Wednesday, March 29, 2023 | Ramadan 6, 1444 H
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Watch out business fraudsters

Setting up a business is not everyone’s cup of tea of course. Confidence and know-how are the key ingredients.

No one will trust you if you do not trust yourself. Of course, customers prefer to do business with professionals who appear competent and secure in their abilities. This is possible only for those who can play the win and lose game. Such gamble is expected, especially at the initial stages of setting up any business until it gets in operation. Afterward, it would be just a matter of time till revenue is generated out of the business.

The norm of any business, regardless of its size, should be clear as the mission and vision of each real business in the world. Every business is focused on a specific field and this should not contradict with people's interests, ethics and values. What is really significant is that personal relations should not be sacrificed for the sake of business. Relations are meant to last forever and not to be spoiled by fraudulent deals. Hypocrisy and dishonesty don’t go along with a real business.

When in business, people always think mainly of profit making, so they might lose their customers and the business eventually. What they need to do is considering the long-term investment opportunities and sustaining their relations with major corporate entities and individual customers too. They need to think wisely on how to run the business and make realistic profit out of it. Besides, taking advantage of people is neither an honourable nor a right way of making a business.

Cheating people for the sake of making a living or getting a high profit is inhumane. Though, it is happening a lot with many so-called businesspersons or owners of small and medium enterprises or start-ups, some of whom are immature enough to run a business while others are dishonest. Unfortunately, some are intentionally deceiving and taking advantage of people. Disappointingly, the market is full of fake business deals being made everyday and poor customers are becoming the scapegoats.

Speaking out of real experiences some of which I witnessed or others have come across, many young Omanis start or get involved in businesses without basic know-how. Due to lack of sufficient experience coupled with their desire to gain quick money, they land up in trouble. Often, they are forced to end the business due to losses suffered either for mismanagement or deceit by partners. Some people engage in lucrative businesses, so they do clandestine deals without proper documents.

On the other hand, many young immature people start a business and end up being overloaded with loans due to the ill-management of their projects. Some are doing fake deals with landlords, partners or customers, so they end up getting in trouble too.

Accordingly, all these types of pretentious entrepreneurs are ruining the reputation of Omani business people. They are also losing the confidence of customers and corporates who could be a possible support to Omani entrepreneurs and local Small and Medium Enterprises (SMEs). It is unfair to the hardworking Omanis who are real models of outstanding and professional businessmen and businesswomen.

Out of concern, one should be very careful when dealing with business start-ups and the insufficiently established businesses. In contrast, we need to support local enterprises and young Omanis, so they can succeed in managing their own businesses. All should remember the advice of Charlie Chaplin, an English comic actor and filmmaker, who said “My pain may be the reason for somebody’s laugh, but my laugh must never be the reason for someone’s pain”.

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