Hello my YouTube friends its Richard founder of Short-term Rental University
and Airbnb super host as you know on Mondays we like to talk about things
outside of Airbnb exclusively we try and talk about things that are perhaps
motivating or entrepreneurial or just thoughts that are on my mind we try and
broaden it out and on today's video I want to talk about removing emotion from
business decisions I'm gonna give you a couple of examples and without further
ado let's get started
look I recognize what I'm about to say may sound obvious and it kind of is
you've probably heard it before but actually doing something about it
that's difficult work and there you may not have done something I know it's
taken me a lot of time and effort to remove my emotion from business
decisions because it's challenging I've spent time I've spent energy I may have
committed resources I may have paid for certain fees and permits and overnight
mail or whatever and so the path of least resistance is to keep trying to
persevere and we probably should do a film on perseverance and the importance
of that but let's focus right now on removing emotion from business decisions
and the reason I encourage that is to recognize what your goal is so your goal
may change during the course of events or it may stay the same
but the circumstances around the deal or the deal terms or the business decision
may impact how you feel about it at that point in time and therefore it's
important to be able to pivot or adjust or whatever in order to meet your goals
so let me give you a couple of examples I think most of you know I'm in the
process of moving to Jackson Hole I put down a reservation back in September on
a place sight unseen brand-new construction one of the very few places
that allow short-term rentals in Jackson and so I put down a reservation I flew
out to Jackson to check it out I loved the location there was so many things
about it that I liked that I fell in love with it and so the path of least
resistance was to buy that however there was delays everything just seemed to be
taking longer and longer and I wasn't getting satisfactory answers and I asked
more questions and I pushed hard and I'd persevered and I did all of that but I
wasn't moving the needle there was nothing I could do to make that happen
and so at a certain point I said it's time for me to start looking at
alternatives I don't want to sit here and wait forever for them to figure it
out I want to start looking at alternatives and that was a very sound
decision it was difficult because now I have to invest more time more energy fly
back out to Jackson look at other places and do things that you know I wouldn't
have to do if I just stuck with my original decision in my original
reservation but in doing so I opened up my mind I thought about what I wanted to
do and what my goals were and I found an actually superior place that
I'm now in contract and I'm pumped that I made the difficult decision to open my
mind and potentially walk away now I got my reservation money back so that helped
that was easier to walk away but there was countless hours negotiations fees
lawyers brokers I mean there was a ton invested in that deal going through and
then I just walked away so remove a motion for the right reasons to get to
your goal and another example I'm gonna give you is you know on a much smaller
scale I'm gonna not talk about these specifics other than to say we were
scheduled to do an expert interview with somebody who's very knowledgeable in an
area around Airbnb we were doing this for our master class our MBA class at
short-term rental university and for all intents and purposes he was a no-show he
showed up and then he left and so it left us high and dry and we were
standing around you know on this Facebook live trying to make the best of
the situation it turned out it was fine we spoke to everybody and answered
questions but it was really embarrassing an inappropriate highly unprofessional
and there was a lot of emotion some of our members were upset about it and
Charles and I were embarrassed and just you know we had confirmed and
reconfirmed and sent calendar invites had done everything and just didn't work
and the emotions were flying high and so Charles and I tried to figure out well
what do we do how do we save the day what do we do with the content when do
we schedule what's the next plan and I turned to Charles and we were both
heated we were both upset and I said you know what let's remove emotion let's
sleep on it we'll resume the conversation tomorrow when we have a
little more clarity we have a little more time under our belts and we'll make
the right decision tomorrow we don't need to act right now in the heat of the
moment and I think that was really helpful just taking that time out saying
stop filled with emotion not the best time to make a decision let's pause and
we'll revisit it tomorrow and that worked really well so again I think it's
really obvious what I'm suggesting but I think the actual implementation the
practice of it walking away from a deal or pausing or asking for a timeout
really important has helped me tremendously
I hope you find this helpful and if you do please go ahead and like the video
comment below what else do you do to remove emotion from your business deals
deels have you walked away from again I really encourage these comments because
one we reply we read them and so do other people and that encourages them to
reply and the more people that have deals opportunities ideas suggestions
the more we all learn so please subscribe to the YouTube channel if you
haven't and until next time happy hosting
you