Creating Trust
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Creating Trust
"Trust No One" is the new mantra. Seniors, affluent individuals, business leaders and investors have seen virtually every institution and corporate leader and even the premise of 'homeland security' and government response to emergency prove themselves spectacularly untrustworthy, and are given sensationalized reasons daily by every media to distrust banks, insurers and others on Wall Street, so it is perfectly understandable that they are NOT prepared to trust you, NOT one word you say, NOT any promise you make, NOT any organization or product you represent. The dirty little secret of widespread bank insolvency and thin trading volume is that over a trillion dollars of private "mom 'n pop" capital has been withdrawn from commercial investment and is now mattress-savings...literally, flooding into gold, with the affluent-art and classic cars, with seniors-cash and U.S. Treasuries; and otherwise, parked in places thought safest, without regard to yield. To some extent, this has benefited the annuity and insurance industry. However, any professional advisor or agent seeking to establish new relationships and secure new clients in this environment finds himself severely handicapped, with his chief obstacle - fully understood or not - exceptionally high, exceptionally firm and stubborn distrust. This is reflected in shrinking seminar attendance and rising costs of buying such attendance, declining response to advertising, longer sales cycles, even heightened reluctance by clients to refer, as well as lower initial transactions. THERE ARE EFFECTIVE RESPONSES and strategies, but they are not the same ones that worked nicely, pre-2008. And even before tackling the subject of more appropriate and effective strategies for this time, a new understanding of where the prospective client is at, psychologically and emotionally when you first 'arrive' is essential-and that is where this timely, groundbreaking and frank book, TRUST, begins.
Building Trust
This is NOT a book about the importance of trust. Building Trust is about HOW TO BUILD TRUST and maintain it. Very little of the materials on trust are practical and helpful. Of the thousands of pieces of writing on the topic of trust, almost none of them say: "Here's a step-by-step method for building trust - inter-personally and organizationally." Building Trust will tell you: Practical steps to improve trust. What you may be doing that's not helpful and why. What you may have believed about trust-building that won't really produce trust in the long haul. Ways to clean up broken or fractured trust.
Trust
Author: Tarun Khanna
language: en
Publisher: Berrett-Koehler Publishers
Release Date: 2018-08-14
Trust Creating the Foundation for Entrepreneurship in Developing Countries Entrepreneurial ventures often fail in the developing world because of the lack of something taken for granted in the developed world: trust. Over centuries the developed world has built up customs and institutions like enforceable contracts, an impartial legal system, credible regulatory bodies, even unofficial but respected sources of information like Yelp or Consumer Reports that have created a high level of what scholar and entrepreneur Tarun Khanna calls “ambient trust.” If a product is FDA-approved we feel confident it's safe. If someone makes an untrue claim or breaks an agreement we can sue. Police don't demand bribes to do their jobs. Certainly there are exceptions, but when brought to light they provoke a scandal, not a shrug. This is not the case in the developing world. But rather than become casualties of mistrust, Khanna shows that smart entrepreneurs adopt the mindset that, like it or not, it's up to them to weave their own independent web of trust—with their employees, their partners, their clients, their customers and with society as a whole. This can certainly be challenging, and requires innovative approaches in places where the level of societal mistrust is so high that, as in one example Khanna provides, an official certification of quality simply arouses suspicion—and lowers sales! Using vivid examples from Brazil, China, India, Mexico and elsewhere, Khanna shows how entrepreneurs can build on existing customs and practices instead of trying to push against them. He highlights the role new technologies can play (but cautions that these are not panaceas), and explains how entrepreneurs can find dependable partners in national and local governments to create impact at scale. As far back as the 18th century Adam Smith recognized trust as what Khanna calls “the hidden engine of economic progress.” “Frankness and openness conciliate confidence,” Smith wrote. “We trust the man who seems willing to trust us.” That kind of confidence is critical to entrepreneurial success, but in the developing world entrepreneurs have to establish it through their own efforts. As Khanna puts it, “the entrepreneur must not just create, she must create the conditions to create.”