Asking For More Than You Think You Deserve

Being a successful startup founder is more than just luck and a great product. It takes more than just a fancy business proposal. It’s about asking for things that you might not feel you’ve properly earned. That’s just the reality of it. You need to convince venture capital firms and individuals to part with their money and believe in you. That’s not an easy task with a competitive market that progressively gets harder to crack. It takes a lot of guts, and at times requires you to ask for things you may not feel comfortable in asking. Whether it’s fundraising, partnering, or understanding your customers, be prepared to conquer difficult conversations that’ll get you to the next level. Although it takes practice—and you might feel awkward—just push through it. Because if you’re not asking the questions, you’re not getting the results. Ask and you shall receive, well, sometimes! But it doesn’t hurt to ask.

It goes without saying that when you’re looking to raise a round, you’re going to have some tough conversations that’ll leave you questioning your requests. Did I ask for too much? Too little? Even if I do get it, do I have the right team in place to succeed? Whatever insecurity it is, take it head on. Discussions will lead you to those answers. The more preparation you do, the more confidence you’ll build.

One of the main reasons startups hesitate to ask for more funding is fear of rejection. But it’s important to remember that VCs are investing in the potential of your company, not just its current state. By asking for more funding than you think you deserve, you’re demonstrating your belief in your company’s potential and your commitment to achieving long-term success.

When pitching to VCs, be confident in your vision and your ability to execute on it. You should also be able to articulate a clear and compelling vision for your company’s future. You should have a well-thought-out business plan that outlines your goals and how you plan to achieve them. You also need to be able to demonstrate that you have a solid understanding of your market and your customers.

How do you ask for things that you might not deserve? We all do it in different ways. Is a 19 year old ready to manage millions of dollars in VC capital? Based on their perceived experience, probably not. But they can learn from an experienced team on how to get there. You just need to know how to ask even when what you’re asking for seems absurd, out of reach, and like begging. Be shameless and not embarrassed about these methods. It’s part of the dance we do as venture capitalists and entrepreneurs. Yes, there are millions of entrepreneurs out there. Yes, 90% of startups fail. But sitting back and thinking that luck will come your way is as close to throwing your hands up as anything else. You need to increase your chances of being a success and that’s through networking, persistence, and grit. Whatever wall you have up that’s stopping you from fundraising, bring it down. You need to be shameless without being desperate. Insistent without being pushy. Charming without being cunning.

By demonstrating your confidence in your company’s potential and your commitment to achieving long-term success, you can increase your chances of securing the funding you want even if you may feel it’s undeserved. Just remember to have a clear vision, be confident in your abilities, and use the funding wisely to achieve your goals.

If you’re not one of the fortunate that this comes easy for, we get it. Some people are just born better at this than others. They have a confidence that demands a yes. You know those personalities. But with a little practice, you can exude the same confidence that commands action. Below are a few particular situations you might find yourself in that requires you to put on your confidence hat and have those uncomfortable conversations.

Partnerships

Founders can gain the confidence to secure partnerships with other companies through a combination of preparation, credibility, networking, and effective communication. Here are some key steps to help founders build confidence and establish successful partnerships:

• Define your value proposition: Clearly articulate what your company offers and how it can benefit potential partners. Understand your unique selling points, competitive advantage, and the value you bring to the partnership.
• Build a strong foundation: Ensure that your own business is solid and stable before seeking partnerships. Establish a strong track record, demonstrate market traction, and have a clear business plan and strategy.
• Research potential partners: Identify companies that align with your goals, values, and target audience. Research their products, services, and industry position to understand how a partnership could be mutually beneficial.
• Network and attend industry events: Attend conferences, seminars, and industry-specific events to meet potential partners and establish connections. Networking provides opportunities to showcase your expertise and build relationships with key decision-makers.
• Leverage existing connections: Utilize your existing network to seek introductions or recommendations to potential partners. Personal referrals can enhance your credibility and increase the likelihood of successful partnerships.
• Establish credibility: Develop a strong online presence through social media, a professional website, and thought leadership content. Publish articles, participate in industry forums, or speak at conferences to position yourself as an industry expert and gain trust.
• Develop a compelling pitch: Create a compelling pitch that highlights the benefits and value of a partnership with your company. Clearly outline how the collaboration can address the needs of the potential partner and contribute to their success.
• Tailor your approach: Customize your pitch and messaging based on the specific needs and objectives of each potential partner. Show that you have done your research and understand their industry, challenges, and goals.
• Focus on win-win outcomes: Emphasize the mutual benefits and value exchange that can result from the partnership. Showcase how both companies can leverage each other’s strengths to achieve shared goals.
• Follow up and maintain relationships: After initial discussions, follow up promptly, provide any requested information, and maintain regular communication. Demonstrating your reliability and commitment helps build trust and increases the chances of securing a partnership.

Remember, building partnerships takes time, effort, and persistence. It’s essential to be prepared, confident in your own capabilities, and genuinely passionate about the potential collaboration.

Customers

When you’re trying to crack what customers are liking and disliking about your business, feedback is vital. But getting the confidence to ask your customers about your product might feel awkward or uncomfortable. This is an awkward conversation to have, but it’s the quickest way to figure out where you can start building customers and revenue and gain traction.

