During the initial formation of Net2000 Communications, a CLEC from 1993 - 2001, we were out doing our first "road show" in an attempt to secure bank financing. We had spent a number of months developing our Business Model and had developed a comprehensive Financial Plan. We had very strong conviction that we had a great plan and a naive belief that banks would clamor to lend us money.
Of the four co-founders, three of us had spent much of our careers in sales and marketing roles for large companies and we believed we had a story that had to be told and that we would be comfortable in delivering. Securing a bank loan was our final step to launching Net2000 and as noted we were certain it would be easy.
One afternoon in mid-summer of 2003 we had just finished presenting our plan to a large bank in the Washington, DC area. We thought our presentation had been compelling and were greatly dismayed when at the conclusion of the meeting the bank loan officer, kindly but firmly, told us, "Thanks - but no thanks."
This was the second bank rejection we had had that week. We decided to go grab a coffee and as we sat there discussing our options, Cory Marsan coined a phrase that became our early mantra, our rallying point and ultimately one of the corporation's core values. She said simply, "We will not be deterred."
Without doubt, all companies whether it be in the early-, mid- or latter-stages of their life cycle will face challenges. In reality, there are generally hurdles in all phases. A great key to successfully meeting and beating those challenges is to Not Be Deterred.
