Big Red Car here. Yesterday, I had a chat with an entrepreneur who was getting ready to launch his fundraising campaign.

He’s smart, articulate, hard working, honest, and naive.

He said, “I’m having a hard time wrapping my head around the negativity associated with fundraising.”

To which the Big Red Car said, “Do tell.”

“Well, Big Red Car, you told me I needed to have a targeted data base of 200 potential angel investors. I got that.”

“So, brilliant CEO, what is the problem?”

Here is the problem:

1. Yes, you need a database of about 200 potential angel investors. No big revelation there.

2. Yes, only about 10% will indicate true interest. Even if you did go to Stanford. They are busy and get pitched a lot of deals.

3. Yes, only half of those 10% will meet with you with a checkbook in the room or offer a Term Sheet.

4. Yes, only half of that half will actually write you a check.

Here is another version of the same thing.

A. Two hundred — 200 — targeted angels begets 180 “NO”‘s.

B. Two hundred — 200 — targeted angels begets 20 interested parties.

C. Twenty — 20 — interested parties begets 10 parties who will reach for their checkbook and CONSIDER making an investment. Might even give you a Term Sheet.

D  Five will actually invest.

And, that, my dear readers, is where all those “NO”‘s come from. To be successful, you have to deal with NO. You can do it.

But, hey, what the Hell do I really know anyway? I’m just a Big Red Car. Be nice to someone who doesn’t expect it today.