How To Shatter Obstacles

Blogs Headlines

Bursa Snipers

How To Shatter Obstacles

BursaSnipers

Publish date: Sat, 18 May 2019, 03:17 PM

How To Shatter Obstacles

5 Embrace the challenge of overcoming inevitable setbacks to achieve success in the long run.

Here’s how:

1. Prepare for obstacles. Jennifer Fitzgerald, co-founder and CEO of New York-based Policygenius, which built a digital platform that helps people compare and buy insurance online, knows a little about how to deal with rejection. She and her co-founder, Francois de Lame, were rejected by venture capital firms more than 100 times. They eventually raised $50 million, but there were plenty of roadblocks along the way.

“That was probably the hardest, most humbling stumbling block right out of the gate,” Fitzgerald told. “It was a good testing ground. If we could push through that, we would be ready for the next punch in the face.”

Fitzgerald says she remained confident in the face of rejection partly by discussing the situation with others who had been through it.

“Talking to other people who had done it helped,” she said. “We realized it wasn’t just us, and others have struggled. Get feedback from people whose judgment you trust.”

It also helped Fitzgerald to do the analysis of Policygenius’ market advantages. She knew the company’s idea worked.

“We did a lot of research and validation,” she said. “We had done our homework. That makes you less easily shaken.”

2. Embrace challenges. When Anna Brunelle, CFO of Hayward, Calif.-based Kinestral Technologies, which makes “smart glass” for buildings and conference rooms that can shift from clear to dark in three minutes, joined the firm a year ago, she knew the relatively young company needed leadership from her to help it raise capital. That wouldn’t be easy, but she was driven to help the firm accomplish its goals.

“A big part of being willing to take risks is to feel you’re the missing piece of the puzzle,” Brunelle said. “I looked at the product and management and knew they were great. And when you have 250 or 300 families depending on you, that’s a pretty big motivator.”

Brunelle said she did her own assessment of the venture capital environment by talking with investors. Many wanted to wait, but she kept pushing. “We were just looking for that one person who was willing to invest,” she said.

Brunelle took risks from a young age. While some people shut down in that scenario, she viewed it as just another obstacle to conquer.

“I just light up when there’s a challenge,” Brunelle said. “I feel I’m at my most optimal in those situations.”

Her father had his own natural hair care products firm, so Brunelle grew up in an entrepreneurial environment.

“There were a lot of ups and downs in that business,” she said. “You learn not to fear it. He’d often say, ‘If it was easy, everyone would do it.’ I can’t tell you how many times I heard that.”

3. Show the way. Set the tone for others in your organization by showing and talking about the perseverance your firm stands for.

“We realized we have a lot of grit and resilience,” Fitzgerald said. “I learned it from my parents, who always said, ‘The world’s tough and nobody owes you (anything).’ Everybody I talk to says the DNA of a company is formed by the behaviors and attitudes of the founding team. It starts from the top.”

Brunelle once worked for a company that needed to move a line of credit from a foreign subsidiary to the U.S. to wrap up a deal. She had traveled to Europe several times, but the banker who needed to approve it kept delaying. Finally, Brunelle unloaded on him.

“My last day there, I was basically yelling at him,” she said. “The next day, he transferred it to the parent company. Sometimes if a project seems insurmountable, you just have to keep pushing and pushing. I remember thinking there’s no way I’m leaving without this deal being done.” Steve Watkins

Discussions

Be the first to like this. Showing 0 of 0 comments

Featured Posts

MQ Trader

Introducing MY's First IPO Fund for Sophisticated Investors!

MQ Chat

New Update. Discover investment communities that resonate with your ideas

MQ Trader

M & A Value Partners IPO Equity Fund has been launched - Targeted 13% Return p.a

Latest Videos