Making Emotional Versus Informed Decisions
Most people learn to develop a reasonable grasp on their emotions. This is especially true of successful business owners, because, in the business arena, sound, valid decisions must be based on logic, calculated risks, and cold, hard facts. Unfortunately, far too many business decisions are made based on emotional components. Letting emotions rule your business choices can cost you big in the long run.
Here’s an eye-opening example. If you’ve ever seen the hit business reality show, Shark Tank, you’ve heard at least one of the sharks talk about a business concept being a good idea and having great profit potential and scalability, but not being a product they’d personally use, so they pass on the opportunity to invest. This is a classic, public, in-your-face example of how emotional connections can sometimes overrule sound business decisions.
Control your Emotions
You can avoid making these same mistakes in choosing the right business for you to start up, launch, or invest in, by letting your business choices and investments revolve around information rather than emotion. When making business decisions, make sure to give yourself the time you need to learn about a new process or product. Gather all the relevant facts and examine all the factual pros and cons – especially now in the data-driven age we live in. We have a greater ability than ever to track trends, measure data, and analyze profit margins and investment potential.
Build up a fact list
Whether you’re deciding to launch a business of your own, turn your favorite hobby into a profitable venture, or invest in a new franchise opportunity, it’s important that you let facts, rather than emotions, guide your choices. Deciding to buy into a franchise is a major milestone based on raw numbers and data. Franchising is an amazing opportunity to buy into an established, profitable, recognized business. When you remove your emotional components, and replace factual information, valid, crucial business decisions can be made.
There is a place for emotions to override facts – but the world of business isn’t one. Building a successful, profitable business depends on a few key factors. Those factors include allowing yourself the opportunity to learn even if your gut say no. Additionally, you must allow yourself the time you need to learn new processes and to do an in depth investigation. In other words, if you devote your time to learning, you can unlock options that you didn’t even realize were possible.
Believe in your Research
Many people believe that good decisions come only from experience. In reality, good decisions come from patience, careful thought, and having all the necessary information at the right time. Factual information makes it easy to make the right choices in franchising, marketing, product development, and suppliers.
Take this advice and keep your emotions in check while harnessing the reliability of facts to make good, sound decisions. While it’s important to let emotions guide other areas of your life, it is important to overcome those obstacles when considering a business.