The Greatest Business Asset
Imagine you and Oprah are broke and sitting on bench in front of a bank to get a loan. You both had filed for bankruptcy and you are looking to restart your lives. After the interviews, who do you think will get the loan and why?
Your greatest personal asset is not your fame. Nor is it your cash at bank or accounts receivables. It is not. Don’t tell me it your landed property, car or prime land next to the CBD. It is not. Am sorry it is none of that!
So what is your greatest asset?
Have you ever heard about the 5Cs of credit? One of the Cs captures this element of you or your business. Have you ever wondered why your credit score or history is so important? It is not about the number. Nope. Not at all.
Do you know which “precious metal” backs the U.S. currency or the green back? It is back by the the Full Faith and Credit of the American people. So the question is, what is the full faith and credit of the American people. I have some perspective on this.
So what is this special element that I am talking about?
It is the same element by which Apple, Nike, Amazon are well respected business entities whereas, BP, or Enron may not be seen as such. It the same element by which Joe the Plumber will get a loan, but Bernie Maddoff will not.
It is the same element by which Disney, Universal Studios, Hollywood are founded and are thriving. Without this element, the movie industry will not be a worldwide phenomenon at all.
The greatest asset is an intangible asset. Your Story. It helps investors, buyers, consumers, and decision makers to answer the question- Can I trust you? Are you worthy of my trust? No matter how smart you are, if nobody can trust your story, you are out of the game of life.
Stories enable us to self-organize based on story, origin, and identification. Whether it is collaboration or compliance, it is driven by story. Whether it is getting a loan, getting a job, getting a spouse, it all rotates around story. Can I trust you?
Are you worthy of trust?
Why do we do due diligence? Why do companies spend a lot of money on recruitments? Before they look into your promise, they first want to know about your origin. What brought you this far?
What makes you special? Are you worthy of trust?
Whatever you do, wherever you go, whoever you associate with, beware of your story. Your story is the number one element that will make or break your life. Not so much your material things. Story often trumps other material things.
Beware of your greatest asset — Your story!