Why Promises Are Everything in Business and Beyond
Have you ever paused to consider the profound impact of a simple promise?
From the daily commitments we make to colleagues to the grand visions that launch new ventures, promises are far more than just words – they are, as philosopher Hannah Arendt profoundly stated, "...the uniquely human way of ordering the future, making it predictable and reliable to the extent that this is humanly possible". In a world craving certainty, understanding the nature and value of promises is essential for leaders, entrepreneurs, and anyone building a future!
Let’s delve into five critical insights that illuminate the power and purpose of promises.
Promises: Our Blueprint for the Future
While none of us can predict the future with absolute certainty, but we can exert control over it, making it more predictable. How? Through promises. Every significant creation, from a thriving business to a towering bridge, began as an idea. This idea was then shared in conversations that inspired coordinated actions, ultimately bringing that future into existence. Promises act as the fundamental "building blocks" that allow us to shape and control what's to come.
Consider a simple scenario: a promised salary enables an individual to commit to paying rent, thus starting a new life in a new city. This intricate web of contingent promises forms the very fabric of society, without which, chaos would reign. The more reliable our promises, the more predictable and controllable our collective future becomes. They serve as anchors in the murkyuncertainty of what lies ahead, providing stable platforms from which further commitments can be made.
Valuing a Promise: It's All in the Eye of the Beholder (and the Risk!)
The true value of any promise, whether small or monumental, hinges on two major factors:
The Intrinsic Value: This is the perceived worth of the promise itself, assuming it's guaranteed to be fulfilled. This value is often articulated when the promise is made, but any lack of specificity can diminish it. Crucially, the further a promise is in the future, the more uncertain its value becomes, leading to a "discounting" effect. However, the most vital aspect is that the value isn't dictated by the promisor but by the person accepting the promise and how they perceive the value it provides to them. Just as an object's worth is determined by what someone will pay for it, a promise's value is what the recipient says it's worth to them.
The Risk of Fulfilment: No matter how valuable a promise seems on paper, its practical worth plummets if there's doubt about its delivery. Our assessment of this risk directly impacts how we value the promise. Our assessment of the trustworthiness of the person making the promise is itself a factor by which we discount the intrinsic value of a promise. If we don’t trust someone, we value their promises at zero!
The Three Pillars of Trustworthiness: Sincerity, Competence, and Reliability
When evaluating the risk that a promise will actually be delivered, we inherently judge the "promisor" on three critical fronts:
Sincerity: Do they genuinely intend to keep their promise? This involves assessing their truthfulness and good intentions, probing their character ("Who are you?") and their motives ("What do you want?"). Our concern here is whether they are willing to bear the inherent costs of fulfilling the promise.
Competence: Do they possess the necessary skills, resources, time, or authority to deliver? Even with the best intentions and character, a lack of ability renders a promise meaningless. Interestingly, a perceived lack of competence can even lead us to question the promisor's character and motives for making an undeliverable promise.
Reliability: What's their track record? Have they delivered similar promises before? Is there social or historical proof that they consistently meet their commitments? This addresses the "founder's dilemma" – how does a new venture convince its first customer without a history of delivery for this specific business?
These three factors – Sincerity, Competence, and Reliability – are not additive but multiplicative. A deficiency in one cannot be offset by an abundance in the others. If sincerity is lacking, the promise's value collapses, regardless of competence or reliability. For instance, a promise of winning lottery numbers, no matter how competent the source claims to be, would likely be dismissed instantly due to a perceived lack of sincerity – it simply feels "out of proportion".
You Are a Walking Promise
This might be the most personal insight: your very presence implies, or perhaps is, a promise to others of what they can expect from you. It's not just about explicit verbal or written commitments. Your consistent actions, your behaviour, your very being in a situation…all of these set expectations and form an unspoken promise. Recognising yourself as a "walking promise" is a pivotal step towards becoming a truly trustworthy individual and understanding why others might be disappointed or feel that their trust has been broken, even without a formal promise being uttered.
Conclusion: The Scaffolding of Success
The future is created in conversations filled with promises. The value of any promise to its recipient is a function of its perceived worth if delivered, multiplied by their belief in the promisor's likelihood of delivery. Promises are truly "...the scaffolding on which the building of the future is created".nAs professionals, our success, our relationships, and our ability to innovate and lead are inextricably linked to the quality of the promises we make and keep, and the trust we inspire in others. By consciously cultivating our perceived sincerity, competence and reliability we don't just build better businesses. We build a more predictable and reliable future for everyone.
What promises are you building your future on today? Share your thoughts with us.