Criticism is a valuable contribution to any start-up and even when you’re scaling up.
Why?
Every entrepreneur starts with a vision of a new product or service that will sell even as a relatively modest freelance operation. They do their research which gives a picture of market size, competitors, pricing profiles, potential suppliers, distribution channels etc.
They become convinced and even obsessed about the perfection of their idea and business model. But what if they’re wrong?
There are various ways to explain this:
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Strategic myopia, refusing to look beyond your own view (Rumelt)
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Dunning Kruger effect (look it up on Google)
Some very successful entrepreneurs have been obsessed with their vision and have followed through relentlessly.
However, most just get it wrong by disregarding constructive criticism.
Where do you find constructive criticism?
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Industry experts, but beware that their experience might be grounded in entrenched industry approaches that you are trying to disrupt. This in itself can be useful feedback to confirm the opportunities for disruption.
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Potential customers probably using a minimum viable product (MVP) to test their reaction and finding out their real pain points.
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Mentors who have a good track record in assessing businesses.
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Pitching to potential investors can be daunting but can provide great feedback.
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Don’t use family of friends – they may not want to upset you!