The importance of acceptance because time is a finite asset that we don’t get back – ever.
The sooner we accept there are more things out of our control than within our power is the fundamental concept of this episode – markets matter.
Don’t feed the delusion, make sure to feed the dream.
However, once we start working on our dream, it becomes real. Meaning we have to create another idea that we can tap into when reality gets too painful.
Remember not to make any major decisions when we’re feeling down or feeling to up. In the down cycle, we’ll make decisions out of fear. That tends to create more fear.
When people say they don’t watch the news anymore or they stay out of politics. They are hurting their business.
If we’re not paying attention to what’s going on in the world (markets), then we’re hurting our current and future business opportunities.
Now, this does not mean we have to obsess on the news. We are better off knowing what is going on versus what isn’t – because what is going on in the market will impact your buyer’s mentality. We have no control over those things. We do have control over paying attention to them.
This episode also explains behavioral finance in the domain of gains or domain of losses.
When we are speaking of the domain of gains, this means that I have two choices and no matter which one I pick, I’ll get a benefit on my money.
The inverse is true for the domain of losses with the change that both choices will bring me a financial loss.
In addition to paying attention to the market, we need to make sure that we don’t make the mistake of negotiating for the client. That is not our job. Our job is to present their options. They are ultimately in charge of deciding to purchase or not purchase for themselves.
The episode also points out that not all business is good business.
Don’t bury your head in the sand about world events and think that’s helping you to focus on your business. That’s nonsense.
Enjoy the podcast.