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Squire Technologies Inc. co-founder and president Dave Salvant is no stranger to rejection. In this clip from the latest episode of Financial Freestyle with Ross Mac, he shares that he himself received no’s from both investors and customers alike. This is his advice for persevering through business rejections.
“I always say, you know, people could say no the first time, but it’s very difficult to say no the seventh time,” says Salvant about approaching potential customers. Because Squire Technologies Inc.’s customers are mainly small and medium-sized businesses themselves, they often understand the difficulties of running a business.
Salvant says, “Worst case scenario, they hear you out, and when they hear you out, it’s your opportunity to convince them that your product is, is worth it.
Rejection doesn’t just come from potential customers. It can also come during fundraising. Salvant recalls going to Silicon Valley to get funding. Even though his company had metrics that should’ve been competitive, they faced a lot of nos from prospective funders. “I think we had, you know, 40 or 50 meetings for our series A and got one term sheet. So it’s not easy.”
Yet, Salvant believes that grit and determination are the most important factors when it comes to being a successful entrepreneur. “It’s not intelligence. It’s not luck. It’s grit and determination,” says Salvant. “That’s what allows people to be successful.”
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This post was written by Meredith Lawrence.
Video Transcript
We had a lot of nos by customers, you know, but I always say, you know, people could say no, the first time, it’s very difficult to say no, the seventh time, the seventh or the eighth time because at the end of the day, if you’re speaking to S and BS and owner operators, they appreciate that because they know how tough it is.
They are, they’re also business owners.
So they know that what they have to go through that to that point.
So worst case scenario, they hear you out and when they hear you out, it’s your opportunity to convince them that your product is, is worth it.
But on the, on, on the fundraising tip, um we got a lot of nose as well.
I mean, I think, you know, when we went out to Silicon Valley, when we had beautiful metrics or metrics that should have garnered, I wouldn’t say beautiful or metrics that should have garnered a AAA competitive round.
Our round wasn’t competitive.
Uh We got, you know, I think we had, you know, 40 or 50 meetings for our series A and got one term sheet.
So, so it’s not easy and you’re gonna get, and you’re gonna hear it on a lot of nos but, you know, if you get down, if you get knocked down nine times, you gotta get up 10.
But I think the, the, the most important factor in becoming an entrepreneur is grit and determination.
It’s not intelligence, it’s not, you know, luck, it’s grit and determination.
That’s what, that’s what allows people to be successful.
This content was not intended to be financial advice and should not be used as a substitute for professional financial services.
