Really? Not so fast…
If I had a buck for every time I’ve heard this…
But wait, every time I’ve heard it, in fact, the most frequent times I hear it,
is when I’m at some pitchfest / event where the person on stage wants to sell me their thing.
Go ahead, make the shape of an “L” with your right thumb and forefinger and put it up to your forehead.
Ok, put it down.
I know you’re actually very intelligent, but it’s easy to get swept up in the excitement… and the psychological games marketers play. Trying to convince you that successful people (as if you’re not one and you want to be) take immediate action is a… lie.
Try this: Pitch your business deal to an angel investor and see what happens. I think we can agree that an angel investor is financially successful enough since they have money to invest in new business ideas. What do they do? Do they take immediate action and write a check? No, they don’t! (I’ve never seen it.) (And on Shark Tank, I heard that off-camera, they told the person who got the money on the spot, “Don’t cash that check.”) Nevertheless…
They are in no hurry to invest / spend their money. They take their sweet time. They call their advisors. Their tech guy. They talk with other investors. They research online. They talk with friends over lunch. They read your business plan. They compare your deal with others being pitched to them. They do their due diligence. They look at the market. They look into your and your team’s backgrounds. They sleep on it… And a lot more.
In fact, looking back, most of my blunders have been made when I was impulsive. You may have heard that most millionaires have gone broke an average of 3 times before sustaining success. I’m sure being impulsive is a reason for one of those bankruptcies!
Business done quickly is business done badly.
~ Chinese proverb
A successful person withstands sales pressure, they’ve been shopping for something for a while, they’ve compared features and know exactly what they want, they are aware of pricing, terms, and financing options. They can spot the real deal from a fake. They’ll have an idea of what can be wrong with it (especially if it’s used – like a used car.). They’ll know what questions to ask.
When they do pounce, it will be when the right thing appears at the right price and the good deal will be evident. This often looks like taking immediate action.
(See my other post on selling, where I explain, “How My Airplane Was an Impulse Buy?“)
If there is something you’re interested in, start shopping for it now. Ebay is a great place to get ideas on features, prices, etc. I even keep a spreadsheet listing things I want to buy — in the event I’m overwhelmed by the need for some retail therapy. In column one, I prioritize by A/B/C to remind me of my priorities. (Don’t buy that electric guitar when I still need new tires… Unless I’m certain the deal on the guitar is so smokin’ good and I can drive a few more months on my existing tires!)
How many times have you gotten emails that say, “Don’t miss out!” (FOMO: Fear Of Missing Out. It’s a thing.) Really? You’re going to fall for that cheap kind of pressure? There’s always room for one more. Call or email and I think you’ll get in at the discounted price anyway. And if you miss it, BFD. It will come around again soon enough!
All this said, if it is exactly what you’re looking for, you can use it now, the price is right, you trust the seller, and you’re OK with any potential disappointment, go for it.
Winners take their time and get what they want at the right price. Losers take immediate action — because they often can’t control themselves, and/or before they’ve done their due diligence.
I hope you found this bit of Business Black Belt encouragement and wisdom useful.