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.

[coin-investor]

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.

Trust is essential in business, but it should always be tested so owners can see whether the trust they give is justified, apart from trust bookkeeping is important, it's not only enough that you trust the people that you hired, it's important that they deliver what they are expected to deliver.
Any business faces stiff competition, so the managers should constantly monitor how their employees are performing; by doing so, they can ensure profitability and reward their employees.

[tabas]

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.

That happens because the owners have entrusted them the business itself when they've seen good performance and have shown concern to the business. That's why getting trust of the owner is quite easy for them when they have shown those normal things that an owner would do. But if it's a huge enterprise, they're going to have hard time doing that. And they'd go with the superiors who are the ones monitoring the business itself and they have each department that's specified to tackle the concern of the employees. The bad employees will exist and it's their lost when they do bad things inside the company they work.

[Agbamoni]

This is also happening to some businesses right now and the business owners don't know yet.

There are business that needs many people to operate, and most of the businesses are operated by people who have the skilled experience in that field. You can't oversee everything, even if you put someone in charge to do that for you.

What can be done is to reduce how much they can destroy your business. And whoever is caught should pay handsomely for the troubles they have caused you. No mercy should be granted to them.

[Realwhot]

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.

Some of the time it can depend on how big the business is because not all people are able to manage it only by themselves so what some of them do instead is that they get someone to manage the business for them and that person will be constantly reporting back to them. Even if they are not the one that is managing it by themselves alone this way they can still control the business and still know everything that is going on.
Why most people want some one to manage it for them is because they want someone that they can trust and it can be very hard especially if the business is a very big one.

[Alpen]

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.

As I see it, your parents' main issue is that they are poor judges of character. If that’s the case, business might not be for them. In this world, losing funds like that is essentially natural selection.

However, with the rise of AI agents, we might soon be able to remove the 'human factor' from business entirely.

Back to crypto: keeping funds on a CEX is just as risky as using a DEX. Look at the recent Binance case — their developers designed the non-custodial wallet so 'efficiently' that it sent seed phrases directly to a scammer's server.

Personally, I split my trust 50/50 between 'new faces' and proven services. With newcomers like Cryptomus, I get advanced, cutting-edge features. With legacy ones like MetaMask, I get time-tested quasi-reliability. I’ve moved almost everything off old exchanges, except for Poloniex — mostly because I’m just too lazy to switch

[jcojci]

Although we are the owners, we must still monitor our business and not fully trust others. We can't risk our business in other hands so we need to be responsible for our business. Many businesses go bankrupt because of the employees and a lack of monitoring by the owner.

We can allow them to run the business but monitoring and watching the flows will be our job. We will be at the end of the flows and checking whether everything is running normally or we need to do something. Money can change people especially if they know how to use the flaws.

[dezoel]

A business is cannot be side job or a part time job where you may do only when you feel like and asking others to take care in other times. A high level of dedication is very first requirement of every successful business. Supervising a business is possible in this modern day with the help of mobile surveillances still we cannot be sure that each and every process of business is happening up to required level or up to customer's need.

So, when we cannot physically not able to take care a business, I guess it would be much better to leave off that business by handling over to heirs or by selling it. Selling out may sound like too harsh but this way, you will not face losses.

[Chilwell]

Although we are the owners, we must still monitor our business and not fully trust others. We can't risk our business in other hands so we need to be responsible for our business. Many businesses go bankrupt because of the employees and a lack of monitoring by the owner.

We can allow them to run the business but monitoring and watching the flows will be our job. We will be at the end of the flows and checking whether everything is running normally or we need to do something. Money can change people especially if they know how to use the flaws.

Handling our business is the best and that is how you will continue to see yourself growing, check around the world all the rich business people that they are pointing at today, stood firmly to defend their business, to monitor them and also the employee, not that they did not trust the employees but if you are there everything will move smoothly without any issues. Most of the businesses that we see collapsing today, the 90% of the problem is monitoring, the owner just decided to entrust business to the employee and that is how employee will use that opportunity to enrich himself, and from there since he has gathered enough experience he will want ahead to establish his own company, that is how your business will die.

[BlackBaron]

A business is cannot be side job or a part time job where you may do only when you feel like and asking others to take care in other times. A high level of dedication is very first requirement of every successful business. Supervising a business is possible in this modern day with the help of mobile surveillances still we cannot be sure that each and every process of business is happening up to required level or up to customer's need.

So, when we cannot physically not able to take care a business, I guess it would be much better to leave off that business by handling over to heirs or by selling it. Selling out may sound like too harsh but this way, you will not face losses.

Yes indeed, if you are not physically strong, you should sell the business or give it to your heirs to continue. But I prefer to pass it on, because if we have to sell then we might not be able to rebuild the business that we already have.

But before we pass it on I will make sure that the heirs who receive it are really ready and can be trusted to manage it. Because many businesses go bankrupt because they are managed by heirs, it is very disappointing because what we have built must just disappear because those who continue it do not have accountability.

[danherbias07]

When there's money involved, it could always go sideways. Whether it's business, savings, trust, or any other thing where money is involved, it could change a person.

They say there's a right time to trust a person, and if they are worthy to be given that trust. But I don't believe that should be the case. Anyone could just plan it all out and earn the trust of the business owner while waiting for the right time to apply the evil plan. They can look trustworthy for long years, but then change in a snap.
While there are those who easily trust one person after a day or two, and they can be friends until they die. I think instincts will also play a big role when it comes to earning trust.

[Altryist]

I can remember how few people drained my parents of millions within six years of running their business, everything was going smoothly at first and slowly things started changing, it's been a long time now but I have learned that this same thing happened to many people too.

This is also happening to some businesses right now and the business owners don't know yet.

I read how few Coinbase co workers are responsible for some hidden sinister that's been making Coinbase lose face in the past months, I am against centralised exchange because of lack of privacy and this isn't a post about if you should trust them or not, it is just a awareness that people we bring in to work for us can also be responsible for bringing down our businesses.




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.

No employee will ever treat your business the way you do, and if you think the day will come when you can find a good manager who can run everything just as well as you do and you'll be free, you're mistaken. Because without you, the business will begin to change, workers will slack off, managers will steal, and business will decline. Therefore, you should always think about controlling your business, at least at the management level, otherwise everything will change, and most likely not for the better.

[devlin85]

When creating a business, it is understood that responsibilities must be delegated to employees, and delegating responsibilities implies trusting them, but that trust must be accompanied by controls. Business owners must understand that any structure without supervision is vulnerable; as several people in this thread have pointed out, no one takes better care of a business than its own owner.