It only takes one to do a deal

I met a guy today who told me he met wtih 72 institutional investors over a 5 week period until he got 1 to agree to invest $2 million in his company. While I think this is the exception rather than the rule: i.e. the likelihood that after 71 "no"s the 72nd person will say yes is very low. The anecdote is instructive for two core lessons for the entrepreneur:

1. Don't give up
2. You can only sell your company once (i.e. it only takes one person to do a deal )

Comments

[Maggy Young]

It would be interesting to know if during the round of 72 investors, he improved his presentation. My betting is that he learnt during the 71 & the 72nd. was far better than the 1st