Posted by Shivali Anand
July 6, 2021 | 4-minute read (761 words)
When you have a new business concept, you probably can’t wait to share it with others in hopes that they will love it as much as you do. However, you may receive negative comments about your endeavor. This is usually an indication that you need to put more effort into the idea.
This guide outlines how to effectively respond to negative feedback, including whether to drop the concept entirely, alter it or undertake further evaluation. The upside is that is that if your startup concept already fulfills the three requirements listed below, it is most likely workable.
Your concept should:
Develop a complete understanding of your business concept, its value in today's market and its long-term potential before seeking input on your startup. If your concept solves a real-world problem, you're on the correct path. In an ideal situation, your concept or product will help people today amid the pandemic and will still be helpful in five years.
- Solve a real problem
If your company’s concept is viable given existing market conditions, you're on the right track. However, a successful company concept a year ago may be less successful now, or vice versa. As a consequence, it is critical to seek professional advice to validate your company concept.
Consider fine-tuning your business idea by gaining a better knowledge of where customers' requirements are leading and what challenges they may encounter, such as high costs, the necessity for home delivery or privacy issues. Empathize with potential consumers and focus on how your concept will benefit them.
- Keep pace with demand
Successful entrepreneurs begin by establishing the distinct value they can provide to customers. You set yourself apart from competitors by solving an existing problem uniquely or more efficiently. Alternatively, you may modify your company approach to provide extra value to clients, such as by offering quick delivery or the use of solely renewable resources.
With thousands of new firms starting up every year globally, the odds of coming up with a unique company concept are becoming smaller. Even delivering a product or service that is identical to an existing one but provides a unique experience might offer you a competitive advantage. Keep in mind that if your rivals can readily catch up with your product, you'll need to devote time and money to obtain legal protection for your intellectual property.
How to get the right feedback
Begin by approaching a trusted group of advisers to share and get feedback on essential field learning. Once you've gotten some feedback, make a demo, tweak it and pitch it again. In the case of poor feedback, the four techniques below might assist you in pivoting intelligently.
- Provide unparalleled value
Finding the appropriate individuals is one of the most important aspects to consider when proposing ideas. Identify industry experts, tell them about your product and use their knowledge to develop the best solution for your business. Solicit input from these advisers and invest time in understanding your target market. Their feedback may be utilized to create polished but straightforward examples and refine the process for getting relevant domain knowledge.
- Enlist the help of professionals.
When someone rejects or criticizes your work, make an effort to listen carefully and understand what they're trying to say. Keep in mind that just because you worked on your product for hundreds of hours doesn't mean others will like it. Rather than focusing on the fact that someone doesn't like your product or pitch, use their criticism to enhance your concept.
- Listen carefully to what is being said.
In their early phases, most businesses face negative feedback, criticism and even rejection. It can help your company develop if you can learn to accept and use feedback to your benefit. And if someone rejects your product or service because of a flaw you can fix, it's okay to say it and ask for more time to improve it.
- Acknowledge and request time.
Start by understanding that feedback is only as good as the person offering it, so if it's negative, examine if the facts back up their claims. Remember that the benefit of a critique is that it allows you to learn from multiple perspectives, giving you the ability to recognize and address difficulties. When you get negative feedback on your startup, take advantage of the chance to ask the individual who offered it for further details. From the beginning of your journey, constantly modifying your product or concept based on such input can help you adapt to ever-changing market demands.
- Evaluate the feedback.