Eric Siu lost $1.5 million to a trusted employee and explains what he should have done differently. He advises founders to trust their gut about people, verify delegated work instead of assuming it's done, and accept that as the principal, you're ultimately responsible for what happens in your company.
I lost at least $1.5 million from a trusted employee. If you have that sixth sense when it comes to people, trust that sixth sense because that's not something that everyone has. If you have that intuition, that's a very unique ability. Use that ability, don't squander it. But if you're gonna move like that, you have to trust but verify. If you're trusting them, you have to be checking in on the work. Tell me about what you're working on right now and how are you thinking about this problem over here? How are you solving this problem? But also, if you're delegating, you can't abdicate. Like, the only person to blame is yourself, the founder, right? If you're the principal of the company and you're making these decisions, anything that goes wrong in the company is ultimately ultimately your fault.
