Jun

6

 The J.P. Morgan test applies for both customers and employees: you should only deal with people whose character you trust. Every successful business I have owned (including the one I still own) applied those rules; in every failed one I thought that exceptions should continue to be made.

I have never been shrewd enough to be able to judge the character of people until I have dealt with them. So, for me, until experience has proven otherwise, I deal on the assumption that others will be honest. (There is also a good deal of evidence from applications of game theory that this Tit for Tat approach has actual rewards, provided that the game is one of repeated encounters, each with limited risk.)

But, once you have seen someone cheat, there is no excuse for continuing to deal with them. Every significant business failure I have had started with my telling myself that a lie did not matter. That meant, of course, that the dishonest had already begun to compound itself; I had lied to myself and others by letting the dishonest person skate.


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