All entrepreneurs face no countless times.
It is a rare pitch that can convince an investor to sign a check during a first viewing. Experienced entrepreneurs understand how to take what could otherwise be a no and turn it into the foundational piece of a new line of communication.
Investors are trying to differentiate into which of two groups the entrepreneur belongs to: those that do what they say are going to, and those that don’t. From a first meeting, it can be very hard for an investor to determine into which bucket the entrepreneur belongs. Out of an abundance of caution, the investor will say no. Some entrepreneurs take this no at face value and move on to the next investor. This is a mistake.
On receiving a no or a lack of interest from an investor, an experienced entrepreneur asks the investor if they can keep them up to date with periodic news and things progress. Many investors will say yes to this. These emails are an opportunity to lay out your goals and demonstrate progress. They are also an opportunity to show candor. Investors don’t like to feel that an entrepreneur is hiding the ball and being deceptive.
Suggested structure of the monthly update
· Three goals of the month ahead
· Update on previously stated goals
· Challenge or roadblock on which you are soliciting assistance
Managing No was originally published in Osney Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.