I was speaking with someone last week who is starting her first business, and predictably she was a little overwhelmed by how many things she had to do. As we were talking, she said things like, “I heard that I should do this,” or, “So-and-so recommended that.” She was also actively looking for validation and answers to her questions, so she kept asking me, “What do you think?”
I exclaimed, “Wow, it sounds like you’re receiving a lot of advice!” She agreed that everyone seemed to have an opinion as to what she should or shouldn’t do and why that’s the best move.
“When you’re a business owner,” I said, “everyone will offer advice whether you ask for it or not. You’ll have people who have never owned a business telling you, ‘this is the way to do it.’ One of the best lessons I’ve learned is to consider the source of the advice.” (So I guess I inadvertently gave her more advice.)
It’s human nature that the people you speak with want to help you succeed, especially when it comes to money, investments, or business ownership. I think this is because when people make decisions that may be right for them, they want you to validate their choices by making the same decisions, so they offer their opinion. Unfortunately, most people aren’t qualified to comment on these areas, and in my experience, the ones who are most qualified are the least willing to offer the advice freely (free will or free money). There’s an old truism that free advice is worth what you paid for it.
When I do receive free advice, I try to look at what adds weight to (or subtracts weight from) this person’s opinion. For example, if I receive advice on financial management or investments from someone who has a lower net worth than I am trying to achieve, I give less credit to their words. If I am receiving business ownership advice from someone who has been a life-long employee, I thank them kindly and generally disregard the information altogether.
What I have begun to do is compartmentalize who in my life I go to for what advice. I now have specific people I go to with management questions, ethical questions, financial questions, writing questions, legal, accounting, relationships, life, investments, etc.
So how do you filter the advice you receive (solicited or unsolicited)? What measures could you take to ensure that you are getting the best advice available to you? Remember: consider the source!
If you enjoyed this post, please consider leaving a comment or subscribing to the feed to have future articles delivered to your feed reader.
{ 2 comments… read them below or add one }
I think evaluating the source is always prudent. Sometimes experience is the great equalizer when it comes to entrepreneurial survival.
I think evaluating the source is always prudent. Sometimes experience is the great equalizer when it comes to entrepreneurial survival.