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  • Jacob Fohtung

CUSTOMER FEEDBACK IS KEY

More often entrepreneurs want to come up with business plans and pitch decks before actually reaching out to customers or building a prototype to get "real" customer feedback.


I also clearly state here that I am not talking about Customer or Product Market Research. They are invaluable and necessary to do before taking any step to launching a business irrespective of the scale of the business. The point here is having feedback from customers trumps any business plan or pitch deck that you might have. Thus, the key takeaways that I wish to leave here are:





  1. If you are thinking of launching a business, start with a very simple user-friendly prototype that prospective customers can order your service/product or simply just provide meaningful feedback.

  2. DO NOT spend much time on business plans or pitch decks. Yes, they are very important at some point down the road and you should DEFINITELY have an idea on what a business plan or a pitch deck should look like. However, I emphasize not spending more than 60% of your working hours trying make a business plan or pitch deck more perfect. The Customer's feedback supersedes everything else.

  3. With ACTION, you learn more about the market waves, and you will be to have close to an accurate assessment of what the next phase should be or what is required to move your startup idea in the right direction.


Please let me know if you have any questions, and I am looking forward to hearing from you. I am also welcome to suggestions, and if there is anything that you're interested to allow me share about my writing experience .


I write about Venture Capital, Entrepreneurship, Emerging Markets, Podcasting, and More.


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