A member of my critique group sent me a message two weeks ago about a small press which seemed perfect for one of my completed MG novels. I checked out their website, and agreed. They would indeed be perfect, IF I cut some words. So.. I’ve been snatching moments of company time — company which can be very distracting to a writer — to revise and cut 2,500 words in order to fit within their press specifications.
Since this small press only does quarterly reviews, I decided to call to find out when their next review was, so I wouldn’t be waiting two and 3/4 months before they even take a look at it. The result: The guy said they are no longer accepting manuscripts because of the economy.
The down side of this? I’ve got a story without a home — yet.
Double down side? A rejection is a rejection, even when I didn’t submit it. I.e., For a few days I’m sinking into W.R.F. — Writer’s Rejection Funk — until I can poof-up some writer’s courage back into me. (And, yes, I made up that acronym, too. Although, it sounds an awfully lot like a wrestling acronym, which may also be appropriate in this business.)
BUT… The up side of this adventure? It’s actually a stronger story.
Author Sandy Carlson 
I haven’t done much for revising my first and I’m trying to find someone to at least check it out, so I vaguely understand the feeling of rejection; it’s hard to put so much of yourself into something and just have it turned away.
Dary Pattison suggests 20 rejections a year. I’m usually higher than that on a good year. The point is: 1) Get in a critique group of fellow writers; 2) Revise your darling manuscript; 3) Submit to a researched published house which will fit your manuscript; 4) Work on another project so you don’t bite your nails completely off while you wait to hear back.