CONROY NATION* works in administration for a large local corporation, but has pursued a number of business ventures on the side. Not all of them have been successful.
His most recent nightmare began promisingly.
"I went into the delivery and sale of goods. I became interested because the product really tasted good to me. The sales manager's brother also encouraged me to go ahead," he said.
The salesman/manager he hired was his downfall.
"I was somewhat cautious about who I would hire, but I had a neighbour who was always saying to me that we should do something together.
"When all my plans were in place, he started distributing goods for me. The very first week he was $9,000 short. For the six months he worked he would run an average of $8,000 short. He always said he would be paid the following week, but would come the next week and say he had been paid, but the people had ordered more goods.
Losses
"One week he was $40,000 short. It was then I decided to close down, because I was now owing one creditor $70,000 and another $20,000, plus I had to be taking money out of my pocket to run the business. I had invested $80,000 without recouping it," Mr. Nation continued. That was not the end of his misfortune.
"I gave a man my car to run as a taxi. He crashed it and ran away, leaving the vehicle in the possession of the police. I had to fix the vehicle owned by the other parties involved in the accident, before getting back mine, which was almost a write-off," he continued.
Looking back, he said dishonesty in the people he hired was the cause of his losses.
"I don't think all of that was poor planning. The problem was with the persons who should have been more responsible. I really cannot support the view that you pay for what you get. The salesman was getting as much as 40 per cent of profits, with another 20 per cent for maintenance of the van. All the capital was mine. Maybe I gave him too much. In the latter stages, I had more control over the business, but I had lost too much. I cut my losses and called it a day," he said.
Ventures
Mr. Nation admits that the "only ventures which have worked are those I am involved in 100 per cent." Why does he not handle his ventures personally?
"I am not prepared to leave my job because there is always a promotion on the horizon. Maybe I am a bit of a coward, not wanting to go out on a limb. I think that one should invest in things over which one has full control. I am spending money now on going to school. This is an investment in myself and I think one of the best," he explained..
Hopeton Morrison, head of the St. Thomas Credit Union and university tutor suggests that people like Mr. Nation have an ethical dillemma to deal with.
"You do have a job to do, especially if you are in a mangerial capacity. You are paid to literally spend 24 hours thinking about the job.
"If you are spending quality time on your own thing because you are the only senior executive for the operation, then here are some ethical questions involved.
"No one wants to remain an employee for life. The capitalist system encourages you to do that, but as an executive you must give more than eight hours to your employer. It becomes a conscience thing," Mr. Morrison said.
*Name changed as requested.
