oxforddictionaries(.)com defines “self-deception” as:
The action or practice of allowing oneself to believe that a false or unvalidated feeling, idea, or situation is true.
Almost all of the clients that I’ve advised to find a partner for their business were good salesmen; at least they were not bad salesmen. Some sold goods, slow or fast moving ones; some were selling projects, nationally and/or internationally; some had whole countries as markets; some were only involved with a quite restricted sector. But they all knew how to sell what they were selling.
Though most of them were in self-deception when we met for the first time.
They thought that because they had the experience and hence the knowledge of selling their products and/or services, they’d also know how to sell some shares of their companies to a potential partner. They were “allowing themselves to believe in this unvalidated feeling/idea as true”.
The market is full of companies who were at the last steps of getting into a partnership which failed during the negotiations. Of course, there might be other reasons such as rejection by the competition authorities, for such unfinished mergers. But more often than not the seller, negotiating in a new environment, causes the disruption of the process: the type of the audience is different than accustomed; shares are not typical products; the risks involved change from purchaser to purchaser, etc. And in most of the cases they forget that they are selling the future and not the past.
Experience has to be handled with care. And as Confucius said: to know what you know and what you do not know, that is true knowledge.
Song of the post: Dave Clark 5 – Everybody Knows (1968)