August 31, 2007
Growing Your Business: Don’t Want it Too Badly
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A good friend of mine was presented with an opportunity to buy a distributorship for a voice-over Internet protocol phone system. He asked me for assistance in putting together his distributorship. As I reviewed the agreement and the opportunity, I didn't really understand what he was so excited about. I saw something that didn’t seem to have great potential, and I was mystified by his enthusiasm.
I asked him why he thought the deal was so great. He, in turn, told me that he simply couldn't believe that I couldn’t see the potential that he could see.
Actually, what I saw was that he was hungry to jump into any deal, and this particular deal just happened to come along, and in his desperation, he signed the contract. Three months later, with the benefit of hindsight, he recognized that there wasn't a lot of "meat on the bone" of the deal he’d made. This was disappointing at best – he'd invested a substantial amount of his own capital and wasted several months. And this made him even hungrier for the next deal, because now he had wasted more time, more capital, and had even less resources at his disposal.
So, as you are working hard every day to build your company, or as you're building your career, be careful that you don't want something too badly. This can cloud your judgment and make you do things that you either don't want to do or that you know you shouldn't do.
About Joel G. Block
Often dubbed a "Growth Architect" by his clients, Joel Block advises companies on explosive growth strategies by driving revenue and sales. Well known in the capital markets, Joel is a successful entrepreneur, speaker and advisor. He once raised $10 million for his own startup company and later chose to sell it to the Los Angeles Times. Would you like to get a private phone consultation with Joel? Visit www.joelblock.com/capital for details.
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Filed under Business Growth, Growth Minute by Joel Block
Comments on Growing Your Business: Don’t Want it Too Badly »
Desperate people tend do desperate things. I couldn't agree more with you. When I was actively involved with an MLM company, the people who I talked out of the opportunity were those who were either unemployed or underemployed and said they needed money badly.