Why do most of the startups end up failing even when they had done everything right? Write a business plan, develop the prototype, Raise money to build the business, develop the product and then execute the plan. Why, then, did they fail? Because they believed so much in their product which made them ignore negative feedback from customers.
Yes. Too much of belief and determination can lead you into a trap. Don’t spend years building a product based on a vision that no one else shares. Be flexible. Welcome negative feedback. Trust me it’s going to help you.
Don’t end up years of your life building a product which no one is ready to buy in the market.
Business Pivots are good after all. If you can closely observe succesful companies like Twitter, PayPal, Fab, Flickr, Instagram and many others have pivoted their business idea over a point of time. What made them do that? It’s because they listened to the customers before building the product.
Customer feedback is the key. Once you decide to work on a particular idea the first thing you need to do is go out and talk to your customers. Listen to what they say. Never ever ignore negative feedback at idea stage. Once you have the feedback be flexible to modify your idea to align it with the customer needs. Repeat the cycle until your customers are satisfied to buy your product. Until then don’t even think of spending so much of your energy,resources and time on building a product which your customers aren’t willing to buy.
Long story short : Look through the eyes of your customer.Never ignore the negative feedback. Consumers are taught to not spend.Remember.When you are not sure what to do, the best would be is to follow the customers.
