In this episode, I share insights on how you can overcome rejection in pitching. I'll be giving you practical techniques to walk into meetings with the right mindset, identify the right investor, and effectively seek feedback to refine your approach and increase your chances of pitch success.
"Every no brings you closer to a yes, stay strong. keep refining your pitch and believe in the value of you and your business idea."
In this episode, I share insights on how you can overcome rejection in pitching. I'll be giving you practical techniques to walk into meetings with the right mindset, identify the right investor, and effectively seek feedback to refine your approach and increase your chances of pitch success.
"Every no brings you closer to a yes, stay strong. keep refining your pitch and believe in the value of you and your business idea."
Hello and welcome to another episode of raise the bar podcast by next chapter raise. We have a simple mission to get female founders money smarter, commercially confident, and funding savvy so they can grow their businesses beyond their wildest dreams. You can learn more at NEXT CHAPTER raised.com. We welcome female founders no matter what stage of business you're in, to join our programs, take our courses, and use our resources to become commercially confident and grow your business faster. Welcome to another episode of raise the bar powered by NCR, I'm your host, Nicole Denholder, the founder of NCR and in today's episode, we'll tackle a common challenge faced by many entrepreneurs, overcoming the frustration of receiving multiple noes to your pitch. We'll also explore practical techniques and mindset shifts to get feedback that can help you turn those nose into yeses and propel your success. So let's dive right in. Literally this, you've poured your heart out and soul into crafting the perfect pitch only has been met with rejection time and time again. It's disheartening to say the least. But remember, you're not alone. Even the most successful entrepreneurs have faced countless rejections before achieving their breakthrough. The key lies in how you respond to those noes. So what I want to do now is go through a number of things to consider when getting nose I'm going to start with what I think is important for female entrepreneurs. Walking in with confidence and conviction. Note my emphasis on conviction. confidence in yourself and your pitch is contagious. But so is the conviction in you as a business owner and in your business plans. If you exude belief in what you're offering, it becomes easier for others specially investors to see the value in your ideas. We talk a lot about this with female founders at NCL. There is a lot of focus around the word confidence for women. However, when pitching conviction is also key. If you aren't convinced that the checks should be going to you, then the investor won't be either. So you need to walk into that room with the conviction that you are the person who the investors should write a check to. Another thing to remember when getting nose is about the investors perspective. And I want to break this into two points. Firstly, are they the right investor for you? And secondly, do you know what motivated there No. So let's discuss speaking to the right investor first. To increase your chances of success, it's crucial to thoroughly define and research the right investor for you. There are a lot of investors out there. And they all differ in the type of company they invest in the stage of business, how much money they invest, whether they like to line impact with their investment, or maybe they only invest into certain geographies. Understanding these different levers is key for two reasons. By defining an answering these types of questions, you can determine what you need from an investor and then go out and find an investor aligned on these points. Now, this is key to saving you time and energy by not having 1000s of meetings with the majority of investors who, for example, just don't write the check size you're seeking. So often have founders come to me to talk about their fundraising goals? And one question I ask is, you know, what's the type of investor you're looking for? And the worst answer I can get anyone, mean anyone? Okay, so this means you don't know what your business needs in terms of financial investment to grow. And it also means your waste your own time, and those around you by having lots of coffees and calls and meetings. But I love to help founders overcome this and maximize their time and energy. Because let's face it, we're all overwhelmed with lots to do. So I'm hosting a free challenge on how to now your investors search using LinkedIn from April 22 to 24. This is all about making the investor search easier for you, saving you time and energy. And you can sign up at NEXT CHAPTER raised.com today. Now let's talk about the investors perspective when you get a no, firstly, a big element is what I just discussed, you may be talking to the wrong investor, and they were never going to invest. Or there could be a problem with your pitch delivery, or your business model. The reality is there are a lot of reasons they could have said no. So what should you do? Ask for feedback. After rejection, ask them for their reasons for saying no. Was it a specific aspect of your pitch? Was the timing not right? Were there other factors at play? By understanding their perspective, you gain valuable insights that can help you refine your approach your pitch, potentially your business. So I want to share two stories of founders who received nose firstly, I met a founder who got a no from an investor and asked why the investor explain that without the founder achieving two specific metrics, they wouldn't invest in them. So that founder went and worked hard to achieve those metrics, stayed in touch with the investor while doing that. And then once they'd achieved those metrics, went back and said, I've now hit them, will you invest? And guess what they did? This is a great example of digging deeper into the reasons for No, or sometimes and a lot of the time, it just might be a maybe, which is