Trust

I blogged extensively about trust as discussed by Steven M. L. Covey in his fine book, The Speed of Trust, (2006).

To see what I said, just read some of my earlier posts. Suffice it to say that trust underlies any business transaction. No trust, no transaction.

That a lot of people can't trust themselves accounts for their failure to be able to trust others. High trust speeds things up and makes things cheaper. Low trust slows things down and makes everything more expensive.

If you want to read more, read Covey or some of my postings.

Entrepreneurship is the life's blood of all my professional activities. It makes them go. And go read my mystery for free at wwww.kearneymusicschoolmurders.blogspot.com or buy it from Amazon.com more cheaply than you can print it out.nc c

Human Capital--Trust and Leadership and Health

We've talked leadership and trust to death. These are two major forms of human capital the entrepreneur needs in spades. If you're still foggy on them, check out some of my earlier blogs. Just search for them and they'll come up. These bring up the complex of forms of human capital you will need.

But there's other things. For example good health. You have to have good health to start a business. You can't be at the top of your form if you're always fighting an illness. If you do have health problems think again what you are up to. If you have a partner who can help you out, that's to the good.

If you're starting a business, get as fit as possible and practice behaviors that promote good health so you can get in the game and stay there.

My goal here is to help entrepreneurs climb all the way to the top. How am I doing?

Entrepreneurship is the life's blood of all my professional activities. It makes them go. It informs my connection strategy.

It makes Sherpa Real Estate , my real estate referral business, go. See www.yourstopforrealestate.blogspot.com.

It powers my Sherpa Literary. Go to www.timswritingblog.blogspot.com for my ideas on writing and publishing and read my mystery for free at wwww.kearneymusicschoolmurders.blogspot.com or buy it from Amazon.com more cheaply than you can print it out.

It fuels my publishing enterprise, By and for Writers go. See www.byandforwriters.blogspot.com where you can get a poem or a short story published.

My goal here is to help entrepreneurs climb all the way to the top. How am I doing?

Entrepreneurship is the life's blood of all my professional activities. It makes them go. It informs my connection strategy.

It makes Sherpa Real Estate , my real estate referral business, go. See www.yourstopforrealestate.blogspot.com.

It powers my Sherpa Literary. Go to www.timswritingblog.blogspot.com for my ideas on writing and publishing and read my mystery for free at wwww.kearneymusicschoolmurders.blogspot.com or buy it from Amazon.com more cheaply than you can print it out.

It fuels my publishing enterprise, By and for Writers go. See www.byandforwriters.blogspot.com where you can get a poem or a short story published.

Integrity Selling Point #4: Develop trust and rapport

Ron Willingham's fourth point is, "Develop trust and rapport before any selling activity begins." See Integrity Selling; How to Succeed in Selling in the Competitive Years Ahead (New York: Doubleday, 1987), p. xv.

This is too often ignored, and ignoring it causes you to beg (See Todd Duncan's sales mistake #8). You have to develop trust first. And how do you get people to trust you? Act in a trustworthy manner. If you wonder what this is, see my early postings earlier in this blog.

What do you think about this? Post a comment to this blog.

This is some of the stuff that will go into my entrepreneurship course. The ideas in it supply the life's blood of my professional activities: teaching, writing, and real estate. For entrepreneurial real estate go to www.yourstopforrealestate.com/blog and for entrepreneurial writing to www.kearneymusicschoolmurders.blogspot/com.

Todd Duncan's Sales Mistake #2: Posing, part 2.

Duncan rightly ascribes sales success to learning the language of your prospects. He says, "to do away with posing and close sales in an effective manner, you must communicate in the language that is most easily understood by your prospects and clients, and that language is trust." [p. 34]

On pages 34-6, Duncan identifies five traits that communicate trust:

1. Timeliness: Talk to people only when they expect you to do so.

2. Relevance: Talk to them only about what they care about.

3. Understanding: Understand their needs before you try to sell them something.

4. Sincerity: Treat your customers with respect.

5. Thoroughness: Cover all the bases. Don't make them wait for you to get back to them.

I would update Duncan by adding authenticity and permission. Authenticity in that your communication comes from your heart and is not put on. Permission, such that you have their permission to talk to them.

If you don't have their permission, ask for it. It's the basis of all successful interactions.

See Todd Duncan, Killing the Sale; the 10 Fatal Mistakes Salespeople make and how to avoid them. (Nashville, TN: Thomas Nelson Publishers, 2004).

What do you think about this? Have you ever been guilty of posing? I'm trying to create more skilled entrepreneurs. Do you think this helps?

This is some of the stuff that will go into my entrepreneurship course. The ideas in it supply the life's blood of my professional activities: teaching, writing, and real estate. For entrepreneurial real estate go to www.yourstopforrealestate.com/blog and for entrepreneurial writing to www.kearneymusicschoolmurders.blogspot/com.

Secondary Market

Wikipedia, the free on-line encyclopedia, has:

The secondary market is the financial market for trading of securities that have already been issued in an initial private or public offering. Alternatively, secondary market can refer to the market for any kind of used goods. The market that exists in a new security just after the new issue, is often referred to as the aftermarket. Once a newly issued stock is listed on a stock exchange, investors and speculators can easily trade on the exchange, as market makers provide bids and offers in the new stock. In the secondary market, securities are sold by and transferred from one investor or speculator to another. It is therefore important that the secondary market be highly liquid (originally, the only way to create this liquidity was for investors and speculators to meet at a fixed place regularly; this is how stock exchanges originated, see History of the Stock Exchange).

Here's the problem we have now: Trust has gone out of the system and investors don't trust one another. Lack of trust slows business to a crawl and acts like a tax on revenue. If we can restore trust (or confidence) to the system we can begin to put Humpty Dumpty back up on the wall and things will get better.

Entrepreneurs don't have to be financial experts, or sophisticated investors, but they need to know the tools to talk about their own investments and to understand what is said in the media about what is going on in the financial markets.

If you;'re interested in this topic, read the full Wikipedia article. And post a comment. I'd love to hear what you have to say.

Entrepreneurship informs all my professional activities. For entrepreneurial real estate go to www.yourstopforrealestate.com/blog and for entrepreneurial writing and publishing to to www.kearneymusicschoolmurders.blogspot.com

Human Capital #6--Trust

This is a revision of my post from 9/19. Wikipedia, the free, on-line encyclopedia says:

Trust is a relationship of reliance. A trusted party is presumed to seek to fulfill policies, ethical codes, law and their previous promises....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.

Our current economic crisis is a crisis of trust. Investors believed that mortgage-backed derivatives were based on mortgages which were backed up with colateral. They weren't. Now, that the sh*t has hit the fan, no one trusts anyone anymore. That's because trust which has been built up over a long period of time can disappear in a heart beat. Now banks don't trust each other; people don't trust the government; people don't trust each other; the government doesn't trust banks; other countries don't trust us; and so on.

The good news is that trust can be rebuilt. We have to start somewhere. I think John McCain's proposal to buy up home mortgages is a constructive idea. I'd like to learn more about it. Somewhere, we have to start trusting each other. Until we do, we will never repair the damage.

What do you think? Go back and read my post from 9/19. And read the whole Wikipedia article and follow the links. If something resonates with you, post a comment.

Entrepreneurship informs everything I do. For entrepreneurial real estate go to www.yourstopforrealestate.com/blog and for entrepreneurial writing to www.kearneymusicschoolmurders.blogspot.com

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