Dave Salvant, the co-founder and president of Squire Technologies Inc., knows a thing or two about overcoming rejection. In a recent episode of the Financial Freestyle podcast with Ross Mac, Salvant shared his insights on how to persist in the face of adversity and achieve entrepreneurial success.

Unlocking the Power of Persistence: Salvant's Advice for Entrepreneurs

Persistence Pays Off with Potential Customers

Salvant emphasizes the importance of persistence when approaching potential customers. "I always say, you know, people could say no the first time, but it's very difficult to say no the seventh time," he explains. This approach is particularly relevant for Squire Technologies Inc., whose customers are primarily small and medium-sized businesses. These customers often understand the challenges of running a business and may be more receptive to hearing a pitch multiple times.Salvant advises entrepreneurs to view rejection as an opportunity rather than a setback. "Worst case scenario, they hear you out, and when they hear you out, it's your opportunity to convince them that your product is, is worth it." By persistently engaging with potential customers and addressing their concerns, entrepreneurs can turn a "no" into a "yes."

Overcoming Fundraising Hurdles

Rejection doesn't just come from potential customers; it can also arise during the fundraising process. Salvant recalls his experience of seeking funding in Silicon Valley for Squire Technologies Inc. Despite having metrics that should have been competitive, the company faced a significant number of rejections from prospective funders. "I think we had, you know, 40 or 50 meetings for our series A and got one term sheet. So it's not easy," he says.Salvant's perseverance in the face of these rejections is a testament to his determination and belief in his company's potential. He emphasizes that grit and determination are the most important factors for successful entrepreneurs, rather than intelligence or luck. "It's not intelligence. It's not luck. It's grit and determination," Salvant asserts. "That's what allows people to be successful."

Cultivating a Resilient Mindset

Salvant's experiences have taught him the value of developing a resilient mindset as an entrepreneur. Rejection can be a demoralizing experience, but Salvant encourages entrepreneurs to view it as an opportunity for growth and improvement. By learning from each rejection and refining their approach, entrepreneurs can increase their chances of success.Moreover, Salvant believes that a resilient mindset is essential for navigating the ups and downs of the entrepreneurial journey. "It's not easy," he acknowledges, "but that's what allows people to be successful." By embracing the challenges and persevering through setbacks, entrepreneurs can position themselves for long-term success.

Empowering Inclusive Economic Growth

The Financial Freestyle podcast with Ross Mac is dedicated to promoting economic prosperity for all. Through expert insights, practical advice, and inspiring success stories, the show aims to empower individuals to build and grow wealth. Salvant's story of perseverance and entrepreneurial success aligns with this mission, offering valuable lessons for aspiring entrepreneurs and those seeking to create positive change in their communities.By sharing his experiences and insights, Salvant contributes to a broader conversation about the importance of grit, determination, and resilience in the pursuit of entrepreneurial success. His story serves as a testament to the power of persistence and the potential for inclusive economic growth when individuals are empowered to overcome obstacles and achieve their goals.