The most difficult part of any startup is to face the dreadful word “NO” from an investor
From the beginning itself, the most overheard answer for any Entrepreneur would be a NO or anything that is negative to the matter. From explaining the idea to the parents and responsible members to the investors, NO is a common answer for any fresh entrepreneur. Of course, it appears foolish from the parents’ eyes to quit an insured job and go behind dreams that are atop, as it puts them in the jeopardy of what they call life settlement. But very few would think of the aftermath.
On the other hand, Investors also find ample number of flaws in the concept, when their motive is not to offer revenue. At this point, even the team would be exchanging looks at the exit. And things get bad, when an employee leaves and joins the competitive firm which happens to be doing well in the market. The point of trust becomes very sensitive.
For a young and budding entrepreneur, it is sure that it takes so much of heart and emotion to bear the voice of NO or to witness an unwilling nod from a promising investor, but if that moment is considered as a test of resilience and perseverance, it is all going to be fine. At some point, you’d find yourself as a YES hunter amidst all the negative vibes. Well of course, there got to be a stepping stone to success, but what matters is the response or the ability to take a NO, even a straight forward one. No doubt, there’s a lesson in every corner of a NO, and it is in the founders hand as to accept it and move on or, play smart.
Having said that, only few NO’s are valuable that expose the weakness and loopholes. In process of accepting, one needs to have firmly grounded at basics of life and flee from any egoistic chances. Take heed to express gratitude to those who rejected, for they took time to analyse the idea well enough to show forth the loopholes. Critics have got to be there; because they display the overlooked areas, flaws and shortcomings from a different viewpoint. Above all, it is what builds a strong personality which helps in giving a critical insight into the concept.
This article is a confluence of Dr. Aniruddha Malpani’s (Director at Solidarity Investment Advisors) words and research on on what exactly does Angel Investors look for in a startup.