Starting a new business? Why you need a robust feedback system.

On this year's National and International Coffee Days, while there is and sure to be no shortage of folks sharing celebratory/commemorative content on social media, a post (on Linkedin) by Mike Bloomberg caught my eye.

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Those of us old enough to remember, associate Mr. Bloomberg's name with the once ubiquitous stock trading "Bloomberg terminal" introduced by his eponymous firm.

Almost every Wall Street firm, well, the most prestigious ones anyway, used those workstations - with the funky colored keyboards and dual monitors. Having one meant you had arrived as an equities trader.

I am sure there was more to it than that but that's what my association was and has always been: Trading stocks.

Bloomberg would go on to transom his financial tech company into the global media enterprise it is today. That is, of course before venturing into politics as a three-time New York City mayor, presidential candidate, philanthropist, and so on.

Anyway, his post was pretty simple yet powerful.

A trip down memory lane about how when he first started out, he would roam the trading floor of then new and first client: Merrill Lynch, sharing Coffee with the folks who were at the front lines of the firms trading business to get feedback about their honest experiences using his company's maiden product.

"After starting Bloomberg LP and finding our first customer -

Merrill Lynch - I wanted feedback on our computer terminal we had built. So in the morning, I'd arrive at the deli across the street from Merrill's headquarters at 6 a.m. and buy coffee (with and without milk) and tea (with and without milk), plus a few sugars on the side.

I'd go up and roam the floor looking for anyone sitting at their desk. Sometimes people were working or reading a newspaper - either way, they didn’t want to be bothered. But I'd walk up to them and say, "Hi, I'm Mike Bloomberg. How about a cup of coffee or tea - I'd just like to ask you about the terminal." And if they wanted milk or sugar, I had it. Nobody can say "Get outta here" if you just bought them a cup of coffee!"

It is hard to overstate the fundamental importance of the core function of what Bloomberg was doing, as a startup and even well-established firms: A complete dedication to connecting with the folks who consume your products on a daily basis to get valuable feedback.

Large corporations have, for the most part, mastered this part of doing business and work to improve the products they sell every day using the feedback collected from their customers.

Entrepreneurs, since most of us are so emotionally connected to our businesses, find it hard sometimes to receive feedback that does not praise and regale our efforts.

It is super important for startups, especially those run by solopreneurs, to invest in systems that allow for honest and open dialogue with one's customers and comprehensive ways to improve product quality using customer feedback