Page 28 - UDYAMA FINAL final for web

Insensitivity to swelling capability, and relevant business
exposure. But, the unfortunate si-
de of the story is that the ent-rep-
debts and liability base reneur expects the hired person to

agree with his decisions and stra-
tegies and to implement them.
Ultimately, the competent talent
is not extracted in to the business
for its success and the entrep-
reneur maintains them with hig-
Many businesses are burdened If you want to avoid ge�ng her perks merely for task impl-
with debts, and other business-re- in to the above trap, follow ementation.
lated liabilities, including over- the Golden Rule of Basic
due bills, unpaid salaries, unpaid Financial Consciousness of Growing enterprises need practi-
EPF/ ETF etc. Despite this condi- an entrepreneur. This golden cal business development compe-
tion, majority of them are still str- rule has four simple steps. tence in all cells in the business.
uggling to borrow more money to Owner entrepreneur generally can
improve operations, expand the First step is to take all meet many requirements at the
business, or to start another busin- ethical ac�ons to improve initial stage, but he would need
ess, illogically assuming that fut- income / net profits with external talents for certain specif-
ure profits from new investments lean costs. ic areas, especially during the gro-
can be used to settle the current wth phase. This section refers to
debts and liabilities. This beco- Second one is to make such human resources whose stra-
mes a vicious cycle for a consid- arrangements to recover tegic competence can be used.
erable cross section of such bus- receivables. What the entrepreneur should do
inesses, leading them to close is to use the hired talent in full
down their businesses with debts Third step is to pay scale. It doesn’t mean to say that
and liabilities. In some cases, we undisputed a�en�on to he should blindly allow each and
don’t have surveyed statistics on maintain a healthy cash flow, every approach of the expert
certain things; but, the fact is especially avoiding employee. But, “he - should - do -
obvious. This is practically happ- “ego-sa�sfying” expenditure what - I - want” mindset of the
ening in many businesses behind streams. owner entrepreneur should be
the curtain. kept aside, allowing the employee
The fourth step is to borrow to perform the task demanded by
Taking risks is a good entrepre- money with the precise the growing enterprise. At the
neurial quality. But, applying bas- understanding about the same time, entrepreneur needs to
ic financial literacy is an esse- level of debts your business know that professional employees
ntial skill. If you have basic finan- can carry and a forward are not always correct. Ability to
cial sense, you’ll know when to looking loan se�lement plan. understand whether the talent is in
stop borrowing and how to imple- the correct track or not is a part of
ment a debt / liability settlement entrepreneur’s responsibility.
plan. But, in entrepreneurs who
carry the rotten egg of insensitiv- Smart entrepreneurs implement a Smart entrepreneurs are equipped
ity to swelling debts, the basic “Debt Policy” in their businesses with smart habits of getting the
financial sense is overshadowed to overcome this issue. best out of such hired talents. Th-
by pseudo-entrepreneurial appro- Habit of transforming ey value the professional capabili-
aches. They feel confident that hired talents in to the ties of hired talents, use “talent
moving forward for more loans/ shadow of the owner engagement” tactics, put them on
facilities will solve the existing entrepreneur the correct path when they are off
problems and the newly improved the track, offer the freedom to
situation will bring them prosper- This is a bitter truth. Owner entr- unleash their expertise and apply
ity. But, when it is done without epreneurs hire talents on full-time it in the business, and appreciate
mindfulness and appropriate con- basis or contract basis through de- the successes while keeping the
siderations, they will realize soon ep interviews, ensuring that the sharp “eagle eye” on what is
that they are in a grave trap. hired personnel have professional happening.

26 January 2021