“Ambition is the path to success. Persistence is the vehicle you arrive in.”   

–William Eardley, IV

Are you ready to ride your vehicle of persistence?   William Eardley penned an adage that certainly holds true in today’s business world.  It takes more than just ambition to succeed.  You must take action and persist in action to achieve your goals. 

An entrepreneur can get frustrated and downtrodden when faced with rejection from needed venture capitalist (VC) funding for a business idea.  But how would the current world look if people did not persist?  Would the literary world be the same if Stephen King and John Grisham accepted their initial novel rejections?  Would professional basketball celebrate the greatest player in the world if Michael Jordan accepted his rejection into the varsity team when he was 15?

These giants persisted and became the greatest at what they do.  Michael Jordan persisted from being an average hoopster to becoming, by most standards, the greatest basketball player ever.  King and Grisham persisted at getting their novel ideas published and have since revolutionized the horror and thriller genres respectively. 

Indeed, you may not strike metaphorical gold when you approach your first VC group.  But persistent entrepreneurs do not take rejection personally.  They take a look at how their pitch could be improved.  Or they look more closely at the list of potential venture capital firms and refine the target firms that would most likely fund their business idea.

Don’t be Narrow Minded – Persistence is a key to success, but persistence without reflection is narrow minded.  Don’t become obsessed with success.  Continually work at improving how your business idea can become successful.

Be Polite – Entrepreneurs can have a tendency to become brash or even offensive with their persistence.  When you want to get your foot in the door with a VC firm, always be polite with your persistence.  Do not offend your potential investors with insults or bravado.  Always act in a professional business manner.  Polite communication goes a long way to opening doors, both now and in the future. 

Follow Up – Some venture capitalists remark at how shocked they are when an entrepreneur contacts them with a business idea, sends a business plan, and are never heard from again.  Don’t sit by the phone expecting a call from someone who is dying to give you money for your business idea.  Make contacts and follow up with the decision makers after you send them your business proposals.  And remember to not beg and always be polite. 

Your ambition with your business idea is what makes you an entrepreneur.  The persistence you take to make your business idea realized is what will make you a successful entrepreneur.  Now, don’t you have some phone calls to make?

Tags: angel investor, angel investors, Find funding, startup funding, vc marketing plan, venture capital, Venture Capitalist

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