“In the middle of every difficulty, lies opportunity”

Startup Tip of the Day - How to use Market Feedback to Win - Reagan Pollack

“In the middle of every difficulty, lies opportunity”

Happy Monday Entrepreneurs!

Here’s your Startup Tip of the Day:

“In the middle of every difficulty, lies opportunity”
– Albert Einstein

For every action, there is a reaction. So when we “pitch” a prospective buyer, a potential investor, a new employee on working for us, there will always be a risk that you hear a ‘No’.

So for every potential ‘Yes’, a ‘No’ is automatically baked in. There’s no way to remove it.

So why do we get so surprised when we hear ‘No’? Is it because we are expecting that ‘Yes’? You bet.

So for every challenge that you face, you need to realize that if you look at it with a bit of objectivity (emotional detachment), you can see an opportunity.

For example, a buyer you pitch turns you down because they feel that your item is a bit too big for their shelf space. Is this a reasonable assessment? Maybe. Ok, likely, but you just don’t want to admit to yourself that your box, your little baby of a product, is a bit big boned.

So what can you do? Well, if you view it as a hard ‘No’, then you just got rejected. But if instead, you view it as an opportunity to adjust your packaging to be more retail-ready, and then you source a new package that helps shrink the retail square foot imprint, then you can re-approach the same buyer and tell them that you listened, incorporated their helpful feedback, and reduced the packaging size by 35%, so that they can better maximize their retail space.

You put the buyer first, not your sales.

You listened. You integrated feedback by viewing as an opportunity for growth and change. And you actually improved your product.

As a side effect of reducing the product packaging for the buyer, you realized a reduced cost of shipping yourself, plus the smaller boxes were 15% cheaper from your supplier, so you picked up more gross profit on each unit sold.

From a ‘No’ for X reason, you turned it into an opportunity to grow and adapt. That is what great entrepreneurs do — they listen, integrate, adapt and react.

You just turned a lemon into an even more profitable lemonade stand for yourself!

That’s how we do it people. We must ALWAYS be open to feedback. There are no ‘Nos’, just feedback, reactions, and outcomes.
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