“No” is probably the simplest answer one can give or receive. At our first Diana International Symposium on Growth Oriented Businesses in Stockholm, Sweden a few weeks ago, one of the panelists talked about how saying “no”, learning from hearing “no”, and not taking “no” for an answer can be an asset to growth.  Surprised? Here are some further thoughts.

Often when expanding your business, opportunities for financing, long term partnerships or even new product or service ideas will be offered.  While these may be tempting, saying “no” and staying focused on your strategy can prevent later problems.  I remember a woman entrepreneur trying to grow her upscale boutique to multiple locations on Cape Cod.  She had several offers from suppliers to carry new products—instead of strategically focusing on her theme of “wearable art”, she was distracted by the sales approaches from the suppliers and took on new items that didn't sell as well.  In other cases, its better to say “no” when investors ask for too much equity in you business early on.

Then, at some point nearly all entrepreneurs are told “no” when looking for money- whether it's by a bank or investor.  But, don't let the first “no” be the last answer. Often times banks will reject a loan application when the business lacks a track record, collateral is insufficient or a variety of other reasons that have nothing to do with the entrepreneur or her sex.  Getting “no” for an answer gives you a chance to look for other opportunities for money- those that better fit your growth trajectory.

“No” is also a chance to learn.  Almost always when you get the answer “no”, there is a reason—Use this opportunity to learn and listen.  We always tell entrepreneurs in our classes that the concerns behind the “no” are your chance to move your business ahead! When you hear “no”, especially if you badly need the money to finance growth, ask questions!  This is a learning opportunity, and if you take it seriously, you can move your venture forward.