ENTREPRENEURS TOP COMMON MISTAKES (3) – Living in your silo

Last week we explored the risks of “going blind by your own desires”. This week we are going to review the next top common mistake in my list that I have come to call ‘living in your silo’.

Living in your silo clearly jeopardizes your ability to see and understand what is going on outside. We all are usually inclined to stay within our comfort zone. This comfort zone creates a feeling of security. We know how things work there and we have certain degree of control over what is going on.

I would tell you that as soon as you feel comfortable it is time to get out of there. I haven’t seen any startups flourishing in a comfortable, calm and friendly silo. What I’ve seen are successful entrepreneurs getting out of their small rental offices or house garages and talking to clients to learn and understand more about their products and services. They have the ability to learn directly from customers which are the corrections that they have to apply to their original plan.

I would encourage anyone who really wants to increase the odds of being successful to collect as much feedback as possible and as soon as possible. If you want a valid and accurate piece of information about your offer in the market you have to ask the right questions. Don’t ask the questions to get the answers that you want to hear.

I’ll give you an example.

Someone who wants to have a useful and valid response would ask:

“Would you pay $100 on a monthly basis during two years for using the app that you just tried?” (Of course you have developed a prototype that your potential customers can try)

If the potential client is honest you will have a valid data point.

On the other hand, someone who wants to hear what she already knows would ask:

“Did you like how quickly the app shows the info requested?”

If the response time is decent your potential customer will probably say yes. And you will conclude that the guy will pay a subscription of $100 USD a month for ever. “I am positive he will pay it. Come on… the guy was fascinated with the power of the algorithms I was able to develop. I knew he would love it...”

This may sound like a pretty stupid example, but unfortunately it is much closer to reality than it should be. Think about it and try to extrapolate the example to your real world. You need to know if the client will buy it; and why; and for how long; and what you could improve to make it more attractive; and any other aspect that could help you to present a better product in the market.

Remember to leave your comfortable silo, jump into the arena, ask the right questions and listen carefully and mindfully to any piece of information coming from those who will make you successful.