Here are some tips to help you gain the confidence to engage with your customers:

• Believe in your product: Start by having confidence in the value and quality of your product. Understand its unique features, benefits, and how it solves customer problems. When you genuinely believe in what you’re offering, it becomes easier to engage with customers.
• Embrace a learning mindset: Approach customer feedback as an opportunity to learn and grow. Recognize that gathering feedback is an essential part of the product development process, and every interaction with customers can provide valuable insights.
• Prepare and plan: Before reaching out to customers, have a clear plan in mind. Determine what specific aspects of your product or service you would like feedback on, and structure your questions accordingly. Prepare a list of open-ended and specific questions to guide the conversation.
• Choose the right timing and context: Select an appropriate time to engage with your customers. Ensure they are not rushed or occupied with other tasks. Depending on your product, you might consider sending a follow-up email, scheduling a call, or conducting surveys.
• Be genuine and empathetic: Approach your customers with authenticity and empathy. Let them know that you value their opinions and that their feedback will help shape the future of your product. Show that you genuinely care about their experience and want to improve based on their input.
• Start with early adopters or loyal customers: Begin by seeking feedback from your early adopters or loyal customers who are likely to be more invested in your product. They are often more willing to provide feedback and can offer valuable insights and suggestions for improvement.
• Use positive feedback as motivation: If you have received positive feedback or testimonials from customers in the past, remind yourself of these successes. Recognize that your product has already delivered value to some customers, and this can boost your confidence when seeking additional feedback.
• Practice active listening: When engaging with customers, focus on active listening. Pay attention to their feedback, ask follow-up questions, and seek clarification when needed. Show that you value their input by being fully present and demonstrating that their opinions matter.
• Appreciate constructive criticism: Understand that customer feedback, even if critical, is an opportunity for growth. Embrace constructive criticism as a chance to identify areas for improvement and refine your product. Remember that feedback is not a personal attack but an opportunity for progress.
• Take action based on feedback: Finally, demonstrate to your customers that their feedback is valuable by taking action. Implement changes and improvements based on their suggestions whenever possible. Showing that you value and act upon their input will encourage ongoing engagement and build trust.

By adopting these approaches, you can gain the confidence needed to ask your customers about your product, foster stronger relationships, and continuously improve your offerings.

Support

Asking could be as simple as just asking for help, which is something that’s hard to do for many founders. Most entrepreneurs find themselves building a role that requires them to have a hand in all departments and daily activities. While this might be a necessity in the early days, as your company grows, it is impossible to sustain and requires you to concede responsibility to the team members you trust the most. As a founder, it’s a hard pill to swallow sometimes and can feel like a defeat to give up some control. The fear of failure may increase when you’re not involved in every aspect. But asking for help is key to your success. Be honest with the workload you can single-handedly juggle, and leave the rest to others.

As a founder, it’s important to recognize that asking for help is a sign of strength, not weakness. Here are some strategies to gain the confidence to ask for help when needed:

• Embrace vulnerability: Understand that it’s natural to encounter challenges as a founder, and no one has all the answers. Recognize that seeking help is an essential part of the learning and growth process. Embrace vulnerability and let go of any fear or shame associated with asking for assistance.
• Reframe your mindset: Instead of viewing asking for help as a sign of weakness, reframe it as an opportunity for collaboration and collective problem-solving. Recognize that seeking input and leveraging the knowledge and expertise of others can lead to better outcomes for your business.
• Surround yourself with a support network: Build a strong network of mentors, advisors, fellow founders, and industry peers who can offer guidance, advice, and support. Having a trusted circle of individuals who understand the challenges of entrepreneurship can provide you with the confidence to reach out for help.
• Seek expertise in specific areas: Identify areas where you may lack expertise or experience and actively seek help in those domains. Recognize that there are professionals, consultants, or industry experts who specialize in those areas and can provide valuable insights and guidance.
• Prepare and be specific: Before seeking help, clarify what you need assistance with and what specific outcomes you are seeking. Being clear about your questions and requirements will help you feel more confident when approaching others for help.
• Start with trusted connections: Begin by seeking help from people you trust, such as mentors or close contacts. These individuals are more likely to be supportive and understanding of your needs, making it easier to ask for their guidance.
• Demonstrate reciprocity: Show your willingness to help others in return. Building a culture of reciprocity and mutual support creates an environment where asking for help is more comfortable and natural. By offering assistance to others, you strengthen the relationships and trust within your network.
• Prepare success stories: Reflect on past instances where seeking help resulted in positive outcomes for your business. Remind yourself of the value that asking for assistance has brought in the past, reinforcing your belief in the benefits of reaching out for help.
• Develop effective communication skills: Enhance your communication skills to clearly articulate your needs and challenges. Practice explaining your situation concisely and seek feedback from others on how well you are conveying your message. Effective communication can increase your confidence when asking for help.
• Celebrate the power of collaboration: Understand that entrepreneurship is a collective journey, and success often requires collaboration and teamwork. Embrace the notion that asking for help is an integral part of building a successful venture. Celebrate the power of collaboration and the potential for collective achievement.

We hope that these suggestions on how to be a more persuasive and confident negotiator has helped in getting to your ultimate goal, a thriving and successful company.