How To Quickly Fail a Business Like a Pro

Once upon a time...

An entrepreneur had grand plans to start a business. He was ambitious and driven, determined to make the business succeed. The entrepreneur amassed a diverse and talented team of individuals and created a culture of ownership, empowerment, and trust. They had a variety of skills that, when used together, were capable of building the company. Soon, the small business started to take off. It seemed like the perfect recipe for success—they had the right blend of experience, ambition, and grit.

Then, one day, something unexpected happened. A municipal official turned up at their office, and they were ordered to follow local rules and obtain the proper operating permissions. A high-level employee, who was rumored to be corrupt, offered to quickly diffuse the situation by offering bribes in exchange for favors. The entrepreneur had to decide between acting morally and doing the right thing or paying to resolve the issue quickly. He chose to pay.?At first, it seemed like a winning strategy—after all, it worked for the competition. Caught up in the hubris of success, the decisions were being influenced by nationality ties and likeability instead of merit-based ability. Soon enough, in spite of his wealth, the entrepreneur's business methods were frequently tainted by corruption and nepotism. Resources were being wasted because of ingrained bureaucracy and short-term thinking.

One day, while he was on the way to inspect one of his business operations, the entrepreneur encountered an old man who advised him to stop such practices. He refused to listen and said, “I don’t need your advice”. Unfortunately, this refusal turned out to be disastrous for his business. Soon enough, their customers noticed the lack of quality and started to shop elsewhere. This ultimately led to the downfall of his company. In no time at all, his corrupt practices were exposed and social media went into a frenzy over the news. Investors began withdrawing their funds from his company and some of the diverse, talented team of once-loyal employees deserted him.

Eventually, the once-thriving business was reduced to nothing more than a shell of its former self. All as a result of arrogance, obstinacy, nepotism, and corruption.?

The simple moral of the story: Pay attention to knowledgeable people's advice and practice ethics in your business dealings.