Cultivating Trust: Insights from First Round Capital
Introduction
I recently read an article shared by my mentor, Bryan Dosono. Titled "Use This Equation to Determine, Diagnose, and Repair Trust," the article was authored by First Round Capital. In this blog post, I'll provide a summarized overview of the key points discussed in the article.
The Trust Equation
At the heart of the article lies the Trust Equation, derived from "The Trust Equation" by Steven Drozdeck and Lyn Fisher. This equation encapsulates the components that contribute to trust: credibility, reliability, authenticity, and self-interest. These elements collectively determine the level of trust we place in others.
Credibility
Credibility is established through knowledge and experience within a specific domain. It can be gauged by assessing past roles, lessons learned, valuable insights, and the terminology used. To repair credibility, newcomers should emphasize reliability and authenticity while actively gaining knowledge and experience. Seek guidance from mentors and implement feedback received to bridge any credibility gaps.
Reliability
Reliability entails being accountable for both successes and failures. Consistency in behavior, responsiveness, and the delivery of high-quality work are key factors that build reliability. When reliability wavers, it is crucial to engage in open conversations. Align expectations, articulate the impact on team or project goals, and collaborate on alternative approaches. Effective communication is often the linchpin in restoring reliability.
Authenticity
Authenticity revolves around being true to oneself and displaying genuine intentions. It involves aligning responses with personal thoughts and emotions, maintaining consistent and responsive communication, promptly sharing both positive and negative news, and fostering social connections with colleagues. Cultivating authenticity enhances trust within relationships.
Perception of Self-Interest
The perception of self-interest plays a significant role in trust. When others perceive someone as primarily driven by personal gain, trust erodes. To counteract this, it is important to utilize collective language, emphasize shared goals and commitments, and demonstrate a genuine concern for collective success.
Repairing Broken Trust
When trust is broken, addressing the issue promptly is crucial. Initiating open conversations and actively working towards resolution are fundamental steps in the repair process. Restoring trust requires time, effort, and a willingness to acknowledge and rectify the problem.
Applying the Trust Equation to Your Career
In the professional realm, valuable opportunities often arise from trusted connections. To ensure a positive career trajectory, consider your credibility, reliability, and authenticity when starting a new role. Cultivate trust to foster productive working relationships. In times of conflict, consult the trust equation for guidance. Additionally, conduct thorough research on potential employers to assess their credibility and determine whether they prioritize team accomplishments. Lastly, when mistakes occur, focus on improving the weaker variable and be patient during the trust-restoration process. During negotiations, emphasize collective success and downplay immediate self-interest.
Conclusion
Trust serves as the cornerstone of relationships and productive work environments. By comprehending and applying the trust equation, which encompasses credibility, reliability, authenticity, and self-interest, you can foster trust in your professional interactions. Remember, building trust requires time, dedication, and open communication. Take the initiative today to initiate conversations and witness the positive impact it can have on your career.