4 Occasions When “No” is the Best Possible Outcome
Let’s not kid ourselves here…
It’s fantastic when people like what we have to say!
“Yes” is a powerful word, but as enticing as it may be to hear that word from potential partners, collaborators, and investors, there are some occasions when hearing “no” can be the best for everyone involved.
Sure, the thought of leaving a pitch meeting without the investment you came for may not sound all that appealing right now…
But in this week's video, I’m sharing four occasions when “no” is most definitely the best possible outcome.
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4 OCCASIONS WHEN "NO" IS THE BEST POSSIBLE OUTCOME
I'm Kelly Keenan Trumpbour, angel investor and venture capitalist. In this video I'm going to talk about four occasions where hearing no is most definitely the best possible outcome. When you're putting your idea out there as a business owner and you're hoping for help in growing the concepts that you've worked so hard on. It can be tempting to always want to hear yes, but sometimes no is really the best answer for everyone involved.
Especially when you're going after investment. It is so difficult to leave a pitch meeting thinking that you've got a room full of no's, and nobody on your side willing to fund you. But if you just stick with me and hear me out, there are many times that hearing no is way better than hearing yes.
One of the times it's better to hear no instead of yes is when your business really is too early for investment. Think about it, if your business isn't ready to take on cash flow from investors, all you're going to do is frustrate your own efforts and disappoint the people who could give you more money when you really need it. Not taking money is good when it's the right call for everyone involved.
It is so tempting to take money when it's offered on the table. But you have to make sure that your values align with the investors who are approaching you. Sometimes it's just not a good fit. Maybe you want to approach your business one way and they've got a totally different idea. If you sense that and your gut just isn't right, don't take the money. It's better to walk away and say no.
Another occasion when no is the best possible outcome is when the investors you're talking to want more than you can deliver, or that you're comfortable even giving. Whether it's a big stake in your company, a board position, or taking over direction of where the company's heading in the future if you don't want to give it up but that's what they're insisting on, no is the best outcome.
Money is so hard to come by in the startup space it's tempting to just take what's offered. But if your gut is telling you that there's just something off in the fit between you and the investors, it's better to wait for the right group to come along. Saying no in that situation is really the best possible outcome. Rejection is never fun, and hearing no over and over again can be deflating. However, there's so many times when no is really the best outcome for everyone involved.
Not all no's are the same. Sometimes a no means, no not right now, or no it's not the right time for me to invest, or no I'm not the right fit for your company as an investor. If you want to find out how daring you are when it comes to hearing no more often than yes, head over to seejaneinvest.com/riskpersonality or follow the link to take my free quiz on finding your risk comfort zone.
Until next week,