This is a grey area when it comes to business but black and white when it comes to relationships. I mean you would not want to be friends or in a relationship with someone you don’t trust. The question is, does that replicate to businesses? That’s where the focus of this article is.
One of the lessons I had to learn early on in my trading career is that you can only trust yourself. Especially if you are entrusted with management of people’s funds or assets. Once you ruin the trust your client has bestowed on you with their hard earned money, your reputation is as good as dead. It’s all you’ve got, reputation is an intangible asset.
I am not saying that you should not trust other people, colleagues, business partners or potential clients, all I am saying is that you need to cover yourself just in case sh*t hits the fan. This happens, it’s a reality. More so especially because I happen to trade in a market where 6Trillion dollars are traded daily 24/7. Not everyone is out there for your good. There are lots of different people with different interests and they would do just about anything to get what they want.
What you should have in mind as a professional is to make sure that you have contracts in place. Any business agreement entered into orally should be backed up by signatures in the presence of a witness preferably a lawyer. You don’t want to find yourself in a situation where you cause your own liability because you trusted someone enough only for them to turn around on you. Integrity holds that your word is your bond, but in business, that amounts to nothing. Be smart, put a signature behind your name, business deal or wherever money has exchanged hands. Thank me later!