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1) Reputation is advertising. Good or bad, you don't buy it, but you pay for it one way or another.
2) Reputation begins with customer service that people must talk about. If you fail at great customer service and you fail to be talked about positively, you are going to fail at great reputation.
3) Reputation is something you own as far as responsibility, but your customers always own it as far as content--it's what they say, not you, that is your reputation.