Who’s advice are you taking?

When you’re starting a new business, the chances are that your excitement will mean that you’re telling everyone about it. 

While you might be completely gung-ho, there is a big possibility that there will be many who will be sceptical. It’s also completely natural for everyone to have something to say. Feedback, criticism, ideas… they’re all going to come your way. 

Navigating through these opinions is perhaps one of the hardest things that an entrepreneur has to do. However, when you listen patiently, you will often find a pattern that is truly valuable. 

Think of your friends and family as your focus group. Think of people you meet at networking events as your test market. Think of the many investors you’re going to pitch to as your fancy consultants.

If you’re an early stage, pre-revenue start up, you need to be making a list of all the suggestions people are making. When many people are coming up with the same idea, you know you need to incorporate it into your business. There is clearly a demand for that product or service. Sometimes, there might be an idea that seems improbable or impractical at the moment. Do not dismiss it, you never know when circumstances might change and make it possible. 

If you’re already in the market, there is a chance that you might be receiving a particular type of complaint repeatedly. This is definitely a problem area. When you’ve received a complaint more than once, you know that you need to move it up the priority list of things you need to address. Feedback and ideas from your friends and family will actually help you build the development or expansion strategy that you need. Don’t just focus on the negative feedback. If numerous people are praising a particular aspect of your business, make it the highlight of your marketing and brand communication. Your customers are clearly seeing value in it. 

If you’re raising funds, investors and bankers may be asking you similar questions after your pitch. Grab the bull by the horns and address that question in your pitch itself. You want them to feel like you’ve thought of it all! You may even start spotting a pattern in where you start losing their interest. That’s when you know what you need to correct in your business. 

If you listen hard enough, you’ll realise that there is a lot of valuable advice to be found everywhere. And most importantly, its FREE!