What if you will be paid to reveal your business secrets.

[TOZZIBLINKZ]

Before a man and a woman goes into the act of being married to each other , there is one important quality that must exist between them that keeps them binding as one , that quality is known as trust . In fact a marriage is considered to last long as a result of the rate of trust each partner has on the other . Just as trust is important in a marriage to make the marriage last longer , trust is also important in business between the employer and the employee or between the business manager or owner and his or her staffs and workers . In financial and business term this is known as fiduciary duty . Fiduciary duty by definition is the loyalty , obedience , trust , and integrity an agent , an employee , a worker , or a staff has towards his superior authority which could possibly be his manager , boss , or principal . For a employee or agent to effectively and accurately carry out his fiduciary duty towards his boss or manager he must make sure not to reveal his employers business secret two competitors and business rivals even though they offer to pay him a huge and considerable amount of money .

Business have secrets that keep them in business , and makes them outsmart their competitors and business rivals . Secrets that contain important information like this , shouldn't be exposed by either the employer or the employee rather it must be kept confidential and secretly as a secret . Business rivals and competitors may want to offer us a huge and considerable amount of money to reveal our business secret . We must have in mind that revealing our business secrets simply mean that we sooner or later you'll become failures in our business since our secrets are being revealed to our various competitors and business rivals . So no matter the amount of money they intend to pay us for us to reveal our business secrets , it is advisable to reject it , so as to keep to our fiduciary duty as an employee and to keep our integrity as the business owner .

 

[Austinaldo]

You're right. Businesses have secrets and each one has to outsmart or outdo the other to stay profitable. There's nothing wrong with this so far it is completely healthy and doesn't seek to maliciously harm others. I completely support that one has to keep their business secrets to themselves.

You can't just hand your selling points to your competitor, that's a wrong thing to do. No matter how much is offered to you, don't accept. It pays to keep our business secrets to ourselves because that is what distinguishes us from the others and gives us an edge over the others.

For me, being resourceful is an important skill for every entrepreneur, you must find your own onions rather than buying Ideas or looking to steal other people's ideas. This already predisposite you to be uncreative. Find your own edge and sell it to your customers.

Therefore I absolutely think that no one should sell their business secrets for anything. Keep your charm to yourself and churn out more value to your customers, this way you make all the profits you can ever dream about from selling your ideas

Thank you for sharing this and I hope to utilize it myself for my business. This was useful.

 

[Augusta]

That's just the truth I don't think there's anyone that will want to share their business secrets with anyone. I do believe that some business owners don't even share this with their family members. because look at a scenerio whereby a man had a business for years and the business flourishes for those years but he died and the Business is then manager by the wife or the children.just a few years later, the business collapses and can't even be restated in anyway.
This goes to show that the man didn't even trust his business secrets with the family and they didn't know about it and can't even apply it to make the business work.

So in easence people hardly shares their business secrets because you can't tell who you are sharing it with. The person might even want to hujack the secrets and the ideas later. But I think it will be good to share with a trusted family member maybe like one's child but to sell it No. I don't think it will make any economic sense that way.

 

[Setho]

I absolutely do not see any reason why anybody should be forced to reveal their trade secrets.
This is why it is very important that you should try to reach the corporate affairs commission rules and regulation in whatsoever country that you are planning to open the business in . There are some kind of businesses that are under obligation to post the kind of materials and announce publicly how they usually create their product like creams and food materials . This does not necessarily mean that you will have to reveal your marketing plans or your idea in how you are going to be hiring employees which is completely up to you .

In some countries there are some businesses that are protected by law not to reveal the chemical component of their products such as the popular one which is Coca-Cola. As a business you might want to send out your own secrets to upcoming businesses especially when you want to dissolve out from the space and that is particularly very okay for you to negotiate a price . This is something that I do not recommend because you will be creating unnecessary competition to yourself and the business .

 

[Ithedicious]

I know that may be quiet possible , but we just have to be very careful because most of our secret are something that can really fetch us millions of dollars, we just have to be very smart in the sense that we do not sell our business idea for cheap token . You won't really be happy if you give out your business idea to another person and the person use this business idea to make millions of Dollars . you will feel being cheated on and in most cases a lot of people always try to reclaim back their right which in most cases is always too late.

If I have any business idea, The best thing I will do is that will just try to make sure I develop it and try to make use of it myself . If for any reason I can't used it personally I can even partner with people to make sure the business idea comes into actualization.

There are some business idea that can be sold out and there is no problem. But there are some special business idea that shouldn't be sold out no matter what may happened because we are likely to regret it in the future.