If you want to be an entrepreneur, you have to be made of hardier stuff. Running your own business will not all be sunshine and roses. In fact, some studies show that the risk of failure can be as high as 50% on the first 5 years of your enterprise.
In short, there will likely be a lot of rejections and heartaches before you see your business become truly successful. And even then, rejections and other challenges will still be a staple for your business.
But as they say, no guts no glory. And to help you handle rejections better, here are some tips:
Accept that rejection will always happen
One of the first things you need to learn if you want to start your own business is that rejection will be a constant scenario in your life. You will probably hear the word ‘no’ more often than you hear the word ‘yes.’ But that is also what makes the ‘yes’ situations so much sweeter.
Learn from each rejection
As they say, what does not kill you just makes you stronger. It applies to business as well. As long as those rejections do not kill your business (and even if it does, you can move to a new venture anyway) it will make it stronger. How? By learning from it, of course. Whenever you receive a rejection, look back and reflect on it. Not for self-pity, but to find out not only the things you did wrong, but also what you did right. What should you continue doing and what should you improve on moving forward?
Do not surround yourself with “yes men”
Being an entrepreneur requires a unique mix of pride, passion, and strong self-belief. Pride for your product, passion for business and a strong belief that you can take any challenge thrown at you. These traits are important but they can be an entrepreneur’s downfall as well. These traits can lead to arrogance and the belief that your opinion is the only right perspective. It can give you a narrow vision because you no longer see your product and business through other people’s eyes. What you need are people who can ground you and are not afraid to disagree with you. ‘Yes Men’ are only good for stroking your ego. You want people you can bounce ideas off to and give you a perspective that you might not have considered. Besides, if you hear ‘no’ from your own people long enough, it would not affect you as much when dealing with people outside your enterprise.
Persistence is admirable only if it is directed to a proper goal. Choosing to fight a losing battle is just plain stupid. Some people take rejections as a challenge. You see people on their business phones continue hounding that lead until they get a yes or they get fed up with it. However, by continuously pursuing a lead that rejected your business can cost your company time and resources that could have been used for another lead that is more likely to say yes to your product.
So accept your rejections, learn from it and move on. Rinse, repeat.