Great information, AngelBiz, thanks for sharing it with the community.
Yeah of course, There must have plan if you are loosing in business, Decision making play vital role in business, The points you have mentioned are absolutely correct, I Add one more point which is:-
Don't Be hopeless while getting loss continuously Instead Of be cool and take appropriate step.
I think the biggest mistake and the most common of what you listed, AngelBiz is number 2. Many people find it difficult to extract their emotions when it comes to business decisions and those of us who can are labeled as heartless. Desperation can cause many bad decisions. Although I do agree with being patient and taking baby steps, as a good business owner you also need to know when to fold before you loose too much.
Buying a business is probably one of the most important decisions anyone will make in their lifetime. Many would-be entrepreneurs get really excited at the thought of owning their own business. However, if you are not careful you can end up losing everything by making a wrong decision. And it is easy to make wrong decisions , particularly after you become too involved, and get frustrated by the slow pace of progress. You just want to get it done and start working on the future rather than continue “wasting” your time. This is when you are likely to make wrong decisions and regret them afterwards.
I always like to lay out few principles that I can go back to when this type of situation arises, so that I can keep myself in the check. The 5 mantras I have described below are meant to guide potential buyer during the buying process and help make the right decision.
- Buy low, sell high
- Leave emotions at the door
- Seek expert opinion
- Do not rush
- Perform field work
You can find additional details on these principles in this article I wrote -http://www.smallbizviewpoints.com/2013/01/27/5-principles-to-follow-when-buying-business/