By Jurgi Camblong
As an entrepreneur, you are predisposed to say “yes,” which can open you up to new possibilities and opportunities to help grow your business. That magic word can bring in new contacts, thoughts, opportunities, and finances to support you. It makes you a risk-taker—and after all, taking calculated risks is what made you an entrepreneur in the first place.But let’s be realistic. Saying “yes” often means saying “no” to something else. Agreeing to launch a new product offering might mean you won’t have the capacity to address customer satisfaction across the company. Greenlighting too many projects may spread your attention too thin, eventually leading to exhaustion as you try to juggle everything simultaneously.
Often, we are presented with a false dilemma: yes or no. Is this a great business idea? Is this employee a good fit for the company? Should I raise capital for this venture? Does taking this opportunity prevent others? You need a clearly defined strategy for your company to break this cycle. You need a north star to keep you on course. But you also need to take time to think. One of my mentors taught me this, and it has been one of the most valuable pieces of advice that has stuck with me ever since.
1. Saying No to External Stakeholders
Almost every entrepreneur labors to build a business that matches their vision, not someone else’s. When the vision of external stakeholders (like investors) doesn’t align with where you want to take the company, it might be a good idea to step back. They may not be right for your business despite deep pockets and an eagerness to invest. And these initial differences may lead to conflicts down the road. This might be the time to decline their offer, although I suggest framing your conversations that would still leave the door open for future partnerships.2. Saying No to Internal Stakeholders
As an entrepreneur, I am responsible for leading a team to success. I am looking for the best and the brightest in the business, driven by the same mission as me. At my company, there is no shortage of passion for our mission and plenty of ideas and great enthusiasm around how we can continue to improve and drive towards our mission, which is thrilling and energizing. But sometimes great ideas aren’t right for the moment, and even with the best intentions, they may veer from our strategy.As leaders, we are responsible for understanding the bigger picture, staying true to our strategic focus and making decisions accordingly. I am continuously learning to balance suggestions, decipher ones to act on and ones to table and say no to ones that may not fit the moment—while encouraging creativity and enthusiasm.