Look for reasons people will reject your idea or opportunity
- After reviewing thousands of ideas and opportunities over the years and listening to countless pitches, you get an instinct for those which people reject. They are either pie-in-the-sky or are not ready to commercialise. It doesn’t mean it’s not an excellent opportunity, but it does not measure up to other available opportunities.
Here are some reasons for rejection
- They have no experience or knowledge about the industry they have chosen and thought their passion would make their idea work.
- The whole scheme seems like they hated their job, and decided to start their own company, and come up with some crazy idea.
- The language they are using is inappropriate or too hard to understand.
- They can’t tell you what their product is. There is no clear path or message.
- Their presentation is so mixed up you can’t figure out what it is or does.
- It’s just an idea and no product yet.
- Little understanding of potential customers.
- They do not understand the market, its size or its potential.
- They do pretty much the same thing as another big company but will “offer a better user experience.”
- Their product already exists on the market, and they didn’t know that.
- You know the market is too small or is saturated.
- It’s a product which will rely too heavily on advertising or their personality to generate any revenue.
- The idea or opportunity depends too much on the expertise of the founder.
- While there will always be some risk, there is too much risk in this opportunity.
- The founder spends all his time telling me how big and terrific the market is.
- They think they are entrepreneurs when they are not.
- The idea or opportunity is not scalable.
- They tell you how this is such a significant investment, and you had better get in on the ground floor.
“You have to put together an opportunity which has all the elements because if you don’t, you are too reliant on luck, which is not good business”. Peter Sergeant
“Time and investors dollars are scarce and finite. The competition for a person seeking advice or funds can be intense. Peter Sergeant