The Speed of Trust Summary

Personal note from https://fourminutebooks.com/the-speed-of-trust-summary/

The Speed Of Trust
– explains the economics of trust
– shows you how to cultivate great trust in
> yourself,
> your relationships, and
> the three kinds of stakeholders you’ll deal with when you’re running a company

Trust. The one thing that changes everything.
This book was written by Stephen. M. R. Covey, not Stephen R. Covey.
His son carries forward his legacy.
– running the Covey Leadership center as CEO
– growing the Covey Leadership center 80x in value
– runs his own leadership institute about trust, CoveyLink

3 great lessons

1. Trust increases speed and thus lowers costs in businesses.
2. You first have to trust yourself, because trust is similar to confidence.
3. Societal trust is especially important for businesses to cultivate by contributing.

Lesson 1: Trust increases speed and thus lowers costs in businesses.

• Case Study: FedEx
  • Since many people trust in FedEx to deliver the next day,
    • FedEx gets hundreds of thousands of packages and orders to deliver each day
    • Therefore FedEx can
      • pay for overnight drivers
      • book special air freight services
      • create and employ systems that will lower the average cost per delivery
• Case Studey: airport security check after 9/11
  • previously 30 minutes
  • after 9/11, in average took an hour and a half
  • the trust in airplane passengers was gone,
    • the whole process of scanning them slower,
      • leading to increased costs for personnel and machinery
• More trust leads to faster results,
  • less trust to slower progress

Lesson 2: You first have to trust yourself, because trust is similar to confidence

• Trust
  • is very much like confidence
  • is created when competence and character come together
  • >> how much you believe in a person to follow through on their intentions
• The most important person to trust then, is yourself.
  • when you don’t believe that you’ll do what you say you will
    • how can you possibly bestow that trust on others?

4 cores to developing great trust in yourself

1. Integrity
   • being honest whenever you get a chance
   • Have a chance to admit you really were lucky with that last goal you scored during soccer practice? Do it.
   • Making even the smallest commitment and keeping it.
     • e.g., stopping to hit the snooze button
2. Intent
   • comes from questioning your motives
     • and developing admirable motives
   • ❌ mantra: “I wanna be rich”
   • shoot for work that’s meaningful
3. Capabilities
   • developing skills, even when you don’t have to
   • deliberate practice
     • will eventually make you good at what you do
     • can draw confidence and trust from that
4. Results
   • building a track record that you can look back upon
     • as a confirmation of the trust you put in yourself
     • e.g., have published 55 days in a row on Four Minute Books

Lesson 3: If you run a business, try to develop societal trust through contribution.

3 kinds of stakeholders, with which your business must build trust in different ways.
??

Giving back to those around you

• will earn you the respect and admiration of society
  • you might desperately need one day.
  • e.g., when Rodney King was assaulted by four policemen, the incident sparked the 1992 LA riots, with over 50 deaths, 2000 injured and close to 4,000 buildings burned and destroyed. Out of all buildings, 5 McDonald’s restaurants were left unscathed – they had a history of supporting their community with basketballs for teenagers to shoot some hoops, free cups of coffee for the homeless, literacy programs and jobs for the less privileged.