3 Tips for Evaluating Feedback on a Business Idea


From Michael Burcham

When you’re trying to build a new business, everyone around you seems to have all the answers to your most perplexing challenges. You’ll meet with advisors, mentors, friends, family and potential investors who will push you to think about your idea differently. How do you deal with the influx of all this "great advice"? 

Here are 3 points to consider when getting advice:

1.  Does the person giving advice have insight into the industry or are they just giving you a first reaction with no real market knowledge.  Insight from an industry expert is priceless - opinions of someone who was half-listening to your story is trash.

2.  Listen intently to what you're hearing - never interrupt to defend your idea.  What you're most likely to learn is how well you are (or are not) communicating your idea.

3.  Consider the source - has this individual ever built a business?  Would you want to be "like" him or her?  Do you wish to model after their success?  If the answer is no, then be polite and simply consider their point of view without feeling pressure to take it.