Trust and Value

[Trust is] the foundational principle that holds all relationships.
-Stephen Covey

trust and value

Trust is the pipeline through which all value moves. I recently wrote on value and the need for value propositions to be made if progress is to be expected. Trust, in my estimation, is a key element in value exchange. Here is the flow as I see it. Imagine a pipe. Through the pipe flows needs and wants in one direction. After, in the opposite direction, flows value. And then consideration returns. Now imagine with me a pipe the size a drinking straw, the cocktail sort. For some reason the other trust is not there. Needs and wants are restricted. The other is guarded with their desires. They not think it in their best interest to open up and share. The result. The first has not the opportunity to help. Even what little they gleam, the straw so small can only receive value in step. Of course consideration is in proportion to value and so the whole thing, the whole process lackluster. Leaving both feeling of what it should have been.

Now image with me a pipe so grand in diameter. Needs and wants are freely shared. Even a hint of a desire is known the other before it is solidified. And value, oh how it can move through this pipeline. Consideration always in proportion leaves both feeling impressed. To put it simply: the more trust; the bigger the pipe. The bigger the pipe; the more desires, value and consideration, which all are in proportion to each other, can flow. It all starts with trust.

Trust, in my estimation, is fundamental to relationships. And business and partnerships are simply relationships. If you ever hear something of the sort, “nothing personal, it’s just business.” This is a hint, in my estimation, that someone does not understand how to move value. That they do not understand business at all.

Are you spending the time building trust that is needed in your business relationship to reach your organization’s goals? How would you measure trust? Perhaps our receipts is a good place to start?

 

-A takeaway from a Mavidea client website UX meeting

As always good books, takeaways, stories, and/or lessons learned on the subject are most appreciated.

 

Codex for Entreprenuership

Prepare thy work without, and make it fit for thyself in the field; and afterwards build thine house.
-King Solomon

entrepreneurship codex from Proverbs 24:27

Before anyone talked about nailing it then scaling it. Before Mr. Collins’ bullets and cannon balls. Before Mr. Blank had an epiphany and started developing customers and before Mr. Reis coined the phrase lean startup that now dominates high growth venture philosophy; King Solomon laid down the codex to entrepreneurship in Proverbs 24:27:

Prepare thy work without, and make it fit for thyself in the field; and afterwards build thine house.

All these books are fantastic. And as I read through them I could not help but thinking how lucky I was for the opportunity. They had so much truth in them. This is why I was not surprised to see this verse in proverbs backing up the core principle of these great thoughts on entrepreneurship. Entrepreneurship is setting out against the uncertain. Gaining understanding is the first step. Is this problem worth solving? Do people really have it? Do they care enough about it to switch and pay to solve it? Does this solution we have solve it in a meaningful way? Can we produce this solution? Can we produce it again? And again? Now that we are past the basic stuff, what is the riskiest assumption we are making? Lets try to turn that uncertainty into certainty too. Oh and do not forget we need to do this in a way that turns uncertainty into certainty with the least amount of resources possible. And this brings us to our first principle from Proverbs 24:27:

Prepare thy work without,

Why? Why not just throw a lot of with at it, a lot of resources? Let us think about it this way. If entrepreneurship is setting out against the uncertain let us equate this to driving a car in the fog. The obvious thing to do here is to not go faster than you can stop before what you see comes to pass. It makes sense, right? Jumping in the Mustang and throwing some rocket fuel in the tank to see if she can take it and what she can do will not help things. Entrepreneurship is the same way; a lot of money; a lot of resources expended too early can lead to some costly mistakes. Costly meaning of course too costly, that is; otherwise avoidable. These core assumptions previously mentioned (all the questions above that need to be answered before we speed up), most of them can be answered without actually starting a business. Prepare thine work without.

