and boards, leaders and investors, and why without it, progress stalls. But she is clear: trust does not begin with others. It begins with trusting yourself; your judgement, your instincts, and the signals you learn to listen to over time.

The conversation explores how experience, conditioning, and past trauma shape how we trust. Whether that shows up as self-doubt, over-trusting others, or good girl syndrome in the hope of gaining approval. Sheila shares how these patterns can feel useful early in a career but become limiting as responsibility grows. She also speaks about learning to stop blanket trusting people, becoming more discerning, and intentionally building environments of trust by surrounding herself with peers who offer honesty, clarity, and reflection. This episode is a reminder that trust is not blind optimism. It is a daily practice and quiet work that makes running a business possible.

About the Guest:

Sheila Gujrathi

Sheila Gujrathi, MD, is a biotech entrepreneur, executive, champion for under-represented leaders, and author of the bestselling book The Mirror Effect: A Transformative Approach to Growth for The Next Generation of Female Leaders. Over the past 25 years, she’s had the privilege of developing life-changing medicines for patients with serious diseases while building and running private and public biotech companies—including some exciting exits. Today, she’s a founder, chairwoman, board director, strategic advisor, and consultant to start-up companies and investment funds. She co-founded the Biotech CEO Sisterhood, a group of trailblazing female CEOs—because we’re all better when we support each other.

About the Host

Julia Middleton

Julia Middleton is the host of the Women Emerging podcast and a best-selling author of “If that’s leading, I’m in” as well as two previous books: “Leading beyond Authority” and “Cultural Intelligence”. She is deeply committed to helping people from all backgrounds to find their own approach to leading.

In 2020, Julia launched Women Emerging and in 2022 she lead an expedition of 24 women to find ‘an approach to leading that resonates with women’. She now leads expeditions with women all over the world based on 4Es methodology, discovered in the first expedition.

Prior to that, Julia was founder and, for over thirty years, Chief Executive of Common Purpose, which grew to become one of the biggest leadership development organisations in the world.
Julia is also an Ambassador for the Aurora Prize based in Armenia, on the boards of Alfanar Venture Philanthropy in the Arab World and Equality Now, which operates globally, and on the Advisory Councils of Fundacao Dom Cabral in Brazil and Synapse in Pakistan.

Born in London and brought up in New York, Julia was educated at French Lycées and graduated from the London School of Economics. She is married, with five children and lots of grandchildren.