It’s hard to deal with rejection. In fact, it’s one of the biggest fears in life. It’s often why we don’t take chances. We don’t want to be told that our ideas or what we stand behind are not considered valuable. So, you took the plunge, and started your own business. You’re making sales, you’re feeling good. Then someone tells you that they’re not interested. This could come from investors or from potential clients. It’s a hard hit to the ego. It can throw you for a loop, and prevent you from moving forward.
You probably poured your heart and soul into getting investors or making a deal. It hurt. It can throw you off, and it can make you angry or sad. You might feel like there is no hope. Many of us will naturally lose our confidence in this situation. However, it’s important to note that the show must go on. A rejection allows you to learn a lesson though. Instead of looking at what you don’t have, look at what this situation must teach you.
If you look at the great business leaders of our time, they have all experienced rejection. Tony Robbins was rejected over and over when he was trying to develop his business ideas. When this happened, he would go into his cave and see what he wasn’t doing right or how he’d misrepresented himself. When you’re rejected by investors over and over, you’ll see the mistakes you’re making. Maybe your business plan just isn’t cohesive, or your approach isn’t working. You can make the changes and learn from it. It allows you to eventually build a successful pitch. A rejection doesn’t mean that you should give up if you believe in what you’re doing.
Here are four ways to cope with rejection and become better for it:
1. Heal From the Rejection
If you’ve ever dealt with a breakup, you know it’s important to deal with the emotions. If you don’t, you end up dating someone else and bringing that baggage along with you. Whatever it is you’re feeling about the rejection, you need to heal from it before moving forward. When you repress all the feelings that come with it, you run the risk of making bad decisions based on fear of further rejection. Identify why this has hit you so hard, there’s likely a deeper reason that could even go as far back as childhood. Heal what needs to be healed, and you’ll gain back your confidence and be ready to forge ahead.
2. Find Out the Reasons
Knowing why you were rejected allows you to figure out another way to go about things. If your investors thought your approach was weak or that it wasn’t unique, these are essential pieces of the puzzle. More importantly, if they love your idea but they didn’t like the way you executed your plan, you want to know this. When you don’t know why you were rejected, you can’t make the proper changes for an acceptance later. For professional investors, they’re going to be more than happy to give you the feedback you need.
Make sure to take some time to self-reflect. Think about what occurred during any talks you had with the investor or client. Think about your pitch, what you wore, how good your social media presence is. Really think about why they would have had any reason to reject your proposal.
3. Learn From It
When you learn from a rejection, it makes you stronger. Don’t quit. Instead, see what needs to be changed and make the change. Being rejected should never cause you to stop working towards your dream. Be prepared for potential rejection when it does come to you. If you think can, even embrace it. It is only making you better in business. You learn a lot about yourself and how you’re conducting your business when you get straight up rejected. You can go back to the drawing board and create a stronger plan.
4. Try Again
Now that you’ve thought about what it was to be rejected and why, you can try again. You should have more information now and made some changes. You should have gotten your confidence back and recognized that it’s often a personal thing. Reach out to new investors or clients with a different approach. Remember that many successful people failed many times before they got their big break.
Why Investors Say No
It may help you to understand that rejections will usually have nothing to do with you. There are a variety of factors, including:
- Chemistry between you and the investor
- Whether your service or product is currently “hot”
- They may have just closed some deals and aren’t looking to invest now
What you can do is show your best self. Investors like an entrepreneur who makes a big impression. You are subconsciously selling not just your business idea but also yourself. If they don’t think you have confidence, they’re not going to want to work with you. Many investors are looking for a reason not to say “yes.” Remember that they are putting a lot of money into you and they don’t want to have any doubts. If they don’t think you’re ready, it may be that you’re not.
Investors are probably going to have a wall up when they meet you, and look for a way to walk away from your proposal. They are given so many opportunities to invest. Regardless of how amazing your product is, if anything is missing, they will reject you.
You might get a lot of rejections, but that one acceptance is the only one that matters.
The Importance of Legitimacy
It really is important that you know what you’re doing. If you’re an expert, you are more likely to have someone invest in you. It is obvious if you have gotten information off the Internet and ran with it. If you have been studying or analyzing something and you truly know your stuff, this will shine through. You want to immerse in whatever industry you’re in. Read books, check out research that backs up any of your claims. Really know what you’re doing and what you’re talking about. You may teach them a thing or two, which will impress them.
These steps will help you to make a comeback after you’ve experienced rejection. Just keep working on your craft. Look to different investors and see things from their point of view. This will allow you to not take it so personally. You must be unshakable and really believe in what you’re doing. Just keep going. Learn from the pain of rejection, and allow it to make you better in business.