Journey of a Serial Entrepreneur

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How to get from where you are to where you want to be

Lack of Trust

“Wise men put their trust in ideas and not in circumstances” Ralph Waldo Emerson

Trust is an essential component of any type of partnership,  be it business or personal. Without it, a relationship’s growth is impeded, it will in all probability remain stagnant and eventually break off. It takes a lot of hard work to build trust in a relationship, but very little effort to destroy years of accumulated trust. Looking back at the ventures I have been part of, I see that trust was definitely something created over time. However, there are a couple of factors that create the basis for this initial leap of faith and trust between individuals or a group of individuals. They are:

1. Shared Values: Before making any type of commitment, the underlying premise must be built on a set of shared core values. Core values are a set of values embedded into each individual’s system. They are the result of life experiences, culture, environment and our spiritual belief system. Hence ,when team members with different sets of core values come together the process of building trust is much slower.

2. Risk Tolerance: Everyone has different areas for the level of risk they are willing to take on, at any given point in time. Those with higher tolerance levels push forward and hope for the best, whereas others hold back and wait for the right time. When individuals with different levels of risk tolerance come together as a team, it takes a lot longer for trust to develop.

3. Self Confidence: I believe that individuals with higher levels of self confidence, have higher levels of risk tolerance too as they are positive about things working out. Whereas individuals with low levels of self confidence constantly doubt their own abilities and their plans to get it right. Individuals with differing levels of self confidence take longer to build trust.

Differences in these areas will result in trust being built slowly. Teams who have mis-managed competing interests,  not created a culture of candor in their business, will have severe problems in developing the level of trust needed to push the business forward. I believe that when there is a lack of trust in the team, team members are not able to perform at their optimal. If this problem is not handled in its early stages, the probability of members defecting and moving to greener pastures increases greatly.The key to incorporate candor into your business is to ensure that messages sent are consistent with what the business stands for. When these factors are in place one should be able to see higher levels of trust, this will eventually lead to better performance and results.

Related Posts:

5 Components to build Trust

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