The fifth richest Black woman on earth, Apostle Folorunso Alakija, has cautioned young entrepreneurs on the need to be extremely careful if or when they decide to employ their friends as employees in their organisation.
Hiring friends may cause the distinction between personal and professional connections to become hazy, according to the 71-year-old Nigerian millionaire.
It may also result in conflicts of interest, which would harm the partnership in the long run, she noted.
Alakija, a vice chairman of the Nigerian oil exploration business Famfa Oil and the first female chancellor in Africa announced this on her Twitter page.
She wrote:
”While it may seem like a great idea, it’s important to recognize that hiring friends can also lead to blurred lines between personal and professional relationships.
”It could lead to conflicts of interest and, ultimately, damage the relationship. Despite your best efforts, hiring friends and family often leads to a lack of objectivity and accountability.
”This is because it is challenging to provide blunt feedback or make tough decisions when personal relationships are involved and can hinder the growth and success of the business.
”Understandably, there are exceptions to every rule, and some successful businesses have been built with family and friends. However, it’s essential to approach these situations with caution and set clear boundaries and expectations from the onset.”
Alakija is also an author, speaker, and philanthropist. Before pursuing her passion for fashion, she worked as a banker and business administrator.
She served as the National President of the Fashion Designers Association of Nigeria twice and is currently a lifetime Trustee.
