There are a lot of words that an entrepreneur will learn to use including cash flow, profits, and risk, to name a few. But the most important word, believe it or not, is the word “No.” An entrepreneur is a person that is pursuing a dream, and often that pursuit is filled with challenges. As an American internet entrepreneur, venture capitalist, and author Reid Hoffman said humorously, “An entrepreneur is someone who jumps off a cliff and builds a plane on the way down.”
Why Is It Important to Say “No?”
Saying “No” doesn’t come naturally. It takes confidence and practice. But saying “Yes” to everything can impair productivity, get in the way of business success, block important opportunities, and compromise your quality of life. Saying “Yes” too often can result in becoming over-committed, losing control over your priorities, and wasting time. For an entrepreneur, saying “No” requires a different mindset.
When Is It OK to Say “No?”
Here’s a useful guide to help every entrepreneur say “No.” Say “No” when:
- You are asked to do something illegal, unethical, or contrary to your personal values.
- The work is not something that you can realistically accomplish.
- You are on a deadline and distractions will prevent your success.
- The request doesn’t align with the bigger picture or goals of the business.
- Your physical or mental health is at stake, including constant or extended over time.
- You are working with a “toxic” client.
How to Say “No.”
For an entrepreneur, saying “No” can be easier with these tips:
- Plan your “No’s” in advance.
- Be brief but not brusque.
- Be direct and give your reasons.
- Cushion the “No” with kindness.
- Offer an alternative or leave an appropriate opening.
Seek Expert Financial Assistance
Contact Star Capital USA, based in Greenwood, IN. We say “Yes” to the unique needs of small businesses by offering an extensive portfolio of commercial finance products designed to provide the essential funding to fuel your enterprise’s growth.