Putting it out there again!

This blog is getting more and more personal, but through sharing real life experiences, entrepreneurs and business leaders are hopefully able to gain some insight into what makes an entrepreneur tick, mistakes that some of us make and some real life business goings-on that affect us in so many ways.

Last week, I sent my Information Memorandum out to a number of my friends. When I say friends, they are business leaders, and some of them are in the most successful 50 business people in Australia. The first lot of feedback was awesome. Immediately I was put on a high with positive comments and encouragement.

Yesterday, I received from 3 different parties some constructive feedback; Information Memorandum is too long, you need to have the financials in the IM, covering letter needs to say what the financial upside is and where's the Gantt Chart?

While the financial projections have been done for 5 years, I was told by a couple of parties that you only send this in the second contact after the person/company has read the IM. So, I have held off on this. I was also notified that I only need 3 years, but I am a bit confused because it is a 5 year plan. Not sure who to listen to here.

The Gantt Chart and manuals are all complete, but as with the financials, I was told not to send this through in the first instance.

There are so many differing opinions that it is hard to work out which direction to take. Perhaps a bit of everything is worthwhile taking into consideration afterall, these people do this everyday. Like most things, it is subjective to the person looking at the IM.

In any case, it was my first piece of constructive criticism which set me back momentarily and had me second guessing as to whether I should have sent it out without taking it to someone and going through it page by page.

Overall, I am happy with the result, but feedback should always be considered and if you put yourself out there, then you have to expect sometimes you won't like what you hear.

Mellissah Smith is a serial entrepreneur and business leader with more than 20 years' experience in marketing.
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Mellissah Smith

Mellissah Smith is a marketing expert, author, writer, public speaker and technology innovator. Having worked with more than 300 companies across technology, medical device, professional services, manufacturing, logistics, finance and health industries, Mellissah has a well-established reputation as an experienced marketing professional with more than 20 years experience. As the founder and managing director of Marketing Eye, she has taken the company from startup to a multi-million dollar enterprise with offices in Australia and the US. Mellissah is also the Editor in Chief of Marketing Eye Magazine, a quarterly magazine that cover marketing, entrepreneurship, travel, health and wellbeing. #mellissah #marketingeye

9 comments

  • David
    David
    18/05/12

    Any feedback is good feedback, whether its praise or criticisms. Having worked in hospitality, feedback is one of the most important things for a business. Any bad feedback we recieve from customers are taken seriously so that we can use it to improve service and quality of the food. Feedback is what gives us direction that is vital to help us grow.

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  • Marco van Olst
    Marco van Olst
    20/03/12

    Negative feedback is the way to grow in business, in youre private life and at school. Sometimes it is not nice to get 'negative feedback', because you think you are doing right, but someone else doesn't. But actually you can not say 'negative feedback', because it isn't. Negative feedback is in most cases constructive critisicm, and you can learn something from that feedback. So I appreciate it when I get 'negative feedback', because I am sure that you can reach your goal, and it helps you to improve yourself.

  • Brittany
    Brittany
    19/03/12

    Constructive criticism is such an important aspect to help develop skills. Hence the name "constructive", the feedback is meant to make you improve yourself yet sometimes it is hard to accept.
    By listening to an objective viewpoint, you may realise things about yourself that you were unaware of which you can improve.
    Constructive criticism can happen in any form, from your boss to your parents to your boyfriend, the most important thing to do is listen and take it on board.

  • Angela Ngo
    Angela Ngo
    15/03/12

    Now that I'm about to graduate from my design degree later this March, I've learnt a lot of things not only about what's out there in design but also about myself much more, and one of the biggest lessons I've learnt is that you should never be afraid of all kinds of feedback when it comes creating successful projects. I use to be quite fearful of what others might think of my approach to a certain kind of project and whether I was doing right or wrong to the point there were times that I didn't want to go to class mainly because of it. I learnt to let go of it when I got to third year when a certain university tutor of mine told a very fearful me to try and believe in myself a bit more and if I still got it wrong, it's okay, there will always be a way of fixing the problem.

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