always a little bit vague and can also be disheartening. The second founder I met was devastated when she got to know it was from the right investor. And she couldn't understand the logic is all the elements seemed ripe for investment. But she didn't ask why. When I left the meeting and spent a week a whole week debating whether to keep the business going. Let's face it, we've all had those days or weeks. So guess what she kept going. And six months later, that same investor reached out to hand said, I love your business model, and I want to explore investing now. It turns out that first meeting, the investors financial position wasn't right to make the investment. So don't forget to ask for feedback. Later on. In this podcast, I'll walk through some steps about how to get good feedback. Now let's touch on another way to overcome rejection, all those noes and that's reframing your perspective. Rather than viewing each note as a personal failure, see it as an opportunity for personal and business growth. Embrace a mindset that recognizes every rejection brings you one step closer to a yes. And remember, it's not about you as an individual, and there are various factors that influence their decision. Yet, maintaining a positive mindset is crucial when repeated rejection occurs. It's easy to get discouraged. But remember that every successful entrepreneur has faced rejection along the way. Also, consider getting an objective viewpoint if you are getting a lot of nose. For example, reach out to mentors or industry experts for guidance and feedback on your pitch. They can provide valuable advice based on their own experiences with overcoming rejection, and also give you objective feedback on your pitch deck pitch delivery business model and investment goals. Remember, seeking support from others who have been in your shoes can offer a fresh perspective and renewed motivation. Also, remember that receiving multiple noes is a natural part of the pitching process. But by reframing rejection as an opportunity for growth, thoroughly understanding your audience actively seeking feedback, maintaining a positive mindset and walking in with conviction, you can overcome the obstacles that stand in the way of your success. Now let's dive deeper into the topic of seeking feedback after receiving a no to your pitch. Rejection can be tough, but it's important to remember that feedback can help you improve your pitch and even your business. So Let's explore some effective strategies for seeking feedback and making the most of it. The first step in seeking feedback is to approach the situation with an open mind and a genuine desire to learn. It's natural to feel defensive or bit disappointed after rejection. But try to set those emotions aside and focus on gathering constructive insights. You know, feedback is not a personal attack, it's a great opportunity to gain valuable information that can help you refine your pitch and potentially improve your business overall. When seeking feedback, clearly communicate that you value their opinion, aka, then no or there may be and genuinely want to understand how you can improve. Asking open ended questions is often a more effective way to encourage honest and detailed feedback. So instead of simply asking, Why did you say no? Try to dig deeper? Ask questions like what aspects of my pitch could be improved, or were there any elements that didn't resonate with you. This allows the investor to provide specific and actionable feedback that you can work on, if possible. Also try to understand the specific instances that influence their decision. It's important to understand the context in which they made the judgment and how that relates to your business now, and potentially in the future. Once you've received feedback, take the time to reflect on it. If you do get a lot of feedback from multiple sources, analyze information, identify common themes, or areas for improvement. Look for patterns in the feedback you've received from different sources. Also, it helps not to implement everything, but find the most pressing issues to address in your pitch. Focus on these pressing issues also helps avoid overwhelm and dejection on the feedback. Plus, some feedback just won't be relevant. And that's okay to. Next, go and make changes based on this feedback. Test out these changes, or your next pitch to see if you get better results. And you'll likely have to do this a few times. Also, don't forget to go back to those who gave you the feedback. Share the changes you've made, and ask where it makes sense. Ask if you can pitch again. Remember, if you don't ask then you don't get. And lastly, don't forget to thank those who provided the feedback. Let them know that you appreciate their time and insights. And you know what this also leaves the door open for future discussions, and potentially investment. seeking feedback after receiving know is something I encourage you to do after each pitch or interaction with an investor by approaching feedback sessions with an open mind actively listening, asking thoughtful questions, being receptive to criticism, reflecting on the feedback, implementing changes, you can effectively seek feedback that will help you refine your pitch and increase your chances of success, both in pitching and in business. So thank you for joining me on this episode of raise the bar about overcoming nose in your pitch. I hope they inspire you to keep going in your funding journey. As remember, every no brings you closer to a yes, stay strong. keep refining your pitch and believe in the value of you and your business idea. Just remember, if it was easy, then everyone would be doing it. So please keep listening to us at raise the bar podcast powered by NCR, where we focus on getting you money smarter, commercially confident and funding savvy. Until our next episode. Keep pitching with power. To connect with next chapter race, follow us on social media. Visit the website at NEXT CHAPTER race.com And subscribe to our podcast for more great stories to inspire and empower female entrepreneurs to become money smarter, commercially confident and funding savvy