I’ve been writing about the concept of falling in love with “no” — which is a skill that entrepreneurs and business owners should work to possess so that they become immune to rejection and can push forward to grow their business.
And in a previous blog post I mentioned someone named Jia Jiang, a business owner who is currently undertaking a self-imposed “Rejection Therapy” in which he is trying to desensitize himself to rejection (I blogged about him recently in a fall in love with “no” blog post).
You can read that previous post basically Jiang is trying to do things (sometimes unusual things) with the purpose of being rejected and desensitizing himself to it. You can see how he is doing on his blog.
Jiang is on to something, as I suggested in my previous post. He’s cleverly developed a way to have fun while building up his tolerance for “no”.
Along the way, Jiang has gained some well-deserved attention, including a mention in BusinessWeek and even a song from Jeff Probst.
So what should he do after this? He’s gaining enough attention that he shouldn’t just drop this and go back to whatever he was doing before. This is an opportunity… so how can he leverage his Rejection Therapy into something more?
Here are some ideas…
- He should consider building some kind of group around the idea… kind of like Fight Club but without the crazy split-personality leader.
- He definitely needs to write a book. This might mean extending his Rejection Therapy to a full year and documenting the whole thing.
- I think there could potentially be some coaching or consulting opportunities after this is over, if he is able to strengthen his “new” personal brand as a guy who pushes his own personal limits.
Jiang also serves as inspiration for all of the entrepreneurs who want to grow their business and would love some viral media attention. Jiang’s efforts cost him nothing (except for a bit of ego, I guess) yet he is gaining some good traction with his effort. Jiang identified a key aspect of his life where he needed to improve and he created a fun, memorable, shareable idea to make it happen. Likewise, entrepreneurs could identify an area in their businesses that need to be fixed and adopt the same personal challenge. Even if you don’t get the same media attention, the effort will still result in a stronger business!
Recently, I was approached by a company that was looking to drum up investors. Without giving away who the company is or what they do, I’ll briefly describe them in this way: They’re a non-publicly-traded B2B business with a 2-decade track record of success in an industry that is growing in demand. And they were looking for investors to help fund some upcoming initiatives. Cool. I like hearing about those kind of opportunities.
They got in touch to see if I was interested in investing with them. Their call was sort of a cold call (because I’d never heard from them before and this was the first time they were reaching out to me), although it technically wasn’t a cold call because we were connected through a social network and I had indicated that I was interested in hearing about investment opportunities.
On the call, they briefly introduced themselves and talked about the opportunity. The offer itself wasn’t clearly described on the phone. Was it an equity investment? Was it a bond? From what I could tell, I was supposed to give money to the company and they would use it to help their clients and then I would get my investment plus a return back. When I inquired further about what kind of offer it was, the caller wasn’t clear. Then she apologized because she is normally the one in the field but was making calls to investors that day.
Hmmm… a couple of red flags there but nothing that will turn me off yet. I can research my answers. So I asked if I could review any additional information to do my due diligence and they pointed me to their website.
And here’s where it fell apart:
- Their website is very plain (which is fine) but it screams “old school”… in other words, it feels like a website from about 5 – 8 years ago. And the deeper I got into their site, the older it seemed. (One page looked like it was made in 1995).
- Their website mixes content for clients and for investors. This is frustrating for both audiences — they need to divide up their content and make it obvious on the first page who should be sent where. (This is simply done with a button that says: “Clients click here” and “Investors click here”. It keeps the messages from getting mixed up and it helps with tracking what each audience does.
- Their presentation page listed the available presentation but the password I was supposed to enter had the number “2009” into it. Does that mean the presentation is from 2009? I hope not because no investor should do due diligence based on information that is 4 years old.
- Once I entered the password and clicked “view presentation”, a pop-up displayed that told me “this presentation is only viewable in Internet Explorer or Netscape Navigator”. Really? Hey, we live in a world where there are numerous browsers (many of which are more popular than the two listed above) and even if something doesn’t display 100% correctly in my browser, I’m fine with it. But to block investors out completely because they’re using Firefox or Safari or Chrome is a little crazy.
- But I’m a determined person so I dug around on my computer until I found Internet Explorer and I dusted it off and opened it up, and went through the process to find their presentation and enter the password… only to be told that I had to download some program first.
That ended it for me. I have many investment opportunities available to me that promise equal or better returns than what this company was offering and it takes a lot less work to do my due diligence.
If you are a business looking for investors, here are some lessons for you from this experience:
- Make sure your offer is clear. This company did okay talking about what they do and what my return was but they fell apart when talking about what structure the investment actually was.
- Have dedicated fundraisers/investor relations people. When someone apologizes because they don’t normally make investor calls and are usually in the field, that’s sort of a red flag for me. I don’t mind that field people take the time to meet investors but in some cases (like when field people make cold calls) it smacks of desperation. At the very least, your investor relations people will at least have the skillset needed to raise funds.
- Appear current: You don’t have to have the most cutting edge website but it should look like someone has touched it in the past 2-3 years.
- Use a variety of distribution methods to get your information out there: There are many “platform-agnostic” ways of distributing information: On-page text, embedded video, PDF… just to name a few.
Investors want to invest money. That’s why they define themselves as investors. If you are a business who wants money from investors, you need to make it easy for investors to invest. Think of investors like customers — the easier you make it for a customer to buy, the more likely someone will buy from you.