Leading Choices

Think about it this way: When trust is low, in a company or in a relationship, it places a hidden “tax” on every transaction:

 

every communication, every interaction, every strategy, every decision is taxed, bringing speed down and sending costs up.

 

My experience is that significant distrust doubles the cost of doing business and triples the time it takes to get things done.

Via Richard Andrews, AlGonzalezinfo, Roger Francis, David Hain

Your reputation is your most valuable asset, you are creating a trail in every area of your life about your integrity, performance, expertise and is becoming the backbone of Social Business.

 

Rachel Botsman gives a powerful talk on TED  about the currency of the new economy, which is trust. Rachel is the author of Collaborative Consumption. If you haven't read it, you should because it is an amazing book about a movement that is underway and the wave of the future.

 

It's empowering on so many levels. It has everything to do with the Trust Economy where technology has enabled trust between strangers to create all kinds of new marketplaces, relationships, possibilities. 

 

This is one of those talks that you have to listen to more than once, it's that important!

 

Here are some highlights to Rachel's talk

 

**In the 21st Century, the reputation economy will create new ways we look at wealth, it is as powerful as the industrial revolution, listening to this talk is a must!

 

**Empowering people to create new marketplaces that are built on reputation and trust

 

**We have wired our world to share, swap, trade or barter - match what we have in more democratic ways

 

**part of a massive value shift underway - instead of keeping up with the Jones, we're connecting, collaborating and buying to get to know the Jones

 

**Your reputation and new ways of measuring this is crucial. This is not like Klout, where they measure influence, this is about service networking. She refers to this as lemonade stands on steroids

 

**Think of all the possibilities - over the past 20 years, we've evolved trusting strangres

 

**Reputation economy - everything we do leaves a trail online about how well we perform, behave towards others - capturing all of this is a massive challenge

 

**Shouldn't we own our reputation data? It's contextual, the big challenge, is figuring out what data is important to pull, but it's a matter of time we will be able to see a real-time stream of how you have acted, performed in different areas of your life. What you're good at, your integrity and performance rating. This is fascinating.

 

**Reputation Capital - The worth of your reputation - how you can aggregate, monitor and use your online reputation (she says this sounds like Big Brother) however, she has a point, she says we would have more control over our reputation if we own it. More on this in the talk.

 

**Reputation Capital will create a massive disruption in the marketplace - your credit score will no longer limit what you can do in the world - your reputation will be the currency that you can be trusted

 

Selected by Jan Gordon covering "Curation, Social Business and Beyond"

 

Hear complete talk here: [http://bit.ly/Ps0Fnp]

Via janlgordon