7 Business Truths Every Entrepreneur Needs To Know For Successful Business Run

Mentoring Skills
Published on
February 25, 2016

Asking for constructive feedback on a product's product-market fit is undoubtedly one of the most challenging aspects of becoming an entrepreneur. While many entrepreneurs approach user discovery intending to understand what the target market thinks, many want to hear confirmation that their idea works, not criticism that there are improvements to make. As Jack Nicholson famously said in A Few Good Men, "You want the truth? You can't handle the truth!" The reality is that to ensure that you are on the right track, you must absorb and process all feedback, good and bad.  

Many founders have shipwrecked their companies simply because of their resistance to hearing bad news, despite warning signs during initial meetings with friends, family, colleagues, and business associates. Your inner circle's comments can help you rethink how you define, deliver, and explain your product in sales meetings and pitches and prioritize which features and functions to emphasize.

Keeping an open mind is necessary for entrepreneurs to build products and services that address an actual market. That being said, every meeting - regardless of with whom - should be taken with a grain of salt. There's no perfect solution to any problem, nor a consensus on what a problem even is.  

Must-know truth

Being a founder It's your job to know when to act and when to say "no," but you'll need as much data as possible to do so. If not, what problem are you even trying to solve with your company? Try to understand and learn more from the feedback, as it will help you grow your organization.

The following are the must-know truth that every entrepreneur should be aware of for a successful business run:  

  1. Stop Overthinking

Do not overthink a meeting in the hours leading up to it. You'll become stuck in a particular narrative, which can be the kiss of death, as few sessions ever go exactly the way you've envisioned. New products are incredibly unpredictable, so keep an open mind and low expectations.

  1. Opinion Validation

Do not seek others' opinions only to validate your own. Make sure you are looking for an unbiased rendering of your product, complete with fundamental flaws. Not everyone will view your project as positively as you do, and your "yes men" can do more harm than good when the project goes live.

  1. Proper feedback

When asking for feedback, give time to develop the good, bad, and ugly entirely. It is the only accurate way to validate your solution and help you position it in the market.  

  1. Market understanding

Seek out people who have a nuanced understanding of the market you're seeking to enter. These advisors should be already involved in the target market and give you a natural look into how your idea would work in their world.  

  1. Be prepared for criticism

Be sure that you're ready to hear criticism. While this might seem obvious, many entrepreneurs do not prepare themselves emotionally in the same way they prepare professionally. Mental strength is a critical component of surviving the entrepreneurship cycle and is an essential aspect of any success story.  

  1. Dedicate time

Take notes and dedicate time to rehashing everything that was said. It is a must for any entrepreneur genuinely interested in developing a keen sense of how the public perceives their product or service.  

  1. Do soul searching

Understand that you will need to do some soul searching at the end of this journey and almost certainly make some alterations to your game plan. Leave room in your business model for change, either due to your customer discovery interviews or normal fluctuations in the market. It will help you prevent needing to retool your idea when you're much further along wholly.  

With these seven simple reminders, you can turn a good idea into a great product or service and find the kind of support that you need to catalyze your success truly.  

If this post was helpful, please consider sharing it with your network - you never know who needs to hear it. Also, sign up for a demo here! Our vision is to create a mentoring planet in which true equality is achieved, and hard work is rewarded, but it's only possible with your participation.

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