Managing Money
How good are you at managing your business's finances?
Benjamin Franklin learned early in life that incentive iseverything in managing money. Specifically, he learned that you arenever as careful when managing other people's money as you arewhen managing your own. During some of his early travels, hereceived a sizable sum of money from an acquaintance of one of hisbrothers. As recipient, Franklin was charged with safeguarding themoney until it was called for by his brother's friend.Following the receipt of the money, Franklin unwisely chose to usesome of the funds to finish financing his trip back toPhiladelphia.
Worse yet, Franklin allowed a friend of his to use some of themoney. This particular friend had a drinking problem and returnedoften for more money, always promising to pay the money back soon.Ultimately, the relationship between the two friends went sour.Franklin's friend departed for Barbados with a promise to repayafter he received money from his new employment, but Franklin neverheard from him again. Franklin later classified this mismanagementof funds as the first great mistake of his life. Fortunately forFranklin, his brother's friend did not call for the money forseveral years, giving Franklin ample time to replenish thefunds.
Excerpted from Ben Franklin's 12 Rules of Management
Entrepreneur Editors' Picks
-
This Co-Founder Was Kicked Out of Retailers for Pitching a 'Taboo' Beauty Product. Now, Her Multi-Million-Dollar Company Sells It for More Than $20 an Ounce.
-
Have You Ever Obsessed Over 'What If'? According to Scientists, You Don't Actually Know What Would Have Fixed Everything.
-
After He Was Fired From the UFC, This Former Fighter Turned His Passion Into a Thriving Business
-
Most People Don't Know These 2 Things Are Resume Red Flags. A Career Expert Reveals How to Work Around Them.
-
How One Woman Turned Pandemic-Induced Boredom and a Makeshift Garage Art Studio Into a Thriving Franchise
-
Use These 4 Self-Care Rituals for More Resilience and Less Depletion
-
Shark Tank's Barbara Corcoran Wants to Invest in 'Someone Who Probably Needs a Good Shrink Instead of a Business'