One of the first reality hits for any entrepreneur is rejection. Quite recently, I applied to a well-know startup accelerator programme and was rejected. Going by the popular human tendency, my first reaction was, “They are wrong. When my idea turns in to a product and grows big, they will realize that they did a big mistake of rejecting my startup idea”. And if you’re entrepreneur, these preliminary reactions are bound to hit your mind for a couple of minutes (or may be hours) if your idea or startup is rejected by anyone, esp. the great investors (Remember: Great??? Yes, I’m yet to raise money for my startup :)). Why? Because entrepreneurs are known to have to high set of faith in their ideas. And it’s quite natural for them to think that people who reject their ideas are doing a big mistake. They are utterly wrong. I think it’s the faith in their ideas that makes great entrepreneurs. But hold on! What if the investor or the startup accelator is true. There might be something wrong with my idea or the startup. May be not the whole of the idea, but some aspects of it. If you ignore this heed, somewhere down the road, you might take a hit. So, why not take a pause and bury that pit right away when you are rejected.
So, in essence, I think this is what one should do when he/she is rejected by a VC or any Tom Dick and Harry in the world:
- Think this and keep going – “Yes, that judging panel or the VC partner is wrong. My idea has a lot of potential and their clumsy eyes are not able to see it. I will make this idea happen. This startup will become big and then they will realise, what big mistake they have done. “
- For a couple of minutes, re-look at your idea and assumptions in the light of different perspectives. If possible, speak with some more people (apart from those with whom you have already discussed the idea) and try to have a fresh outlook at your idea based on their feedback. If you have already started out, have a look at the product you’re building, your vision and whether the protype/product is in line with that vision.
Do leave your thoughts on what you think about this…