Everyone likes approval – especially an entrepreneur who may be a bit anxious or insecure about his or her latest idea. But rather than looking for a pat on the back, says tech entrepreneur Rob Fitzpatrick, doggedly pursue the truth – even if it shatters your dream. You can save time, money and lots of grief by asking the right people the right questions and learning whether your concept will fly, or crash and burn. getAbstract agrees that entrepreneurship is not for the faint of heart and recommends Fitzpatrick’s sage advice to all entrepreneurs and start-up founders. If you’re concerned about your feelings, you can always talk to your mom.
The Customer Is Always Right
Speaking with customers before launching or investing in a start-up helps you determine whether your concept is viable. But conversation is not enough; you have to listen with care, ask the right questions and extract the critical information. You must seek honest answers and never settle for compliments. Don’t ask your mother – or anyone else, for that matter – whether your business idea is sound. No one wants to hurt your feelings. Handled incorrectly, customer conversations can lead you astray and create false hope.
Resist the temptation to mention your idea prematurely. Focus instead on learning about your prospects. Find out how they handle certain problems and situations, and what it costs them in time and money. Would it be feasible for them to consider an alternative if you offered a solution? Ask them to describe a typical flow of work. Learn about their processes, approaches and sticking points.
Beware Positive Feedback
Positive feedback from potential customers is seductive. They may shade the truth because they want to be supportive and to validate your idea. If you recognize that you’re receiving kudos (“That’...
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