The Speed Of Trust - University of Colorado

1 Published by Soundview Executive Book Summaries, Box 1053, Concordville, PA 19331 USA 2006 Soundview Executive Book Summaries All rights reserved. Reproduction in whole or part is One Thing That Changes EverythingTHE SPEEDOF TRUSTTHE SUMMARY IN BRIEFT here is one thing that is common to every individual, relationship,team, family, organization, nation, economy and civilization throughout theworld one thing which, if removed, will destroy the most powerful gov-ernment, the most successful business, the most thriving economy, the mostinfluential leadership, the greatest friendship, the strongest character, thedeepest the other hand, if developed and leveraged.

2 That one thing has thepotential to create unparalleled success and prosperity in every dimensionof one thing is Five Waves of Trust model serves as a metaphor for how trustoperates in our lives. This summary will cover these forms as the structurefor understanding and making Trust actionable, including a look at theFour Cores of credibility and the 13 Behaviors of high- Trust summary concludes with a section on restoring lost Trust on thesocietal, market, organizational, relationship and personal level. In all cases, the Four Cores and 13 Behaviors provide powerfulrestoration you will learn in this summary: The economics of Trust and its effects on Speed and cost in relation-ships and organizations.

3 How you can assess your credibility based on character and competence. The 13 Behaviors common in people with high- Trust relationships. The taxes and dividends that flow from organizational Trust . How micro Trust issues in the self and in relationships flow outwardto affect market reputation and societal contribution. How to be an effective leader by inspiring and extending Trust . How to restore lost Knowledge for the Busy Executive 28, No. 11 (3 parts), Part 1, November 2006 Order # 28-26 CONTENTSN othing Is as Fast as theSpeed of TrustPages 2, 3 Myth vs.

4 RealityPage 2 You Can Do SomethingAbout This!Page 3 The First Wave: Self-TrustPages 3, 4 The Second Wave:Relationship TrustPages 5, 6 Stakeholder Trust : TheThird, Fourth and FifthWavesPages 6, 7eBay Creates TransparencyPage 6 Inspiring TrustPages 7, 8 Smart Trust MatrixPage 7By Stephen M. R. Covey withRebecca MerrillFILE: PERSONAL Nothing Is as Fast as the Speed of TrustSimply put, Trust means confidence. The opposite oftrust distrust is difference between a high- and low- Trust relation-ship is palpable. Take communication. In a high-trustrelationship, you can say the wrong thing and peoplewill still get your meaning.

5 In a low- Trust relationship,you can be very measured, even precise, and they ll stillmisinterpret don t need to look far to realize that, as a globalsociety, we have a crisis of Trust on our hands. On theorganizational level, Trust within companies has sharplydeclined. But relationships of all kinds are built on andsustained by Trust . They can also be broken down anddestroyed by a lack of , organizations and relationships aside, there san even more fundamental and powerful dimension toself- Trust . If we can t Trust ourselves, we ll have a hardtime trusting others.

6 Personal incongruence is often thesource of our suspicions of , we are in a crisis of Trust . It affects us on alllevels societal, institutional, organizational, relationaland of TrustTrust always affects two outcomes:speedand Trust goes down, Speed goes down and cost goesup. Consider the time and cost of airport security after9/11, or costs for Sarbanes-Oxley Act compliance,passed in the in response to Enron, WorldCom andother corporate scandals. When Trust goes up, Speed goes up and cost goesdown. Warren Buffett completed the acquisition ofMcLane Distribution from Wal-Mart on the basis of atwo-hour meeting.

7 Because of high Trust between theparties, the merger took less than a month and avoidedthe usual months and millions for due diligence Speed OF TRUSTBy Stephen Covey with Rebecca Merrill THECOMPLETESUMMARYP ublished by Soundview Executive Book Summaries(ISSN 0747-2196), Box 1053, Concordville, PA19331 USA, a division of Concentrated Knowledge Corp. Published monthly. Subscriptions: $209 per year in theUnited States, Canada and Mexico, and $295 to all other countries. Periodicals postage paid at Concordville, Pa.,and additional :Send address changes to Soundview, Box 1053, Concordville, PA 19331.

8 Copyright 2006by Soundview Executive Book ailable formats:Summaries are available in print, audio and electronic formats. To subscribe, call us at1-800-SUMMARY (610-558-9495 outside the United States and Canada), or order on the Internet at discounts and corporate site licenses are also Book Summaries GREERMCPHADEN Contributing EditorDEBRAA. DEPRINZIO Senior Graphic DesignerLINDAGROSS Editor in ChiefREBECCAS. CLEMENT PublisherSoundview Executive Book Summaries 2 The authors:Stephen M. R. Covey is co-founder andCEO of CoveyLink Worldwide.

9 A sought-after and com-pelling keynote speaker, author and advisor, Coveyaddresses audiences around the world on issues such astrust, leadership, ethics and R. Merrill is an accomplished writer. She isco-author with Stephen R. Covey and Roger Merrill ofThe New York Timesbestseller First Things Firstand co-author with Roger Merrill of Life Speed of Trustby Stephen Covey withRebecca R. Merrill. Copyright 2006 by Simon &Schuster, Inc. Summarized by permission of the publish-er, 384 pages, $ ISBN Copyright 2006 by Soundview ExecutiveBook Summaries.

10 , 1-800-SUMMA-RY,1-610-558-9495.(continued on page 3)For additional information on the author, go to: vs. RealityMythRealityTrust is is hard, real andquantifiable. Itmeasurably affects both Speed and is is as fast as the Speed of is built solely Trust is a function ofon character and either have Trust Trust can be both or you don and lost, Trust Though difficult, in cannot be cases lost Trust can be can t teach can be effectivelytaught and learned, andit can become aleverageable, people Not trusting people is is too greater establish Trust Establishing Trust one person at a the one establishestrust with the serious practical impact of the economics of trustis that we are paying a hidden low- Trust tax right off thetop and we don t even know it!