5 essential tips for managing feedback as a startup
Tags: Startup Lessons, Proptech, Startup, Venture Capital, Mentoring

Strategy brainstorming with Esha Vatsa, Isobel Wilson and the GroupLadder team

Boom! At Pi Labs we have completed the first month of our seventh programme, in which the Cohort 7 founders accumulated a vast amount of knowledge and feedback. In just five weeks we introduced CRIBZ, Decology, GroupLadder, Pop&Rest, RenterBuyer and TRACK to over 40 reputable mentors and advisors. This diverse group comprised of industry experts, entrepreneurs and investors, who provided the companies with invaluable advice on how to grow their businesses.

Getting feedback on what you’re building is a critical foundational element for developing a successful startup. Through our growth programme, a simple introductory conversation has often been the beginning of some fruitful partnerships and a catalyst for new ideas and accelerated strategic growth. That said, meeting a large number of people and understanding all of their opinions can be intimidating and if not managed properly, can do more harm than good.

Why is that?

Simply put 40 people equates to 40 different opinions, that often contradict each other. It can be hard to determine which one is right because they are all given by experienced professionals, each with solid reasoning.

I thought it was an apt time to share some of my thoughts on how to best utilise the time of your advisors during your journey of building a company.

1. Listen more and talk less.

Mentor meetings are a unique opportunity to get vast amounts of knowledge and experience from industry experts, condensed and distilled for your convenience. Don’t waste that by trying to justify what you’re doing. The best way to escape the trap of trying to rationalise every decision you’ve made is to think of it this way — the people you are speaking to know things you don’t. Knowing these things can be incredibly beneficial to your business, and the purpose of a mentor session is to unlock those valuable insights.

On top of that, by becoming defensive, you run the risk of not showcasing yourself as a leader, which can cost you future opportunities. The ability to accept feedback constructively is something I am personally paying close attention to when I evaluate companies for investment at Pi Labs.

2. Accept there are no right or wrong answers.

We often expect more experienced people than us to have all the answers and tell us precisely ‘this is what you need to do.’ I think this stems from a mentality trained in school, where from day one we are often taught that there is a single version of the truth and we are assessed based on our ability to find the right answer. Like a lot of lessons we learn in school, this does not translate to the real world, yet it is so deeply ingrained in our psyche it’s hard for us to accept there’s no clear answer. Hearing two opposite opinions can often result in frustration.

I would recommend you analyse the different opinions you’ve heard, do further research on them and use that information as one of the inputs in your decision-making process. In the end, it is up to you as the founder of the business to decide how to run it; the rest of us can only give you ideas and our personal experiences.

3. Take notes.

Whatever brilliant advice, useful statistic or even work gossip you absorbed during a meeting, especially in a series of mentor sessions, there’s a high chance you will forget it. I’ve seen it happen over and over again, so I can pretty much guarantee it will happen to you. Even if you remember what was said, you might forget who said it, making it impossible to follow up with them later. I’ve found the best way to manage this is to have more than one person in each meeting — one to speak, one to take notes. Easy.

4. Follow up.

Following up sounds simple, but you would be surprised how many people overlook this critical part of business relationships. Ensure you follow up with everyone you meet. Your contacts dedicate time, energy and effort to help you, so the least you can do in return is say thank you. It’s common courtesy, and if you ever need to reach that person again, you can work from the basis of your professional relationship. A simple email follow up, can pay in dividends in the long run.

5. Don’t spam.

A follow up is essential, however, including someone in your regular communications such as your newsletter, without their consent, is cheeky at best. The best approach is to be transparent and to ask openly if they would like to receive ongoing communication from you. If they don’t, it’s not a sign they don’t like you or they don’t want to stay in touch, but forcing it might guarantee that will become the case.

Finally, it is important to remember that you, the founders, are the people driving the vision forward. You have the best knowledge of your business and you are the ones calling the shots. Your investors and advisors appreciate that, and we trust you with our time and resources to make the best decisions for your company. Use whatever help you can get along the way and make great things happen!