Wrong selection of associates in business

EducationWrong selection of associates in business


Choosing the wrong business associates is one of the major reasons why businesses fail these days. You may be qualified, experienced, and even have larger-than-life ideas but if you fail at choosing the right people for your jobs, then you are at doom. This is the main reason why startups fail or go into debt these days. More than the other resources, human resources is one of the most important things in today’s times. Trust should be developed when you select a person to work with you in your business.

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If your business partner is found to be hiding information from you or being too careful while sharing all his known-trade secrets, then make sure to not have him as your partner for the long term. Sooner or later, he will ditch you for another better job opportunity. There are also chances that he will take away all your ideas and build a new business model that you won’t be able to challenge even in the court or public domain. So, it is quite essential that whoever you choose as your business associate or partner, comes from a clean background and high moral values that won’t affect your business in the long run.

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If you want to test a business associate or partner on how long they will remain with you, you can put them on certain tasks. You can give them a project and ask them to handle it all on their own and also give them the authority to sign papers on your behalf in your absence from the workplace for a month and then see how you will be fooled or saved. Well, I am sure you won’t give them a task that will lead you to huge business losses. In fact, you can put them on a project that even if gets shelved doesn’t hamper your reputation or your business’s name. 

Once the associate in business gives you a clean report on the task given by you, that’s when only you can start trusting them. Otherwise, no matter how many contracts you ask them to get into where the confidential information doesn’t get leaked, the papers will go in vain if the basic human nature of trust, honesty, commitment, dedication towards work, and transparency in work doesn’t reflect in their work right from the start.

You can do a background check of the associates or partners from an external company and know the reviews of their past associations. If you find any discrepancy or bad review from the past business work done by them, then you can hold on to give them important business-related work or not. You can give them mediocre work that can be done by any employee and keep only the important work to be done by you or the person whom you trust the most in your family or relatives. 

Make sure that if you find the wrong business associates at work cheating or doing any fraudulent business activity, confront them and also remove them from your workplace without any notice. Even if they give you genuine reasons for cheating, you can show them the doors for the betterment of your business’s future.

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