Anyone who's paid attention to this blog will see that I've made contradictory statements many times. Truth is, I figure one of those statements has to be right, so I'll cover all bases.

Here's another example:

It's very easy to say "No" to an investment, as an investor. We really don't get punished for missing a Google, at least not as much as we get punished for putting money into a Pets.com, or less successful business.

However, it's in the businesses that other folks have said "No" to, that opportunity lies. In order to turn a "No" answer into a “Yes” well, that's pretty impossible.

In order to say "Yes" to something everyone else says "No" to, that takes experience, knowledge, courage, and dedication. This is a very different situation than the above, if you're not sure why, ask.

There has to be something the investor sees in the company that makes it worth while. Management, market, experience, contacts, etc. something has to exist that will make this company a success. If the investor can detect it before other folks, has the faster calculator, he wins. A good investment, in a good company.

Otherwise, the answer is still a “No”.

As an entrepreneur, pre-screen your potential investors, focus on the ones who understand your industry/market/business. Even if they say no to an investment, you can usually get something out of them, some free consulting, or an answer to a question someone who doesn't have any industry knowledge wouldn't be able to help with.

It's your time, you should get something out of it.