Avoid Deal Attachment Syndrome
Have you ever heard the saying, “Deals come and they go?” Well this message is a good way to start viewing transactions in your life. I say this because many times business associates have the tendency to fall in love with a deal or become overly attached to it, which isn’t always a good idea.
Sometimes a deal will just look absolutely astonishing, you know the ones that appear to be a sure thing, I mean sometimes a deal looks so great and strong that Superman himself wouldn’t be able to break this thing up.
However I’m here to tell you that a lot of times the deal that seems like nothing can keep it from going through and being the deal of the century is the exact one that won’t ever make it into fruition.
The reason entrepreneurs shouldn’t get attached to a deal is because it can affect your judgment and cloud your vision on other potential opportunities. Like I always say you want to always look at venture operations from a business standpoint and try to avoid personal feelings or even worse personal judgments, because personal and business just don’t mix very well.
Also speaking from my own experience, I’ve been in situations where I was so wrapped up in a possible transaction that I started ignoring or avoiding other possible business, because I was only thinking about closing this one particular deal.
Then when my “dream deal” fell through, it was too late to go after the other leads that I should of, but didn’t follow up on, because those individuals had already moved on. So now I’m left empty handed with a lot of hard work, resentment and all dust in my pockets instead of “Ben Franklin and Friends.”
Donald Trump claims that he’s been successful in high level real estate development over and over again because he avoids getting involved in a deal that he’s too attached with, so that way if things start going sour or something doesn’t look right he can easily step away from the table in a heartbeat instead of ignoring all the subtle signs of a bad deal and repeatedly trying to make something work that’s not worth the time and effort.
This ability to avoid deal attachment will ultimately save you a lot of headaches, wasted time and disappointment in the future. Like I mentioned earlier just remember, deals come and deals go!
2 Comments
David Askaripour
November 8th, 2006 at 2:27 pm
I’m definitely guilty of becoming too attached to deals. I’ve wasted a lot of time and effort becoming too “excited” about closing one particular deal…only to watch it fall-through. I’ve learned to treat each tentative deal as just that: a tentative deal that hasn’t been closed yet. In the meantime… I’m still busting my ass trying to close the next deal.
William
November 8th, 2006 at 3:21 pm
You make a good point David, I know what you mean about wasting time waiting on deals, I’ve fell victim to this a couple of times myself. I think the method your using now by working on multiple deals at once will continue to offer you good success!
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