I know a man that used to work for WH Smith. He was the head of their travel retail business. When I say he ‘used to work’ for them he was sacked in “very gruesome circumstances” and was advised by his boss to quit the bookselling business based on how financially un-successful his stint in the role had been for the company. The man in question did exactly the opposite and attempted to set up his own business aimed at a market he believed he knew inside out.
With £6000 in his back pocket, given to him as a ‘redundancy’ pay off by his previous employers, he set about writing a business plan in the hope of raising enough capital via a bank loan to open up his own shop. The amount of money needed, £100,000!
He went to see his local bank manager and after an hour long presentation of his idea, the man was asked for a further 16 copies of his business plan. Unfortunately, the bank manager had no interest in actually making an investment. He was in fact giving a talk later that afternoon about the kinds of business plans that should never be given the bank’s support.
In fact, a further 8 bank managers turned his idea down for a financial injection.
How would you feel at this point? Sacked by your previous employer because in their eyes you weren’t good enough and then rejected by 9 bank managers for a loan for your new idea which they believe to be idiotic. So much so that one of those bank managers ridiculed you to your face by, in no uncertain terms, brandishing your business plan as the ‘worst they’ve ever seen’. Time to give up on your dream?
My man thought he would give it one last shot and this time it was different. The bank manager he met, after reading the business plan, said the same as the previous 9 but had a different conclusion. He was retiring in two weeks and didn’t really care for the banks money he was lending. He thought that if the man in front of him blew all the cash it wasn’t going to be the his (the bank managers) problem, so he granted the loan.
Nine years after that loan was granted, the man who was sacked by WH Smith for being ‘useless’, the man who was refused bank loans by 9 different banks and the same man who was told his business plan was the worst that one particular bank manager had ever seen, sold his company for … 47 million pounds!
Here’s the best bit.
He sold his company to WH Smiths!
The man’s name is … Tim Waterstone, founder of Waterstones books, HMV and Daisy and Tom.
We all face rejection at some point. It’s how you deal with it and move on that sets you apart.
“Ignore the received wisdom of any industry you’re entering. Never be trapped by dogma. Never let other people’s opinions drown out your own inner voice.” – Tim Waterstone
One Response to Thicker skin than a Rhino! – 26/5/11
Book marked, I love your blog!
By adam, On June 28, 2011 at 3:04 pm