You’ll learn
- How to spot real investor interest
- Secrets to engaging conversations
- Gaining commitment, not just compliments
- Why understanding your audience matters
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first KEY POINT
Getting honest feedback isn't as simple as it sounds. Most times, you might not get direct feedback from a friend because they feel it is their responsibility to encourage you instead of making you feel bad. Also, some investors might pretend to like your new idea just because they want you to quit talking. At this point, you are now faced with the problem of not knowing if your business is a great and profitable idea, even though people around you might not be truthful.
One of the reasons it isn't very easy to get an honest response from friends about your business or idea is because you do not ask the right questions. In the following chapters of this summary, you will learn how to structure your questions to get truthful answers from your interviewees, even if they're your close friends. You will learn how to ask questions that pass the Mom Test, a series of questions that enables you to talk less and listen more about the life of your potential investor or customer instead of your idea, and the specific past details instead of opinions about the future. The 'Mom Test' involves asking questions so straightforward that not even your mother can give you misleading answers.The following chapters will show you how to deal with investors, pitch your ideas, and follow through until they invest (if they're willing).This summary will also shine a light on the importance of avoiding the mistake of mentioning your ideas too soon and how you can improve your customer conversations.Did you know? People are inclined to help, yet they often need a reason to do so.
second KEY POINT
To become a successful entrepreneur, you must be skilled when asking questions, especially those that will point you in the right direction. By doing so, you are developing and advancing your business idea.

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