Boodopt Startup Diary #3: 2 ways to hack your brain to become more entrepreneurial
What would you do with a bunch of data you have just gathered from your consumers? Filter, slice, dice, or take an average maybe? I am sure you have heard the developers’ mantra: “Garbage in Garbage out”. You probably don’t need me to explain how to analyze data. For that, there’s enough reading and software available to make your life real simple.
I want to share about two ways to acquire data; how I have gathered consumer feedback through unorthodox methods. There won’t be any discussion about methods such as hypothesis or AB testing.
- Skip the pitch
Recently, I was given a chance to share my business idea with a group of aspiring entrepreneurs. There were two other start-ups speaking before me. Rather than featuring the founders, the two start-ups decided to field their interns. This was quite a surprise because I had believed that a founder must be the one articulating his/her business idea in any situation. Why would these founders rather sit back? Before I could conjure an answer, it was our turn so my co-founder and I took to the stage swiftly. Right then and there, I had an epiphany just as my body switched into presentation mode; effectively shutting out all voices in my head except one, “How can you observe the audience in entirety when you are so busy recalling your next line?”
you as a business founder can learn more about your business by passing up on speaking opportunities
By ditching the pitch; not only can you observe how people react to your idea, you can also hear how your employees perceive and express the business in their own words. When questioned by CNBC about his service priority in Alibaba, Jack Ma replied, “Customers first, employees second, and shareholders third”. While you won’t be receiving astronomical data about consumer sentiments, ironically, you as an entrepreneur can learn more about your business by passing up on speaking opportunities.
2. Harness the negatives
In a start-up, there are plenty of deals and decisions to make every day. It’s unlikely for us to win them all. How can we deal with such poor odds then? I think the keys are in the mind-set and how we react to negatives.
Late last month, I was at a start-up conference featuring some established start-ups in South-East Asia. After the panel session, I spoke to 2 of the founders featured and they were quite excited about what I am doing at Boodopt. Contacts were exchanged and we agreed to discuss further with their product managers present. This was where things got interesting. My conversation with the third speaker quickly went south. He dismissed my idea as useless because it wouldn’t be able to provide his company with representative data. Moreover, the speaker claimed that his company could easily replicate what I was doing.
Every negative opinion is an opportunity to discover insights
I would imagine most people to become pretty distressed here. I almost got defensive but quickly stopped myself. Every negative opinion is an opportunity to discover insights. Since this gentleman was shooting my idea from the business angle; maybe he had a point! Acknowledging his criticisms, I replied, “You’re right; that’s one of the problems I am having trouble cracking. What would need to happen for your company to be interested in using our service?” He was taken aback at first but candidly went on to share about the crucial value propositions he wanted to see. On top of that, he helped me analyze my growth strategies and we parted with him expressing that he would like to hear my updates.
With the right mind-set, negatives can expose us to much more information and opportunities. Rather than shy away from them, why not transform negativity into a powerful ally. Having an unbeatable mindset will go a long way for start-ups and will likely make the journey much more enjoyable!
