It only takes one to do a deal

I met a guy today who told me he met wtih 72 institutional investors over a 5 week period until he got 1 to agree to invest $2 million in his company. While I think this is the exception rather than the rule: i.e. the likelihood that after 71 "no"s the 72nd person will say yes is very low. The anecdote is instructive for two core lessons for the entrepreneur:

  1. Don't give up
  2. You can only sell your company once (i.e. it only takes one person to do a deal )