Entrepreneurs are particularly prone to making the mistake of becoming emotionally involvin their business choices. The business is usually their ‘baby’ and they love the freedom and the control of being solely in charge. Pride can sometimes be Emotional Decisions for a business. The entrepreneur needs to base his decisions on facts, not on personal feelings and emotion.
Many entrepreneurs make the mistake of basing their decisions on their emotions or personal preferences. They think that because they like or dislike something, then everyone else will feel the same.
If you base your business Emotional Decisions on your personal feelings:
Without following up with proper analysis, you could be heading for disaster. You neto investigate thoroughly before investing large amounts of money and time into a project. You neto be realistic. If the figures do not show good results, the project should be abandonfor one that does have promising results.
You neto step away from any emotional involvement for the sake of your profits. You neto accept that your feelings in this case are not the feelings of the majority of your customers. You have to swallow your pride for the benefit of your business.
Many poor business choices are made bason personal feeling.
It is sometimes hard to admit that a project you have become emotionally involvin is not working. This results in even more pressure on the entrepreneur because he is forcto admit he was wrong or he keeps on adding to his losses because of the fear of admitting he was wrong. Occasionally, a situation will arise where we have so much investemotionally that we cannot see the facts. We trick ourselves into believing that if we just stick with it, it will come good. We tell ourselves that Thomas Edison did not give up. We tell ourselves we will win, in the end. You neto look at the big picture and decide how far you will go with a non-profitable project.
Throwing more money and time into a poorly performing project is not the best way to run your business. You neto accept that your business must be run at a profit.
When you are a multi-millionaire Emotional Decisions:
Then you can relaunch all the projects that did not work for you the first time. When your business is running well and you have the time and finances to experiment, then will be the time for you to follow your heart.
You may find though, that with the experience you gain from running a profitable business, most of the non-viable ideas will no longer appeal.
