Trust

From Wikipedia, the free, on-line encyclopedia:

Trust is a relationship of reliance. A trusted party is presumed to seek to fulfill policies, ethical codes, law and their previous promises. Trust does not need to involve belief in the good character, vices, or morals of the other party. Persons engaged in a criminal activity usually trust each other to some extent. Also trust does not need to include an action that you and the other party are mutually engaged in. Trust is a prediction of reliance on an action, based on what a party knows about the other party. Trust is a statement about what is otherwise unknown -- for example, because it is far away, cannot be verified, or is in the future.

Trust is absolutely necessary for entrepreneurial success. Its presence increases the speed of business, gets products to market faster, makes more people buy products sooner, encourages people to partner, etc. Absent, it slows business down. It makes people wary of products, reluctant to partner with them, reluctant to lend money. High trust acts like a benefit, low trust like a deficit. If you're interested in reading more go to the Wikipedia article. And read Steven M. Covey's The Speed of Trust; the One Thing That chantes Everything (New York: Free Press, 2006).

If something grabs you, post a comment. This is my entrepreneurship course. Entrepreneurship informs everything I do. For entrepreneurial real estate go to www.yourstopforrealestate.com/blog and for entrepreneurial writing to www.kearneymusicschoolmurders.blogspot.com