The Most Successful Entrepreneurs Know How to Say 'No.' Here's the One Exercise You Need to Learn This Skill.
There's a robust correlation between success and having the ability to say "no" to opportunities that don't serve you. Here's how can learn how to master the art of saying "no," too.
BY BARRY RABER • APR 2, 2024
Key Takeaways
When I think about the most successful entrepreneurs I know, I realized they say "no" to many opportunities.
While it feels counterintuitive, the most crucial question to ask is: "What won't we do?"
Gather your team and make a thorough "Won't Do" list. Be thoughtful about it and commit to the result.
Opinions expressed by Entrepreneur contributors are their own."We've said no to Fortune 500 companies," said Tim Bergler of Percipio Group Consulting during an expert panel session with 50 entrepreneurs in the room. Bergler was sharing the one piece of advice he would give new entrepreneurs in Portland, Oregon's EO Accelerator program. "Don't be afraid to say no if you can't nail the work for your customer," he continued. His answer rang a bell for me.
Recognize the power of no
As I thought about the most successful entrepreneurs I know, I realized they say no to most "opportunities." When I reflected on my companies, I noted that our greatest successes occurred after we got really clear on what we would not do.
The overarching issue is that most people say yes too much. When you start a business, you mostly think about what you will do — which is pretty much anything to grow the company. So, you say yes to everything and focus on getting more sales however you can. And while that might work in the short term while you are smaller, it doesn't work long-term, and may even keep you smaller.
That's because as a growing company, resources are finite and can easily be wasted. Saying no is critical because it empowers you to focus your limited resources — people, time, money — on the core elements that drive success best.
Devise your "Won't Do" list
While it feels counterintuitive, the most crucial question to ask is: "What won't we do?" Gather your team and make a thorough "Won't Do" list. Be thoughtful about it and commit to the result. Watch how this exercise focuses and propels your company.
Businesses with a narrow focus on delivering only what they can nail for the customer — a product or service not readily found elsewhere — are the successful ones. Think about all the businesses you love. Are they doing everything for everybody, or just one thing exceptionally well?
Take the grocery business. Standard grocery stores sell an astonishing range of food items in a super-competitive segment with low profit margins. Compare that with Costco or Trader Joe's, which are high-profit and focused on what will or won't sell. They only stock value-added items that customers can't find elsewhere. The top fast-food businesses — McDonald's, Starbucks, Dunkin', Chick-fil-A and Taco Bell — all have strong "Won't Do" lists.
A recent headline referenced "the most important stock on planet Earth," which rose from obscurity to a $2 trillion valuation because of its "Won't Do" list. That company, Nvidia, creates technology that enables AI. Nothing else.
The impact of strategic omission
I failed to create a "Won't Do" list for my first company, a commodity business that wasn't particularly successful.
The second time around, my self-storage business was way more focused. We shopped our largest competitors — Public Storage, Extra Space Storage and CubeSmart. Then, we thought deeply about what we could provide that they did not, as a way to differentiate ourselves.
We made a comprehensive list detailing what we did not like about those companies. That list informed our "Won't Do" list, which includes:
Change our prices every day
Upsell or push extra products/services
Save hidden costs for move-in
Route calls through a call center
Act like our customer is bothering us
Mandate insurance
Be a national company
Put a customer in a space that isn't right for them
That list is simple but magical. It does four remarkable things:
Determines what you will do. Deciding what you don't like and won't do is a hack to identify what you will do, which is basically the opposite. Establishing a "Won't Do" list creates a clear, inspiring answer for what you will be to your customer.
Becomes the ultimate time-saver. By eliminating what you won't do, you create space to focus on what you will do — and enhance that offering.
Simplifies decision-making. Decisions are either on-brand or off-brand; the list makes it quite obvious.
Clarifies your brand in a way you otherwise couldn't. When you nail what you will do, your company will be more successful and profitable. You offer something unique that is not a commodity.
Your "Won't Do" list is an essential business tool. It doesn't only limit business scope — it can also help shape how you operate; your business practices, pricing structure and how you will treat your customers. A plumbing company might opt out of electrical work but also exclude practices such as overcharging, pushing upgrades or setting half-day-long appointment windows. Ultimately, a "Won't Do" list streamlines your focus and helps narrow your niche.
