Rejection is inevitable. I know it’s cliché, but it’s true. Entrepreneurs experience rejection a lot. However, there’s three vital questions that, if one gets into the habit of asking after being rejected, can drastically improve your chances of succeeding the next time.
It’s a bit of reflection mixed with the concept of feedforward, which is only focusing on what to do better next time. All three questions are different and require a different course of action to succeed the next time around. The three vital questions one should ask are quite simple but are a huge game changer. The answer can be a combination of 2 or more or simply one. Am I being rejected? Was my idea rejected? Was my price rejected?
1. Am I Being Rejected?
Success gurus love to tell you to never take rejection personal. While this a good mindset to have, sometimes it is personal. There have been many products and ideas that were amazing. When individuals were turned down, it wasn’t because their idea sucked like some would assume.
Sometimes it happened to be the actual person that the client didn’t have faith in that made them decline their business offer. If you want to grow through life, you should always ask yourself a vital question when being rejected. Ask yourself, “Am I being Rejected?” Impressions are everything.
Sometimes prospects may doubt your capabilities based on the impression you made while giving them your pitch. If you suspect this is the underlying reason for your rejection, think about how you may have come off. Did you seem confident, nervous, Inexperienced, or untrustworthy? Reflect on these things, work on self-development, and make necessary changes.
“By three methods we may learn wisdom: First, by reflection, which is noblest; Second, by imitation, which is easiest; and third by experience, which is the bitterest.” – Confucius
2. Was My Idea Rejected?
Another common reason you’re rejected is because of your idea which is quite common. Whatever story that you told or vision you attempted to cast didn’t resonate with the person on the other side of the table. They don’t see what problem it would solve.
In most scenarios, when this occurs, the person sitting across from you will tell you exactly why they don’t believe in or want to buy your product/service. Maybe they didn’t see a market for it or the idea was too complex. Either way, if your idea is the cause of the rejection, go back to the drawing board and make changes based off feedback and questions that were asked during the meeting.
Just like the saying “Your most unhappy customers are your greatest source of learning,” every reason given for why your idea won’t work is the best place to begin when making improvements.
3. Was My Price Rejected?
Unfortunately, there are many businesses and individuals who make choices on price alone, without considering anything else. Of course, I would argue this is a bad way to go about business because you miss opportunities that can help you grow, but it happens. I recently pitched ECommerce web development to 2 start-ups and they absolutely loved my proposal!
They were super excited to get things started, and they had faith that it would work. However, once I gave my presentation and gave them two options for pricing, the entire tone of the conversation changed. They both stated they would get back to me after they look at their ‘budget’ and of course neither one kept their promise.
I wasn’t surprised by this, and I was quite happy. You should only want clients who understand that the price for your services is nothing compared to the value you provide. You should be fine with people not being able to afford you. Even if your idea is bulletproof, you are going to encounter penny pinchers who will not invest in your companies.
If you know your pricing is fair and worth it, this shouldn’t haunt you at night. When this happens, you should simply move on to the next prospect and continue the hustle.
“Men are rich only as they give. He who gives great service gets great rewards.” – Elbert Hubbard
In short, rejection happens for many reasons. Asking yourself these 3 questions gets down to the source of the rejection and puts you in a better position to fix the problem before moving on to the next prospect. When you don’t know the source, you simply lose potential customers because of ignorance and this isn’t something any entrepreneur wants to happen. The formula is quite simple. Find the source, solve the problem, and improve.
What have you found to be the best way to understand why you were rejected? Let us know in the comments below!
Image courtesy of Twenty20.com
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