Let's Talk About Losing Money Part Ii
You allow fear to take over you
You allow fear to take over you. Have you ever been to a casino? If you have been truly observant with the players, you will realize that there are actually major players who are holding on to their own stakes, hoping that they won't lose them during the course of the game. For example, try to sit in a no-limit Texas Hold'em, players who are not really afraid to fail and lose once in a while will be able to play the game right, because they can concentrate more on their strategies. This is completely opposite to those who have instilled fear in their minds and hearts.
The mistake that I made was time, I did not have time to run the recruitment business, so trusted in the manager I bought in, to the extent that the manager eventually stole the business from me.
Blood is thicker than water, making a business with your wife's family may certainly become a disadvantage if you later on develop marital problem's that you never thought of.
I purchased a business in the Philippines and ceded control to it and to that someone else, in this case a nephew of my wife's who coming from a different culture did not share my values.
Outsourcing works though if you keep control, pay the wages, and do not expect someone else to run it for you.
James Pitt, my business partner, and head of operations in our call center in Davao, runs the operation very well, because he shares my British values, being my own countryman so to speak, than my trusting a local person wholeheartedly.
I have heard of many Expats who have made that mistake, they have invested in a business run by Filipinos, which have in almost all cases lost them money, because of cultural understandings.
Catch Friday, my outsourcing business works, because I am running it from London, and though I buy as it were services from my Filipino staff, I am directly in control, pay the wages, receive the money etc.
You stay in control by receiving the money and paying the wages yourself, even if you receive them in a different country to the one you live in.
There's too much responsibility at hand. In case you don't know, too much responsibility can make one irresponsible. There's definitely a huge problem that you will be facing if you don't know how to delegate the work at hand to your employees. You will never be able to attain higher-quality work, simply because you cannot spend as much time as you can in every aspect of your business. This includes administrative and marketing factors. There's also the huge tendency that you will not be able to finish major tasks at hand, especially if there are a lot of deadlines that you need to beat in one full day. Most of all, you will probably lose all of the best opportunities since you don't have any more time to accomplish or even assess their impact on your business.
Improper delegation may have stemmed from the fact that the majority of business managers these days are looking for perfection. Thinking that their employees may not have the capacity to accomplish the different jobs at hand, they would rather do them on their own instead.
by: Lawrence Perry
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