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Joel Peterson is currently chairman of Jet Blue and has been a board chairman and a leading private equity investor for major corporations over the past 40 years.
One key distinction the 69-year-old executive says he's learned through close observation of businesses that work and those that fail is that the former develop "high trust cultures" that work smoothly with less bureaucracy, legalism and friction.
"The cost of lacking trust," Peterson says, "is ever-present suspicion, double-riveted legal agreements, caution and caginess in personal dealings." Mistrust, he argues, "can slow things down, drive away innovation and slow things down."
But trust is fragile, he says: "It takes initiation, nurture, evaluation and repair."
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