Nice distinction drawn between damaged trust and violated trust. Good use of video clip to illustrate the concept, especially the part where the Dragon's Den panelists demonstrate their anger at the entrepreneur for retracting her offer to the very valuable potential customer.
Business runs on trust. The level of trust is a (human) relationship trait. I agree strongly that establishing trust is critical to many business functions. That is why I have always found it curious that we go to such lengths to become "hard" bargainers. We are taught in business school (or we were when you and I were in business school) that bargaining or negotiation is an adversarial practice. In my experience very little was ever gained from taking an adversarial approach. Law, on the other hand, is inherently adversarial. Personally I always bridled at contracts, covenants, non-disclosure agreements. Andrew, I think you are on the right track. The bonds of trust that make business possible are probably much the same as those binding warriors of an iron age tribe together during skirmishes with rivals. I do not mean to imply that trust manifests itself as violence rather that we, humankind, have been making oxytocin for hundreds of thousands of years. We are still guided by our emotions. These are very much worth understanding as a prerequisite to understanding business. I wish I had understood mine before starting business school. :)
It is published in Entrepreneurship Theory and Practice (forthcoming) and also in 2011 Frontiers of Entrepreneurship (Babson)
I can see overlap with sales. Interesting. Well communicated.
Nice distinction drawn between damaged trust and violated trust. Good use of video clip to illustrate the concept, especially the part where the Dragon's Den panelists demonstrate their anger at the entrepreneur for retracting her offer to the very valuable potential customer.
I really took alot away from this. good stuff.
Business runs on trust. The level of trust is a (human) relationship trait. I agree strongly that establishing trust is critical to many business functions. That is why I have always found it curious that we go to such lengths to become "hard" bargainers. We are taught in business school (or we were when you and I were in business school) that bargaining or negotiation is an adversarial practice. In my experience very little was ever gained from taking an adversarial approach. Law, on the other hand, is inherently adversarial. Personally I always bridled at contracts, covenants, non-disclosure agreements. Andrew, I think you are on the right track. The bonds of trust that make business possible are probably much the same as those binding warriors of an iron age tribe together during skirmishes with rivals. I do not mean to imply that trust manifests itself as violence rather that we, humankind, have been making oxytocin for hundreds of thousands of years. We are still guided by our emotions. These are very much worth understanding as a prerequisite to understanding business. I wish I had understood mine before starting business school. :)
Sounds like some good research - I guess it's not published yet though? I can't find any of his stuff.
Very good point brought up here. Bravo on the talk.
I meant points (plural)
nice video