Ben Horowitz - raising capital? You only need one believer

Venture capitalist Ben Horowitz on the difficult task of raising money in a down market, and the value of persistence:

Once you begin your process, keep in mind that you are looking for a market of one. You don’t need every investor to believe that you can succeed. You only need one. If 20 investors tell you “no”, that does not mean that there is no market for your deal. You just need one to say yes and she will erase all 20 no’s.