If you are a first-time entrepreneur and you are fundraising for the first time, you might be tempted to concentrate your efforts on the first investor who seems to be somewhat interested in your idea, and give up on looking for others investors.
In this case, you will NOT be forgiven. Here are a couple of reasons:
- Getting-to-a-slow-no risk: some investors tend to be slower than others in processing dealflow, and not getting a “no” during the first meeting can sound like a “deal done”. Keep in mind this: “Not a no” is very different from a “yes”. Repeat the previous sentence in your mind like a mantra.
- Not-learning risk: once you stop meeting other potential investors, you stop receiving possibly valuable feedback. Always be fundraising, at least until you have a check in your hands.
Is this inefficient? Yes. Is this time consuming? Yes. Is this the possible difference between winding up or getting to create a great company? Yes.
So, what are you waiting for? Get out there and restart your fundraising efforts.