Scientists say that every child is born with one hundred billion neurons and that during the first years of development. Through various feedback the child creates millions of connections between the neurons, this is learning. Children receive feedback from touching, hearing sounds, smelling, tasting, caring, and so forth.
When children are born their behavior and movement of body parts is erratic, as they receive feedback the brain eliminates the unneeded behavior and reinforces the behavior that is productive and essential to survival, such as eating, screaming and smoother body movements.
Entrepreneurs starting new companies are like children with new brains. They are new, unprogrammed and full of potential. There is no well-worn path. The entrepreneur plays a conscious role of deciding how to form the company during the initial startup phase. They use different feedback from different sources to learn and guide their new startup.
Here’s a list of feedback that entrepreneurs use or could use to learn from:
- The gut feeling – the “gut feeling” is being shown to be caused by all of the neurons that are in the spinal cords and the high concentration of nerves around the spinal cord. Entrepreneurs can use this feedback to see if they are acting congruently with who they are or they are wavering.
- The market says – researching the market is good feedback for the entrepreneur to understand who to target. This feedback could be gathered in several ways, including surveys, finding existing similar products and doing focus group.
- The internet feedback – the internet will give an entrepreneur feedback, if she wants the feedback or not, because people love to write reviews, rate and give their opinions.
- The variable feedback – this is feedback where the entrepreneur presents something different to different people and judges the feedback, this could be the prices, the size and shape, the price points or anything else that can manipulated and changed to cause the response from the market.
- The stuff hits the fan – this is where the entrepreneur actually makes the sale, asks for the check, or provides a form for a credit card. This feedback will validate or discount some of the other feedbacks that were received up until this point. If the “sale” is made, the feedback is validated and the entrepreneur can use this to move forward.
Feedback is very useful for entrepreneurs in starting new companies as it can give them the “real” true image of how they should form the company and which paths they should take.