What do you do if you ignore feedback in your entrepreneurial journey?

Nobody likes to someone saying "I told you so", but remember when you're likely to hear it - when you have ignored feedback and advice to your detriment. Lack of product-market has consistently ranked as one of the main reasons for business failure. If you don't listen to what the customer wants (continuously, because what they want will change) then you run the risk of building something that you think they want, which is completely different.

If you ignore feedback, you miss out on so many valuable insights. Feedback from our team and clients have greatly contributed to our growth and success. Everyone on your team comes with their own experiences and perspectives and can give you a new way of looking at something. No one knows your customer experience better than your customers themselves, so their feedback often helps improve the customer experience for everyone. Has anyone else used valuable insights to change their processes?

Ignoring feedback can lead to stunted growth for entrepreneurs. Without external insights, there's a risk of becoming insular and missing out on opportunities to innovate or improve. Feedback acts as a mirror, reflecting not just successes but also blind spots and areas needing enhancement. Without it, there's a tendency to keep following the same path, potentially falling behind competitors who are more attuned to market demands and customer preferences. Moreover, the failure to adapt based on feedback can result in products or services that no longer align with customer needs, causing the business to lose relevance and market share.

Feedback doesn't just come from customers and the market. It can also be found using analysis tools such as the business model canvas. If you don't like to hear feedback from someone else (you will learn eventually!), then plug in the various elements of your business and see how it stacks up. You're looking for disconnects and areas for improvement. If all elements are not in alignment, then the business model is not strong (the clue is in the name), and your growth will suffer.

Everyone likes to be listened to. But all the more so when they are paying you good money to do so. Without customers your business will fail - period. So listen to them intently. They are the ones with the problems, they are living with the pain daily. If you won't listen, they'll find someone who will. Someone who will build a better product, or deliver a better service, which addresses the need they already told you about, but you ignored.

Viewing feedback as missed opportunities is key. It's not just about the immediate improvements we can make; it's also about the potential collaborations and networks we might be overlooking. Embracing feedback opens doors to valuable partnerships and mentorships, which can significantly benefit our business growth. Additionally, being receptive to feedback showcases our willingness to learn and collaborate, qualities that can enhance our reputation and attract investors and industry peers alike.

Business doesn't happen in a vacuum. People talk to each other, interact with each other, partner with each other all the time. They want to create value all the time, for their customers, and for their partners. If you don't proactively and constructively engage in these conversations, you will be left behind. Worse still is to engage and then ignore. It can smack of arrogance, and that's a negative Now that's different from disagreeing. Disagreement is fine, so long as you do it constructively. But remember, the customer is the one with the problem which you are solving. You cannot solve a problem if you ignore their side of the story.