Act Like a Bank

Act Like a Bank — How to Be Trustworthy

The test for a good business relationship should be: “Would I deposit funds with them?”

I think a good mindset for entrepreneurs is to think like a bank when it comes to the following:

  1. Business Partners
  2. Team members
  3. Vendors
  4. Financial institutions
  5. Regulators
  6. Accountants and lawyers

First, business partners and team members both want to work with someone who is reliable, has good turnaround and listens to their needs.

Second, when selecting a new vendor you want to select someone that you know won’t go out of business and can continue supplying you with products and services that you rely on.

Third, when selecting financial institutions you won’t to ensure they are well capitalized and will have good turnaround time.

Fourth, you want to ensure you work within a predictable regulatory environment in a good jurisdiction with a predictable set of laws.

Fifth, you want to select accountants and lawyers who have a history of treating with transparency and billing you fairly.

How Do We Make This Fun?

Elon Musk makes a good point when it comes to creating a good work environment in the video at http://www.youtube.com/watch?v=Vy9y_YSpYxA (By the way, if you haven’t noticed, I’m a bit of a fan)

He poses the the question: “How do we make this fun?”

How do you make other people’s environments as fun as a video game?

I think making things fun and exciting would solve a lot of issues across a lot of businesses.

What are things people look forward to? The following is a partial list:

  1. Building interesting things
  2. Helping others
  3. Good food and drinks
  4. Going on fun adventures
  5. Meeting interesting people
  6. Learning interesting things
  7. Seeing positive progress

I think humans love challenges and being rewarded for overcoming challenges–maybe this is one of the secrets to the success of viral Facebook games. Obtaining a sense of achievement is a human desire.

Further,  I think most people want to accomplish something they can proud of and something substantial.

Due Diligence and Time Wasters

It appears that many people don’t know what “allegedly” means.

It appears that many people believe opinions, even without proper evidence.

If someone is accused of something, they should be presumed innocent.

Due to flaws in the legal system, wasting time addressing every false allegation is a waste of time.

It’s a tragedy that some lawyers, who are supposed to understand this concept best, also prejudge. Maybe this is a human flaw that humans believe negative opinions more than positive ones.

Some humans are predictably irrational

Before judging an allegation, get empirical evidence and references.

Instead of wasting time with ill-informed individuals who don’t perform proper due diligence, it’s best to stay positive and solve problems in society.

Surround yourself with smart, positive people.