When you want to start a business you should learn from the pros. It is very much essential that you absorb as much advice as possible. It may help or maybe it will not. It is up to you to implement marketing strategies which will bring in success. But business cannot be successful all the time. There is an increasing risk of getting dumped by fellow partners or by clients in any business. Such cases make an entrepreneur learn a lot in the subsequent period. Let us look at some of the lessons which an entrepreneur will learn when dumped in business.
Fair wages: A business enterprise will naturally have a proprietor or a manager and a team of subordinates who work for the organization. Getting fair wages for the work they have done is the fundamental right of any worker irrespective of the field of his work. If one is not paid properly he can always demand a decent payment and even move the court in the worst case. It is also mentioned in the work ethics of businesses that employees should work for certain duration and they should be paid reasonably. Most of the business owners exploit their employees and do not pay them well.
Partnership: A business enterprise will need a huge amount as capital which can be put together by a number of people who are called partners. For a business to function well all the partners have to work with a common goal in mind. In cases of disagreement among partners the business will suffer and it will lead to conflicts among them too. As a consequence some of the partners will suffer losses. Businesses will go through a set-back if the funds are misappropriated by some of the partners. Therefore, it is important to find out who are trustworthy in business before going in for a tie up. It seems easy theoretically, but may prove hard in practice.
For some people temptation to cheat in business becomes irresistible. It is that sort of bent of mind that goads them to do manipulation of numbers as a way of doing business. Misstatements, liberal interpretation and fraud will happen at the top of the enterprise or at the bottom with a salesman increasing his expense in numbers. Such misdeeds corrupt the integrity of the whole organization and it may proliferate in the subsequent period. They can be discovered in an internal audit or in an outside audit.
Many businesses have nicely crafted ethics policies. But in many cases these policies are violated deliberately which will disrupt the smooth functioning of the business organization. It is essential to form and follow business and ethics policies strictly in order to safe guard the business enterprise. The reputation of the organization must be protected. The possible performances and goals which are the incentives for cheating should be discovered early and they must be checked. All reports and data must be regularly and rigorously checked. Such scrutiny will prevent cheating in business. Business entrepreneurs should learn lessons from each misdeed of anyone involved in the business enterprise.
About Ebin Mathew
Ebin Mathew is a freelance writer with over 10 years’ experience in CEWS. He enjoys writing about current trends and innovations in education, technology, online business and traveling.