One of CEO Keith Schroeder's greatest business regrets is not getting right back on the horse when his first restaurant failed. He went to work for others for 10 years before he got that push to go back after his own venture.
The answer you'll get most often from the investment community is "No." For an entrepreneur with passion for their concept, all of those "No's" can wear you down. And it's ok if you never get to the "Yes" with your first idea. You need to take that rejection, learn from it, then step back up to the horse and take another swing. Metaphorically of course, don't swing at the horse like Mongo.
You might have to reframe your entire business plan or your entire concept. Strangely enough, having too much confidence in your plan and execution can scare away potential investors. That sounds contradictory but as Keith explains, you need to be open to the areas of your business you don't know or need help with.
As you wade through the world of fund raising and investor pitches, you need to be ready for "No" and have a plan to move forward to get the "Yes." Or move on to the next idea and start again. Keith presents some great insight on investor navigation and staying positive in what can be a long and exhausting road.
This podcast features High Road Craft Brands CEO Keith Schroeder and Walter Biscardi Jr., Executive Creative Director.
Here's a link to Steve Blank's Four Steps to the Epiphany that Keith refers to in the episode.
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