One of the hardest things for a small business owner is to turn down business. I am not suggesting that you ever do that. However, the most important thing is to deliver a quality product in a reasonable time. If you ever “bag that elephant,” be sure you have a large enough network of partners to whom you can outsource.
A good example is a situation a company I worked for lucked into several years ago. A phenomenal salesperson owned a small company. He negotiated a sizable contract with a large university and when finished, he realized he could not deliver on his promises. He came to us “hat in hand” and begged us to help him with the business. We agreed, but only if we could enter negotiations to buy his company. As the result, we bought a company, retained a good employee, and inherited a very lucrative contract. While this turned out to be a win-win, I am sure the phenomenal salesman occasionally wondered what life would have been like had he been able to pull it off and retain ownership of his company.