Dr Samuel Amo Tobin, executive chairman of Tobinco Group of Companies, advises young entrepreneurs not to include close family in the company.
The successful business leader who spoke Saturday at the 2022 Power Wisdom Summit urged entrepreneurs not to hire buddies.
Dr. Tobin said those who hire close relatives other than their wives or smart children risk sinking their businesses.
“The best way to grow your business is to be very strict and be firm. If you understand this principle you will never involve your family members in your business,” he stated.
“Is not the best to involve your family in your business nor when is flourishing. Don’t give them sensitive roles like procurement, others, they will kill the company. The only people you can consider is your wife or biological child who’s reasonable,” Chairman Tobinco advised.
Non-family individuals are readily penalized for flouting corporate standards, whereas family members pilfer cash.
Tobinco advised workers to bargain with their employers over transportation costs.
“If your transportation is more than your salary you must tell your HR to talk to management to help. It’s a must to consult management else you will turn out to be a thief or a liar . Never be in a position whereby you spend more than you receive.
“If you receive tips from your bosses then obviously you can depend on those tips to cater for your transportation but, if your transportation is more than your salary then it’s either you ask for increment or resign,” he explained.
Wisdom Summit 2022 which was organised by XYZ Broadcasting to impart knowledge to patrons and audience of the media company was graced by speakers who took turns to share knowledge on various topics.
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