The Speed of Trust, Summary 2

Personal note from: https://intranet.cityofmesquite.com/DocumentCenter/View/2353/The-Speed-Of-Trust-Summary—Article-PDF

15 Core Lessons

1. Trust Increases Business Speed
   • relationships that are founded on trust are much faster
2. Trust is Affordable
   • relationships that are founded on trust can lower the cost of your business model
   • making transactions go more smoothly and quickly necessarily lowers your operating costs
   • avoids having to pay exorbitant fees for certain bureaucratic security measures that people
     who trust each other do not need
3. Trust Yourself First
   • Before you can trust others, you have to first trust yourself
     • is only created when your competence and your character integrity come together.
     • by developing four major aspects of your personality and leadership style
4. Trust Aspect:
   1. Integrity
      • trustworthy : have integrity
        • the ability to be honest whatever you can, even if you mess up or make a big mistake that costs your business time and money
   2. Good Intention
      • a.k.a. content
        • develop a positive intent for your actions and business model
          • rather than simply trying to earn short-term profits
          • chasing after riches is not a good intention that will net you trustworthy relationships in the long
            run.
   3. Know Your Capabilities
      • Trustworthy people
        • understand their own capabilities
        • will work to develop new skills and capabilities over time
        • practice those things you aren’t good at
        • understand your own skill limitations when offering your services and talking to others
   4. Results
      • Trustworthy : results that can back up their claims to integrity.
        • takes a bit of time to build up
      • trustworthy record is worth more than even the most charismatic persuasive speech
      • A good track record
        • stand-in for a demonstration of your capabilities to potential clients and business partners
5. Contribute to Build Trust
   • • in business: contribute as you can.
     • giving back to your people and organization,
       • in the form of effort
       • in the form of your time and attention
       • is a way to build trust that ..
         • reflects back on itself
         • paints you as a worthwhile individual with which to build a relationship.
     • a lot like marketing for yourself
6. The Trust Tax
   • currently: society that suffers from widespread general distrust
     • manifests in a so-called “trust tax”
       • causes people to be less open with their actual desires and fears
       • slows the speed of progress and business
       • limits economic activity
       • makes people less likely to take positive risks
7. 5 Trust Waves
   • The development of a trustworthy person or business
     • The first wave: when you develop self-trust and credibility in yourself
       • In business: trustworthiness in the CEO or another executive
     • Relationship and Organization Trust
       • focused on creating relationship trust between yourself and your employees or business partners
       • Relationship trust:
         • Only when there is a trustworthy relationship between you and your collaborators can you successfully cooperate and do work
           effectively together.
       • Organizational trust: when everyone within a company or group trusts one another
         • increasing efficiency and lowering the cost of activity
     • Market and Societal Trust
       • deal with trust from the market and across society as a whole
       • Market trust
         • is achieved when you get a good reputation for your business model or your results
         • only comes after significant effort has been expended and you have a good track record under your belt
       • Societal trust
         • is an eventual outcome if everyone practices the above trust-building developments
         • is not always present in today’s day and age.
8. Smart Trust
   • is not always wise to have blind trust in others
   • don’t want to necessarily distrust people
   • but you need to learn
     • how to extend trust without making yourself overly vulnerable
     • how to spot potential liabilities or those who would abuse your trust
   • This is a skill that takes some experience to learn effectively
     • it only comes when you trust in others
9. Restoring Trust
   • how to change your behavior and repair any damage you may have done to the trust others holding you
     • usually requires a significant amount of self-observation and repeated good behavior
       • often without the expectation of reward.
   • Restoring trust can happen but
     • it takes exponentially more effort
     • it takes exponentially repeated success
     • than establishing trust for the first time does
10. Talk Straight
    • the best behavior you can adopt when establishing or restoring trust
      • is to talk plainly and simply
      • even if you have to deliver bad news or admit to a mistake
      • being honest and straightforward with your speech will do more to earn the trust of your peers
        and followers than any other behavior

Top 10 Quotes from The Speed of Trust

1. “We judge ourselves by our intentions and others by their behaviour.”
2. “The first job of a leader—at work or at home—
   • is to inspire trust
     • bring out the best in people by entrusting them with meaningful stewardships
     • to create an environment in which high-trust interaction inspires creativity and possibility.”
3. “Trust is equal parts character and competence… You can look at any leadership failure, and it’s always a failure of one or the other.”
4. “The best time to plant a tree is twenty years ago. The second best time is today.”
5. “In a high-trust relationship, you can say the wrong thing, and people will still get your meaning.
   • In a low-trust relationship, you can be very measured, even precise, and they’ll still misinterpret you.”
6. “We judge ourselves by our intentions and others by their behavior.
   • one of the fastest ways to restore trust is to make and keep commitments—even very small commitments—to ourselves and to others.”
7. “Whether you’re on a sports team, in an office or a member of a family, if you can’t trust one another there’s going to be trouble.”
8. “(S × E)T = R ([Strategy times Execution] multiplied by Trust equals Results)”
9. “The trust we have in people and in organizations comes, in part, from believing that they do care.”
10. “For every thousand people hacking at the leaves of evil, there is one striking at the roots.”