Always be on guard when running your business

[freedomgo]

There is no one more responsible to manage your own business but your own self because that comes from your own concept and idea, other people might only take advantage on it in the long run especially if you keep busy yourself with things away from your business. And besides, you know what's best for your business, not the other people, so if you want to hire a person, let him be your assistant but the top position is still you, and if possible be present in your business most of the time so you can monitor whether your business grows or fails within the process.

[blockman]

That is the same in investing, we invest in people because we have believed them to be a good worker and will turn our business into a profitable one. But it turns out that if we have hired the wrong people that we have put our trust in them are also the reason why we're falling apart. So, if you own a business, there is a reason why there's a long process of hiring coming from managers, supervisors and even with the CEOs. It's not only about what's written in their CVs but also the attitude and perspective they believe that should be valuable to the company's  growth.

[Cyber_warrior]

The mistake that my parents did was trusting the hired manager too much, always be on your guide when running business and paying people salaries, people are like termites, what you paid them might never be enough for them, they will start planning to drain down your business and if you are too relaxed it won't show until it's too late.

When you are into business, you should learn to manage your business yourself, and even if you are going to employ anyone to assist you, then you shouldn’t leave everything in the person’s hand, you should be managing it yourself, you should tell the person which you employed to give account for the activities happening in the company, and you should be available also to monitor things yourself. If you decide to trust someone completely with your business, then you should know that your business might end up going down in the long run.

I have heard about how people’s employe steal from the business which they are hired to work, and the more your staffs keeps on stealing from you, then your business will be going down.

[AmaGold70]

Getting someone that genuinely wants to work for you without having hidden motive of stealing from your business is very rare, business owners really go through a lot and putting so much trust on your employees is very risky no matter how genuine they appear to be in front of you. Big businesses owners find it very difficult to keep records of their stocks because they always have it in large quantities so it's very important to always be available or present in everything that is happening and never be behind the scenes because that's leaving your business at the mercy of your employees and always be one step ahead by showing up unannounced sometime at your business place.

[TheUltraElite]

Bad apples will always exist and during the hiring of people, you might miss out on screening them completely, which is completely fine. Eventually every person will need to be monitored of activities to make sure they dont pose a risk to the company or its associates. This is tough and sometimes it feels like you are being a snake in the grass. But it is an important part of running the business.

That is why a good company owner is rare, they need to have this skill of being able to read a person from their face. Bad people will come and go but make sure the good people are protected.

[bounceback]

~
The mistake that my parents did was trusting the hired manager too much, always be on your guide when running business and paying people salaries, people are like termites, what you paid them might never be enough for them, they will start planning to drain down your business and if you are too relaxed it won't show until it's too late.

Don't fully trust your subordinates if you don't want your business to go bankrupt because we often see that if a business is without supervision and control from superiors, it is very likely that the business will eventually go bankrupt, everyone can make mistakes, especially when they are dealing with finances which will certainly make them tempted to be able to have the money by planning various ways and of course will make the business suffer losses, running a business without supervision, then never assume that our business can grow healthily and this is our own mistake that completely puts blind trust in our subordinates.

[lornadane]

This is a hard truth many learn the painful way. What happened to your parents’ biz isn’t rare at all—just rarely talked about.
Early on, things look smooth, trust is high, controls are loose. That’s when a few insiders can quietly bleed a business dry—bad decisions, side deals, negligence, or straight-up abuse. By the time owners notice, damage is already deep.
Same applies today. Many biz owners don’t realize the risk isn’t only market or competition, but people inside the system. Internal rot > external threats.
Your Coinbase example fits the pattern too. Whether CEX or not, humans are the weakest link. One or two bad actors can wreck years of brand trust.
Lesson IMO: trust is necessary, but verification, checks, and oversight are mandatory. Blind trust + zero controls is a slow business killer.

[ancafe]

The mistake that my parents did was trusting the hired manager too much, always be on your guide when running business and paying people salaries, people are like termites, what you paid them might never be enough for them, they will start planning to drain down your business and if you are too relaxed it won't show until it's too late.

This is a common mistake people make because when building a business, they trust others to manage it, and conversely, there's no specific control in place, so bad things can happen at any time. A business without our involvement will actually be problematic because we lack control, and others can exploit the situation for their own gain. I often hear of people who fail in business because management is delegated to others, and the owner prefers to be called the boss without being involved in the business's development.

If the majority of people believe that a business can be managed by others, perhaps the system needs to be changed, and they need to be involved in the system as controllers, especially regarding financial management. Without that, I'm not sure the business can thrive because others can cheat, ultimately leading to financial problems.