Page 110 - Benjamin Franklin\'s The Way to Wealth: A 52 brilliant ideas interpretation - PDFDrive.com

Irreplaceable others

If you’ve chosen co-workers and employees carefully then you should have
at least one you see as being invaluable. Which is great while their qualities
are working on your behalf, but what if they leave? What happens to your
business if a key employee has to move on? Do you have clients who are
entirely dependent on a single relationship with one person? How much
business would you lose if that individual went to a rival company?
Entrepreneurs tend to live their business and often forget that it is far less
all-consuming, satisfying or attractive for their staff than it is for them.

Globalisation and rivals

You’ve got a great idea and a great team to put it in place, so what can
possibly go wrong? How about a rival in Taiwan coming up with the same
thing using cheaper labour and selling their product directly into your
market via the web? Don’t trust that your brilliance will keep you ahead of
the game or that this year’s good idea will last for ever. Someone,
somewhere will build a better mouse trap.

HERE’S AN IDEA FOR YOU…
Got an employee worth their weight in gold? Appoint them as a
mentor to someone else and have that person shadow your wunderkind.
In particular have them work as a team with clients so the shadow
becomes seen as the apprentice and heir apparent to the star.