How to receive feedback
For entrepreneurs, feedback comes in all forms and sizes. Whether it’s from a friend, a user, an adviser, or an investor, it’s important to: 1) maximize the value of the advice being offered, and 2) maintain a good relationship.
In this post, I focus on feedback from investors. As an investor, it’s easy to give ambiguous responses after a pitch; you don’t want to be discouraging, or presume to know more than you do. At Pear we try to give an honest feedback so the time we spend with founders is valuable to them, even if it doesn’t lead to an investment. Sometimes, this leads to awkward dynamics if an entrepreneur doesn’t switch from “selling” to “receiving.”
What to do when critical feedback is offered
Responding to feedback may come across as argumentative or defensive. This won’t change anyone’s mind! In fact, it will likely harm the relationship and minimize the chance of any future involvement.
When feedback is being offered, first and foremost recognize the other party’s attempt to be helpful. Stop pitching, and listen carefully to understand where they are coming from. Even if you disagree, there‘s always a valuable observation, whether in the feedback itself or in the effectiveness of your message: either your audience understood you and is offering a useful advise, or your message wasn’t effective and you now have a data point on what you unintentionally implied.
The 3 step process: Collect, Reflect, Engage
So what should you do when receiving feedback — particularly when you disagree?
First, take a step back and ask yourself if the investor has already made their mind. When they stop inquiring and start offering advise, it’s time to switch gear:
Step 1 — Collect (and clarify)
- Take out your notebook and start writing. This sends a signal that you value feedback, and buys you time to process.
- Listen! Don’t feel like you need to respond to everything on the spot. In fact, only respond if you have very strong data to share — data that might reshape the conversation.
- Ask them to expand or give examples. Ask them what metrics to measure, what good looks like, etc.
Step 2 — Reflect
- The conversation doesn’t end when the meeting does. Go home and reflect on what you heard. Try to understand their underlying concerns, and figure out how to address them best.
Step 3 — Engage
- If you have more data to share, or you have questions, or you really think you didn’t communicate something well in the meeting, write out a solid email the next day. It’s perfectly ok to do follow-ups and make your case. This buys you time to think, gather data and insights, and write a good response that addresses underlying questions.
It’s ok to add delay to these steps rather than reacting to feedback immediately on the spot, which is a common mistake. Rather than coming across as combative or not open to feedback, this makes you seem thoughtful, mature and self-aware. You’ll foster positive relationships where people feel comfortable to share their honest feedback with you.
This takes practice! It’s a good idea to reflect on how your meetings go; if you sense friction, figure out which steps you need to work on.
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Finally, message me with your own experiences; I’m happy to update this with more tips and actionable advise. Also, here’s a good read on how to give feedback: https://crew.co/blog/6-qualities-of-good-feedback/
