Truth, Trust and Transactions

Truth, Trust and Transactions image Truth Trust Transactions Image e1364445457158Truth Trust Transactions Image

Did you know that there are five major theories covering the question of what is a proper basis for deciding how words, symbols, ideas and beliefs may properly be considered true? That kind of puts the old-fashioned “it’s a fact” definition in a new light.

In psychology, trust is the belief that the person who is trusted will do what is expected. I think that trusting someone has to be predicated upon believing that a person, or an entity, is telling the truth about something, even if that truth is that the outcome of a transaction may not be fully known when the trust is bestowed.

In the business world we are most often engage in transactions. Wikipedia says that a financial transaction, which is one of the most common transactions in the business world, is an agreement, communication, or movement carried out between a buyer and a seller to exchange an asset for payment. It involves a change in the status of the finances of two or more businesses or individuals. The buyer and seller are separate entities or objects, often involving the exchange of items of value, such as information, goods, services, and money.

So how do you decide whether or when to enter into a transaction, and with whom you will enter into it? I know – and therefore it is the truth for me – that I will only enter into transactions with people or organizations that I know, like and, most importantly, trust. How do I develop my belief – the truth for me – about those people and organizations? It is by meeting them, or having them recommended by someone who I trust, or as a result of past experience (which only works after the conclusion of a successful transaction).

Transactions involving the exchange of information or the performance of services are much harder to evaluate because there are many more unknowns involved than when we are simply exchanging goods for money. Will the information be accurate? Will it be timely? Will it be relevant? Will the services be performed as advertised? Will they be what was actually needed? Will they be worth the money they cost?

The only way I know how to answer those questions is to put my trust in those who seem to have the knowledge and experience to deliver what is promised. A trust that must initially rely upon someone elses truth. A someone else who I trust. So you can see the complicated interaction between truth, trust and transactions.

How do you answer these questions? We’d love to hear your opinions so don’t be shy with your comments. Thanks for reading.

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