Many small business owners and entrepreneurs run into fraud and don’t know how to deal with it. One of the most common issues that can lead to fraud is “verbal agreements” between partners, colleagues, and clients. Frankly speaking, a verbal agreement is not enough for making a deal and we cannot prevent a fraud, in case the other party backs out on a verbal agreement. Although trust is essential in every kind of business, we should always bear in mind that we are dealing in money and sometimes verbal agreements are just not enough to protect the interests of either...

As an entrepreneur, I have run into times when my friends and family members have expressed interest in my work and have wanted to work with me as a partner, a provider or an employee. While I love my friends and family very much, I always doubt if doing business with them would be a good idea. Could business with my friends affect my personal relationship with them? How can I manage a business relationship with a personal one? Is it possible to successfully do business with friends and family members? In order to get to the right answer as...