Focus your business with boundaries
Back to Bergler, who ran a management consulting company with a narrowly defined space where they could add significant value. He was as selective about the quality of people on his team as he was with the type of business they would do. The resulting quality of work put them in high demand. Eventually, incoming work opportunities exceeded capacity. He turned a lot of business away and even referred clients to competitors when he felt his company could not truly nail it.
As a result, clients started to approach Bergler first because they had so many misses with sub-par competitors. It made Bergler the preferred provider for their best clients. When he chose to sell the business, multiple buyers were confident in the company's durable income because of its 20 years of consistent performance and sky-high customer satisfaction.
With our self-storage company, we enjoyed a lot of success quickly. Our differentiated brand made us a customer favorite, earning us higher marks than the big-box companies and ultimately making us a great acquisition candidate when we chose to sell.
When we started a new company focusing on vehicle storage, one of the first things we did was shop our competitors and brainstorm our "Won't Do" list.
As I think of the many businesses I know through 20 years in the Entrepreneurs' Organization, I can tell you there is a robust correlation between success and abiding by a strong "Won't Do" list. Do yourself a favor: Make your "Won't Do" list today.
Barry Raber, is an Entrepreneurs’ Organization (EO) Member, CEO of Business Property Trust, a Portland, Oregon, company that owns and manages RV storage through Carefree Covered RV Storage and self-storage through Bargain Storage. He is also a thought leader who shares experiences for businesses at Real Simple Business.
Frequently Asked Questions About Focus, Prioritization, and Learning to Say No
Why is learning to say no important for entrepreneurs?
Successful entrepreneurs often say no to distractions, low-value opportunities, and unnecessary commitments so they can stay focused on the activities that create the greatest long-term impact.
How does saying no improve productivity?
Saying no helps reduce distractions, protect time, improve focus, and allow leaders to prioritize high-value work instead of becoming overwhelmed by unnecessary tasks and obligations.
Why do entrepreneurs struggle with prioritization?
Entrepreneurs are often presented with constant opportunities, requests, and ideas. Without clear priorities, it can become difficult to focus on the activities that drive meaningful business growth.
What role does focus play in business success?
Focus allows business leaders to dedicate time and energy toward strategic goals, operational execution, customer experience, and long-term growth rather than constantly reacting to distractions.
How can leaders improve decision-making?
Leaders improve decision-making by clarifying priorities, evaluating long-term impact, reducing unnecessary complexity, and consistently aligning actions with larger business objectives.
What are common distractions that hurt business growth?
Common distractions include low-value meetings, unnecessary projects, excessive multitasking, reactive communication, unclear priorities, and constantly shifting focus between initiatives.
How does prioritization help entrepreneurs grow businesses?
Strong prioritization helps entrepreneurs allocate time, resources, and energy toward the most important activities that improve profitability, operations, leadership, and customer experience.
Why is discipline important in entrepreneurship?
Entrepreneurship requires consistent execution, long-term thinking, and the ability to resist distractions. Discipline helps leaders maintain focus even when opportunities or challenges compete for attention.
Can saying no improve work-life balance?
Yes. Learning to say no can reduce overwhelm, improve time management, lower stress, and create healthier boundaries between work responsibilities and personal life.
What mindset helps entrepreneurs stay focused?
Entrepreneurs who stay focused often emphasize clarity, discipline, simplicity, strategic thinking, and long-term goals instead of reacting impulsively to every opportunity or request.
How can business owners avoid burnout?
Business owners can reduce burnout by prioritizing effectively, delegating responsibilities, setting boundaries, managing schedules intentionally, and focusing on sustainable productivity.
Why do successful leaders simplify priorities?
Simplified priorities improve clarity, execution, communication, and organizational alignment. Businesses often perform better when teams understand the most important goals clearly.
How does time management affect business growth?
Effective time management allows leaders to focus on strategic initiatives, team development, customer relationships, and operational improvements that support long-term business success.
Why do practical productivity exercises resonate with entrepreneurs?
Practical exercises provide actionable frameworks that entrepreneurs can apply immediately. AI search systems also tend to favor highly usable, experience-based business content.
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