Watching recent episodes of Shark Tank India. One thing which took my attention is the way business enthusiasts handle criticism. Some were very good and some might have given up. Also, it took me to the past when I started my first business, the negative comments accrued quickly. Some of the opinions from friends and family were born of legitimate concern. But many remarks quickly strayed into a confidence-sapping territory, such as “But you’ve never owned a business before!” or “That’s crazy. How will you raise the money?”
I heard critiques while starting Cybertronics “You know nothing about this industry. How are you going to succeed?”
I’m sure every entrepreneur has heard this stuff, at least to some extent. My piece of advice is to block most of it out. If you have a passion for what you’re doing backed up by due diligence and access to capital, ignore the background noise and press forward. In my experience, many naysayers project their insecurities; they view the concept of entrepreneurship as a risky endeavor and can’t imagine taking that leap. Put those perspectives in a box, set it on fire, and then drop the ashes in the ocean.
But, the negativity certainly doesn’t end there.
Unfortunately, I've found criticism will likely only grow as you go. Ironically, once you’ve proven the first wave of doubters wrong and achieved some success, an entirely new crop of critics can take their place. Whether you’re Mukesh Ambani or a local shop owner seeing high quarterly numbers, you'll likely still receive some negative feedback.
The nature of negativity changes along with the critics,
Similarly, on social media, you might encounter someone critiquing your business. Sometimes, you just need to shrug it off. Other times, you should handle it with professional, kind words and a smile. The key is to fight fire with water. Respond to criticism that is relevant or can harm the company with facts, but brush off the things you can’t change.
In every case, an entrepreneur needs to develop a thick skin and work at checking their emotions. However, not every case — or criticism — is a bad thing. And this is where things can get tricky. How can we separate the valid critiques that keep us in check and improve how we do business from the negative noise?
It's important to also stay grounded, open, and accountable.
I learned that a tactic for staying accountable and open to criticism is to make a list of people you trust and whose opinions you value. Remain open to these individuals, and listen to their feedback. Their comments might regard how you act as a leader, business owner or person, depending on the circle you choose and their intent. This is the type of criticism that you should really soak in and act on.
A version of this tactic has served me well in my life and career, and I believe it could likely work for any entrepreneur. My sister, for example, serves as one of my accountability partners when it comes to my personal life. In contrast, an invaluable group of colleagues in my industry helps me analyze the opportunities and mistakes encountered in my business — and often holds me accountable for them.
The formula is simple: Identify the people you trust who have your best interests at heart and possess sound judgment. I recommend listening to them actively and ignoring most of the rest. These aren't the only individuals who will levy valid criticism against you, your leadership, or your company, but they can help you assess outside negativity and decide which things are worth taking to heart.
Always remember "Money and success follow attention, you won’t get either without attracting criticism".
Learn to handle the criticism.
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