But how do we turn all this uncertainty into certainty without starting a business? How will we know if the widget will fix the problem and if we can build it at a price that allows us to build more and so on and so on, without actually building the widget and trying selling it? This leads us to our second principle:

and make it fit for thyself in the field;

Mr. Blank is famous for the saying “get out of the building.” And this is a fantastic example of how an entrepreneur needs to shift from planning (identify those core questions) to interacting with customers. The idea is simple. Figure out the next riskiest question, that is; we think this is true but if this came back false this plan will not work, then go and interact with customers in a way that allows you to learn from them if it is in fact true or false. Search lean startup, minimum viable product, or best yet at this stage minimum viable experiment to learn more about exactly how to do this. The idea here again is simple:

  1. create a plan
  2. identify its riskiest assumption
  3. go test that assumption, with the least amount of resources possible
    1. if true, back to step two with next riskiest assumption
    2. if false, back to step one and create a new plan

Build, measure, learn, rinse, repeat until you have everything tested, as Mr. Ries would say, until you have a product-market fit, as Mr. Blank would say, until it fits in the field, as King Solomon would say. Then what? On to the next principle:

and afterwards build thine house.

Only after you have followed this codex for entrepreneurship should you spend the resources to build the business, the product, the service. This is where so many entrepreneurs think it all starts and that is scary. We can not forget all the hard work with next to nothing; no investors, no partnerships, no customers, why perhaps no one else at all for the first stent. Entrepreneurs often have to prove out a lot of these assumptions before they can even attract their first team member. Until then you are just another person with an idea, which is great mind you. And we can not forget all the prepare our work without and the making it fit for ourselves in the field and just run out and ask for money, I do not think this is good for anyone.

I am of the belief that entrepreneurship has wonderful potential when it is done the right way. I am also of the believe that God is the creator and created us in His image that we might go on creating. We are always creating. Entrepreneurs are always creating. They receive an idea and start out creating. God willing; creating wonderful products that make our lives better, creating wonderful services that make our lives better, creating wonderful jobs that make our lives better and on and on. Praise God for giving us the codex to reduce our risk in creating new things for our fellow!

 

-A takeaway from a study in Proverbs

-A takeaway from The Lean Startup by Eric Ries

-A takeaway from Four Steps to the Epiphany by Steve Blank

-A takeaway from Running Lean by Ash Maurya

-A takeaway from Great By Choice by Jim Collins

As always good books, takeaways, stories, and/or lessons learned on the subject are most appreciated.

The Law of Receptivity

It is better to give than to receive.  

-Jesus Christ

receiving

What is in it for me?  You first, then we will see.  I have come to believe that thinking of this sort is not the way of the successful.  Perhaps that is why the authors suggest it is only after we give, and give to many, and put first, and are true — that it is then time for us to consider getting.  Their fifth and last law of success:

The Law of Receptivity:

The key to effective giving is to stay open to receiving.

An interesting idea on getting: how it allows another to give. It is more blessed to give than to receive. And receiving allows the blessed phenomenon to go round. Receiving. Being sensitive to others desires to give and letting in. Much different than taking. Much different than positioning to lay hold. “Fancy meeting you here again Bob, on your route.  Why those look scrumptious. And they smell wonderful too. It is probably because I have yet to eat this week…” Not so much.

 

-A takeaway from The Go Giver by Mann and Burg

As always good books, takeaways, stories, and/or lessons learned on the subject are most appreciated.

 

Dreamers

“Dreaming is a sign you have hope.  Dreaming is a sign you still think you can win.  Dreaming keeps you young.”

-Dave Ramsey

 

Sailing regatta, during sunset.

Dreaming is important.  I once learned a lesson to harness my dreaming potential into something entrepreneurial.  The tactic started with a simple human hack.  Here’s the hack:

When you get frustrated or even simply inconvenienced, train yourself to take a note.

Often these inconveniences turn into companies.  The idea is, if you are inconvenienced, frustrated, or even in pain – someone else might be feeling the same thing.  Maybe a lot of people are and you can help them!  This is a simple way  you can find an opportunity to serve lots of people.  Pretty cool for something that started out as a pain in the rear huh?

If you know you are destined to be an entrepreneur but are looking for your big idea, try asking your friends and family to keep a similar log and send you their notes from time to time.  Did you ever think listening to someone complain could be a gold mine? It can.

 A takeaway from Entreleadership by Dave Ramsey.

Anyone have any examples of companies that started this way?  How about inconveniences of your own that might make a company?