There is a huge psychological element in selling your business that you need to prepare for.
Selling a business is more than a financial transaction. There is a huge psychological element, too.
There is a psychological element. I think selling a small business is very much like selling a family home.
It’s one thing to sell a house. We can sell houses that we don’t live in, but the home is where we live. If you have lived in it and you’ve raised your family there and you’ve been there 30 years and it’s sheltered you all that time, there’s a psychological element there.
That’s true for businesses as well. And we really ought to recognize that.
It’s tough to detach yourself from the business. I know that when I sold my first business and I was breaking things up and moving it along, you feel like it’s a child.…
We are living in a world where everybody wants to make an extra coin and add to his income. Most people have achieved this by coming up with great business ideas. When one starts up a company, he should be ready to encounter competition. Important to note, is that you do not need to be rich or popular to succeed in business but to think SMART.
A smart entrepreneur should have clear knowledge of the particular field he wants to get involved in. He should conduct enough or substantial research on the type of venture he intends to start. This knowledge is acquired by reading business articles from magazines, news papers, and newsletters among other publications.
Another approach would be to talk with people who are established in the business world and also any other good source that one can find.
It would be imperative that you consider your income …
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I read a quote somewhere a few years ago that really made me think. The author said “the future is an invention anyway, you might as well invent a good one”.
If you stop and think about it, it’s really, true the choices and decisions we make throughout life accumulate to determine where we are and what we’re doing. How many times have you hard someone say, if we knew then what we know now?
Well what if we did know then? What if you actually had a vision of where you wanted to be in five or ten years, and made decisions and choices based on attaining that vision? You really would be inventing your future. Many successful people employ goal setting as a regular part of their lives. Goal setting focused on a clear vision.
Most people just don’t do that. They spend more time and effort planning …