It’s no secret that raising capital is hard. In fact, it’s one of the hardest things you’ll ever do as an entrepreneur. And while there are no guarantees in life, there is one guarantee when it comes to VCs: you will get a lot of ‘no’s before you get a ‘yes.’
So, what do you do when a VC such as Pranav Arora Boca says ‘no?’ Do you give up? Do you try harder? Do you take their feedback and pivot your business? Below are three things you can do when you hear the dreaded ‘no’ from a venture capitalist.
- Try Again: The first thing you can do when a VC says ‘no’ is to try again. Just because one VC says ‘no’ doesn’t mean that all VCs will say ‘no.’ In fact, some of the most successful companies have been rejected by multiple VCs before finally finding someone who was willing to invest. So, if you believe in your business and your team, don’t give up just because one person says ‘no.’
- Use Their Feedback to Pivot Your Business: The second thing you can do when a VC says ‘no’ is to use their feedback to pivot your business. Just because a VC says ‘no’ doesn’t mean that they don’t see potential in your business.
Sometimes, all it takes is a slight pivot to make your business more investable. So, if a VC provides constructive feedback on your business, use it to make your business better. Chances are, their feedback will only make your business stronger and more appealing to other investors.
- Find Another Investor: The third thing you can do when a VC says ‘no’ is to find another investor.
There are thousands of VC firms out there, so even if one firm rejects you, there are plenty of other firms who may be interested in investing in your business. Don’t get discouraged; keep networking and pitching until you find the right fit for your company.