Everyone has been disappointed at some time in their lives, and often by the people you least expected it from. Trust is not given, it is earned. But even after being earned, don’t be naïve about it. Temper that trust with a splash of cynicism regarding the human race.
THERE ARE MANY entrepreneurs who have lost everything because they placed all their trust in a certain individual or group of people. Accountants and financial directors have stolen millions from entrepreneurs who trusted them with their banking. Sales reps and account managers have made businesses go into liquidation after taking all the customers or key accounts. Business partners who you trusted with your life — the godparents of your children! — left with your business and hard-earned cash, laughing all the way.
Business is a funny thing and money makes people react in unpredictable ways. Business people are still just people. And not all of them are awesome. Agreements were invented for this very reason.
The smart entrepreneurs protect themselves against these possibilities. As a basic principle, draft and conclude proper agreements with everyone you do business with. Include restraint of trade clauses with employees, partners and suppliers. Set up internal controls in the company to ensure that no one individual is allowed to make payments or have access to cash.
This story is from the November 2018 edition of Entrepreneur Magazine South Africa.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the November 2018 edition of Entrepreneur Magazine South Africa.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Built To Last
The aim of most family-run businesses is to stand the test of time, a goal that influences strategy and tends to take the long-term view over short-term gains. Entrepreneur spoke to Kim Pratley and his sons, Andrew and Charles, about growing a business without compromising on quality or price.
Business Turnarounds With The Team You Have
With a management approach that unlocks the full energy of the organisation, CEOs can turn around a failing business with the people they already have.
Outsmart Cash Flow Problems With The Right Financing
We’ve all heard the saying turnover is vanity, profit is sanity but cash is reality. If you want to improve cash flow, unlock growth within your business and build an asset of value, you need cash — whether that’s through organically grown cash reserves or financing solutions that suit your specific needs and growth goals.
Rock On
In recent years there has been a slew of US musicians and actors who have built business empires, from will-i-am to Sarah Michelle Gellar. South Africa is no different. Danny K may be working on his next album, but he's also planning to dominate the business landscape. AS TOLD TO NADINE TODD
The Path To Success
Woman of Stature is an organisation that plans to give South Africa its next generation of high-impact entrepreneurs, ministers and even a president. Here’s how the ideals of success mindset and living your purpose are shaping a new breed of empowered women.
Who Dares Wins
What can we do now that we couldn’t do before, thanks to changes in technology? That’s the approach that great organisations are taking to transform the consumer experience. And it’s not just the ruthless young upstarts that are doing so — we spoke to three companies founded by industry stalwarts to get their take on how to seize market leadership in a time of significant disruption.
Who Are Your Real Competitors?
Do you know who your real competitors are, and why they’re winning business you could get?
Trust, But Don't Be Stupid. Get Agreements!
Everyone has been disappointed at some time in their lives, and often by the people you least expected it from. Trust is not given, it is earned. But even after being earned, don’t be naïve about it. Temper that trust with a splash of cynicism regarding the human race.
How Your Habits Determine Your Chances Of Success
The stats are scary. We all have goals, and yet 78% of the time those goals don’t lead to a change in behaviour, which means they can’t be realised. The science is clear. If you want to achieve your dreams, you need to start by changing your habits.
4 Key Social Media Mistakes You Might Be Making - And How To Avoid Them
Social media can revolutionise your brand presence, or do more harm than good, depending on your strategy and execution.
