Why It's Okay To Miss Out On A Deal
Many times you will see investors say their biggest regret was something they missed out on. Gary Vee is famous for saying he missed out on Uber and how he would be worth double what he’s worth now had he not passed up on it ...twice. Daymond John is another ultra high net worth individuals who laments his passing on Uber. Professional athletes are in the same boat; in fact, NBA all star Bradley Beal says his biggest regret was missing out on body armor. The same company famous for turning Kobe’s initial 6 million investment to being valued at over 100 million.
We’re here to tell you that as an athlete investor that mindset can end up being detrimental in the long run. There is a reason why casinos say the love athletes , because their competitive spirit doesn’t let them stay level headed in most cases.
Yes, he may have missed out on hitting the jackpot but that mindset could end up hurting him when future deals come into play. His mindset may be skewed because he’s worried about missing out instead of focusing on what he already has. For example, Bradely Beal signed a 5 year, 123 million dollar deal. He can be a bit more aggressive with his investment strategy if he so pleases but thinking about deals he missed out on will definitely negatively affect his ultimate decision making. For athlete investors that may not be as fortunate compensation wise, you have to be even more cautious. Don’t let the fact that the deal you missed out on ended up working out steer you away from the facts behind investing.
Investing especially in VC comes with risk. With great risks comes great rewards but is it worth losing your financial base over? What’s the point of losing your status as a multi millionaire trying to be billionaire because you were busy chasing potential deals?
The best thing about business is that there will always be another one. Just like in sports, next one up! It’s important to stick to your principles, trust your gut, and never invest because of regret or missing out from a “potential” win. These three values will help you keep a strong approach for when that next deal comes to your table. Will you be worried about what happened with the last deal? Will you analyze with an open mindset?