How To Deal With Failure & Challenges As An Entrepreneur
Every entrepreneur knows that failure and rejection are part of the game. But few expect to get rejected on national television.
That was the experience for Ali Bonar, CEO and co-founder of granola butter company Oat Haus.
You can watch the video of our full discussion below or just listen to the audio version as a podcast. If you want more content like this you can subscribe to our Youtube channel.
Click below to play or go here to listen on your favorite platform.
After applying for the show four times, Ali and her co-founders finally got a coveted spot to pitch their company on Shark Tank. The team spent more than 100 hours preparing their presentation but ultimately didn’t land a deal with the big-time investors.
Even without a deal, Ali takes the rejection in stride.
The show brought about great connections and gave Ali a platform to share her story of founding the company and moving from having an eating disorder to finding healthy and delicious ways to fuel her body. In the last year, Oat Haus has grown from three to 20 employees and did $2.5 million in sales.
Ali says that even with all the rejection — from Shark Tank, retailers, investors, and even family and friends who said she was crazy to quit a good job and start a company — her passion for the company and its mission keeps her going. Rejection fuels that fire and gives her more vision to keep pushing towards success.
Ali says everyone, especially entrepreneurs, faces a mental version of Shark Tank where we question everything, face rejection, and are told we won’t succeed.
We frequently get asked things like: What do we use for courses and email marketing? What platform do we use to find people to join our team? What tools do we use for project and task management? Where do we host and publish podcasts and how do we transcribe them? And More. Well, we just put together the Entrepreneurs’ Online Business Toolkit PDF which will give you a complete breakdown of the tools we use to run our 7-figure businesses and how we use them. Click here to grab a copy, it will be an invaluable resource in your entrepreneurial journey!
But with rejection comes the need to build resilience and find opportunities. Ali says one of the biggest lessons she has learned from being an entrepreneur is to ask for everything, even if you think people will say no. She has been surprised by how many times people, be it investors, partners, retailers, or customers, will say yes and open new doors. The worst thing they can say is no, which just pushes Ali to move in a different direction.
Like all startups, Oat Haus has faced hiccups with its growth. Ali is open about her down moments on social media and aims to present an honest representation of both the wins and losses. But even with the struggles, she says a superpower of her team is that they never give up.
All entrepreneurs face rejection at some point. It may not be as apparent as happening on national television, but that doesn’t make it any easier. The key is to build resilience, find what drives you, find opportunities in the challenges, and never give up.
If you enjoyed the article and want more content like this here’s what you can do:
- Subscribe to The BYOB Podcast Newsletter to get notified when a new episode comes out (once a week).
- Listen to episode 97 of the podcast where we talk about these things in much more detail including sharing our personal stories.
- You can also connect with us on Facebook, Instagram, Twitter, Youtube, and Linkedin.
- If you’re interested in sponsoring or have suggestions for the show, you can send us an email at email@example.com.