Asymmetry Can Bite You

Scales

Have you ever assumed something about someone and been surprised? Assumptions can bite you in the butt pretty fast if you are not careful.

I like to be surprised all the time. And I don’t like to make assumptions.

One thing I do assume is that any person or opportunity I engage has asymmetry. There is information I do not have. Everyone can teach me something. Furthermore, I have a deficit coming into any new relationship or deal. It’s unknown territory. So, it’s best to remain open and relaxed.

When I have asymmetry working on my side, for example, in advising clients, I’m fully aware of the imbalance in knowledge or insight. And based on the deal we are in, I make it a goal to close the gap, so we can have a dialogue based on trust. Often, this means taking time, listening, and sharing information in a way that is easy to digest, and focusing on education.

I do this so I can build long-standing trust with people who are worthy or who have retained me.

I have seen players in the marketplace that try to maintain an advantage in asymmetry in information or power, and I don’t see that strategy working very well these days. When we have an immense sea of options that are readily available, you can build mistrust quickly by trying to maintain a power imbalance in your favor.

I don’t think there’s a cut and dry policy. You have to read the people and situations. Sometimes you have information thieves that devalue you quickly by insisting on free knowledge from you. I don’t think you have to necessarily relent and give away your value. You won’t feel great about such misplaced generosity. You’ll feel used.

But in the case where good deals have been made with people that you like, building trust becomes gold. Much of that comes from how you handle asymmetry and distribute your knowledge accordingly.

You know things others don’t. They know things you don’t. It happens in car buying, dating, entrepreneurship and all your dealings. It’s a great opportunity to lead and focus on how you build trust.

 

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