Analysis of an issue essay

Last updated: 13 Oct 2008

Having planned out our essay here is the result.

"Trust is a key ingredient in successful business relations".

Discuss the extent to which you agree or disagree with the opinion above. Support your point of view with reasons and/or examples from your own experience, observations, or reading.

The examination of "trust" or "confidence" among individuals and in society as a whole has come into vogue during the last decade. While one can certainly overstate the case of the importance of trust to development and modernization, there is certainly something to be said for the importance of trust as a key ingredient to success in the business world.

The polemic political scientist Francis Fukuyama has even penned a book entitled "Trust". Fukuyama argues that the secret to the success of the United States and certain other industrialized countries is the high-level of trust among individuals, in particular in the creation of "voluntary associations", clubs, charity groups, church organizations. Whether these voluntary associations are as necessary as Fukuyama argues or not, it is true that trust is necessary in order for normal business transactions to run smoothly. Buyers must trust suppliers to fulfil their end of the bargain in order for transactions to happen. Suppliers must believe that buyers will purchase their products, or else they will not buy or produce those goods in the first place. Even in transactions that are not strictly commercial, trust must be present. Clients must trust lawyers, patients their doctors, if not, then the cost of transactions skyrockets as people have to pay more for goods and services through expensive business insurance and more red tape.

Let us take a look at a specific example from our everyday world. You are going to buy a sofa. The furniture storeowner must trust the credit card company to pay him the money owed by you, the cardholder, for the sofa. The credit card company must trust you to pay them. And you, the cardholder, must trust credit companies not to overbill you on the sofa. Trust is absolutely necessary to every component of the everyday business transaction.

This was a lesson I learned with my own eyes years ago, in my uncle's grocery store. My uncle had established personal, friendly relations with most of his clientele. The word of long-standing customers was as good as cash, and his staff would deliver groceries to homes free of charge. When an enormous supermarket opened in the neighborhood several years ago, my uncle's grocery store was fine. He had cultivated the confidence and respect of the communty, and that "social capital" translated into not good business, but great business.

They say nothing can replace the personal touch. When people say that, they really mean that the confidence and mutual respect that interpersonal relations can establish are truly invaluable. Trust is indeed an essential part of any successful business transaction.

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Comments (2):

  1. super!!

    kavual on 7 Apr 2012 (permalink)
  2. awesome !!! it is very useful for learning. thanks a lot

    eviriane on 25 Mar 2015 (permalink)

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