Part 3/9:
Research: Understanding the landscape of business acquisition is fundamental. Sanchez stresses the importance of analyzing potential businesses thoroughly before investing, as carelessly plunging into the wrong deal can lead to significant losses.
Invest: Once a suitable business is identified, the next step is to determine how to allocate risk effectively. This could involve personal time, expertise, or capital. Importantly, Sanchez notes that risk is an inherent part of wealth building; one cannot spell "rich" without "risk."
Command: Ownership comes with a learning curve. Sanchez asserts that the first deal is seldom the best, and success in acquiring businesses improves through experience.