Relationships are often based on trust. In some cultures, mutual trust is of utmost importance, to the extent of even economic loss in the short term. For instance, generally Japanese companies look for mutual trust and put relationships at the forefront of financial matters. Whereas financial numbers are very important, however, they would like to do business joint ventures and partnerships based on compatible relationships. In other cultures, relationships, especially commercial ones develop mostly through economics of the projects.
The question, however, remains what is trust based on?
It is based on performance vis-a-vis expectations. I ask you to do a certain thing and you over-deliver to the extent that I am impressed. The very moment I nurture some more trust on you. So, it would not impress me to the similar extent if you really performed exactly the same task the same way but my expectations were aligned higher there. People love positive surprises, it just sends in an adrenaline rush through the brain that amplifies excitement and happiness together.
How do you make the most out of this simple human psychology? You can benefit out of it by under-committing and over-delivering. This is a daunting task and might look foolish to the short-sighted, but this is the only sure-shot approach to succeeding. Going an extra mile all the time assures competence, professionalism, enthusiasm, drive and commitment all at the same time. So, in the longer term view, such people are sought after – and as per the basic law of demand and supply, the scarce commodity is priced higher than the readily available ones; therefore, you get to charge premium and clients still love to work with you.
Look at the big picture and keep outperforming. Dazzle everyone with your performance to win trust, to nurture relationships that last.
Entrepreneurship is all about seeing opportunities. It’s also about creating opportunities, where everyone else just sees risks. It’s about perspective. It’s a mindset. After the credit crisis spiral, the world has seen a depression, the worst ever any working person has seen in his lifetime. It was bad. It is bad. Many analysts forecast a turnaround in this year, some skeptics seem unsure of even this suggesting that the remnants of this terrible disaster are going to haunt us for decades to come. As true as that might be, have you noticed that during these crises years, there have been many new millionaires around the world? Howcome people from the emerging markets are making their mark more and more amongst the richest people in this world?
It is about mindset. Once you start developing an ability to see the positives in and around yourself, you start noticing opportunities much faster than others do. Availing those opportunities makes you feel better about yourself and make others feel you’re better than them. What these people have difficulty coming to terms with is that it’s not about risks, it’s about calculated risks. Hence, these could be different for every person. Perhaps someone with a lot of engineering knowledge would find it easier to set up the factory floor operations, whereas someone who has only been associated with accounting might find it very risky. The same accountant could also see opportunity in what many others find risky.
The idea is to intentionally change your approach to looking at things, consciously looking out possible opportunities everywhere. After some time, you won’t have to make a conscious effort on the same and you’d look smarter.
The world out there is changing; for entrepreneurs, this is a blessing in disguise. Tomorrow belongs to those who work on them today.
Media is essentially anything that helps communication. Traditionally, news and entertainment media has been a one-way channel, for example, you would turn your radio or television and sit in front to see whatever they show you. Later on, things started to change with the onslaught of the range of schedules being published regularly, one could select when they wanted to see what the media wanted to show. Now, things have changed alot. Media is no more only about consumption. It’s a 3-way communication, not one way anymore.
Now, people want to consume, produce and share – a complete package. For instance, now various news televisions have websites where people can not only consume information about news and happenings the world over, but also comment on the same. They can also share the same news with their friends and social circles through various social networking websites such as facebook or even twitter it.
This is an article I wrote for Dawn long time ago, which finally got published after a lot of editing on Human Assets