Feedback is the term I have used to describe the skill of ensuring favorable outcomes through constant and open communication. Therefore, feedback in this regard has to do with both providing and receiving information, that is to say, the entrepreneurial leader has to see it as a two-way street.
This is part 5 of my short series where I exhibit practical methods, actions and activities that entrepreneurial leaders can utilize to better sail through uncharted water. Today, we look into developing a feedback culture to promote shared learning.
On the one hand they track progression, follow-up on set goals and gather information. But on the other hand, they can also offer advice, show appreciation and provide information to their employees.
Thus, you must both build a high-expectation vision and simultaneously convey confidence in your employee’s ability to carry it out. In this fashion, feedback both informs you, as the entrepreneurial leader, to make better choices yet also creates an ‘everything is possible’ atmosphere in which your employees see mistakes as learning opportunities.
Feedback being a key component for growth and improvement is hardly a new idea. People like Musk, Gates, Lake and many others often talk about the importance of developing a feedback culture within a company or organization.
“By creating a feedback culture within your office, you ensure that people continue to learn, grow, and challenge themselves.” - Neil Blumenthal
Here are a few methods and actions you can implement this week to promote feedback as an integral part of your company culture.
Act as a sounding board
Identify a few individuals and set up weekly meetings in which you will act as a candid sounding board. Talk about their personal and professional goals, their struggles and ambition. Just remember to listen before you talk, don’t rely on platitudes and try to really understand what is behind the story (emotional subtext).
Set goals together
Set goals that are constantly scrutinized and revamped in accordance with the status quo. For example, you may set up individual goals on Mondays, which are then reviews and discussed on Fridays. Constantly tracking progress is important for them to retain any meaning. These goals are not meant to become a burden to your employees but should rather allow them to develop their career and personal goals. The continuous feedback from your conversations will build trust and promote a culture of feedback that may trickle down into the very foundation of your company.
That's it for my 5-part series on entrepreneurial leadership. I hope you enjoyed reading it and remember that you can always reach out to me if you want to discuss these topics further!