Updated: Aug 16
Earlier this week I was asked to give feedback on an Entrepreneur’s business plan who was seeking investment. It was clear a huge amount of effort and research had gone in, so before I responded I asked “What type of feedback would you like?”
In this case, the basic idea was sound but there were some challenges in the execution which would kill the project 6-12 months down the line and cost the Entrepreneur their dream and the investors their money.
Instead of saying no, I shared the reasons why I could see the roadblocks beyond the horizon, but also suggested a pivot to achieve the same end goal but reduce the capital requirement by a factor of 10 and also the speed to market.
The reason I asked what kind of feedback is because it doesn’t matter what other people think.
If you’re an Entrepreneur it’s only yourself you need to convince.
I am fortunate to be able to solve problems quickly and draw on a wide range of experience which can be deployed to figure out what to do next.
My hope is the 10 minutes it took to read the plan and formulate the response helped this person get closer to their goal, even if their next step isn’t what they thought. It wasn’t investment they were seeking, it was a little help from a friend to achieve a dream.