When you’re a parent, you think that your baby is the cutest damned baby in the entire world – a Gerber baby at his best. But what do other’s think? Have you ever looked at a baby and said – wow, that baby is ugly! It looks smushed and jaundiced – and it has a ton of hair going everywhere! I know you’ve thought it before – but I also know that you’ve never said ANYTHING!
The same is true with entrepreneurship. I’ve watched and seen too many entrepreneurs crash and burn because they were afraid to admit the truth – their baby was ugly. And, just like with babies, nobody wants to tell them that their idea is terrible!
Why The Truth is Scary
The trouble is, the truth can be scary. For an entrepreneur, their idea is something that they have been chasing for a long time. Chances are, they have their heart and soul in the idea. To hear that their idea is ugly would be crushing. As a result, a lot of entrepreneurs put on blinders to the truth. They could ignore facts, be ignorant to user feedback, and as a result, they fail.
In some cases, the truth is scary simply because it’s unknown. It doesn’t necessarily mean that your idea is bad, but you could be going into an undeveloped market and you’ll need to plan accordingly. But, if you don’t take the cotton out of your ears and put it in your mouth, you’ll never listen to true facts.
Assessing Your Idea
“Good” entrepreneurs spend a lot of time assessing their ideas. But they also take action. They aren’t afraid of the truth, but they realize they may have to pivot on their idea based on feedback.
The key to assessing your idea is to make sure that you identify your purpose, find a target market, and build a product that reaches both of those. Entrepreneurs who ignore or are afraid of the truth tend to miss one of those three areas.
For example, I was missing my purpose for a long time when it came to my websites. I was also working too much for myself, and not enough for my readers. I ignored them, and I was also a little afraid of what they would tell me. Online, there is an easy way to assess your market: analytics. Simply pull up your analytics and look at what your most popular stuff is. The numbers don’t lie!
Getting Honest Feedback
Another thing that entrepreneurs are afraid of is getting honest feedback about their products. But feedback is key! You need feedback so that you can improve your idea and make it more popular for others.
A great trick I learned is the Starbucks method. If you have an idea, go to your local Starbucks and ask 3 people if they think your idea is a good idea. Then, ask if they would pay for it. I am always shocked by the difference between these two questions. I would venture that, for most ideas, you’ll get 90% of people you ask saying it’s a good idea. Then, when you ask if they would pay for it, the number of affirmative answers will drop significantly.
If you have an idea that people are willing to pay for, then you’re onto something.
Remember, the people at Starbucks have no other incentives, so you’ll get honest feedback.
Tips To Help
Finally, you can get help in finding the truth. There are options out there for you.
First, you can find an mentor. A mentor is a great way to get honest feedback, especially if they have had success in your niche.
Second, you can join a mastermind group. A mastermind group is a group of like-minded individuals that help each other and give feedback. If you don’t have people nearby to help you, you can always join an online mastermind group. Simply connect with other like-minded people online – like here with our Quitter Nation Mastermind Group, you can find other working individuals that are looking to quit their jobs to become entrepreneurs.
What other tips do you have for entrepreneurs that are afraid of the truth?