Having managed businesses for over 40 years, Mike Smith, Director At BusinessExpert has come across thousands of advice on how to succeed. Discerning between good and bad advice is a crucial skill that every entrepreneur needs to master. So here are five ways to help filter the good entrepreneurial advice from the bad.
Identify the Source
The first step is to consider the source of the advice. Is it coming from a successful entrepreneur who has overcome the same challenges? Or is it from someone with no entrepreneurial experience? Understanding the background of the person giving advice is crucial.
Senior entrepreneurs who have weathered business trials may offer insights from personal experiences rather than trends and intuitions. Their wisdom can be invaluable in providing practical guidance that has stood the test of time. On the other hand, advice from individuals without relevant experience should be approached with caution.
Contextualise the advice
Good advice often comes with context. It is tailored to specific situations. Generic one-size-fits-all scenarios do not exist. While there may be some universally applicable principles, the real gems are those specific to your business, industry, and current situation. Beware of advice that appears too general or vague, as it may not offer the detailed insight you need.
To contextualise the advice, consider how it aligns with your unique circumstances. Reflect on the challenges you’re facing, the nature of your industry, and the stage of your business. Seek out advice that takes these factors into account, as it is more likely to provide practical and actionable guidance.
Do your research
Cross-referencing advice with credible resources can be a useful way to evaluate its validity. The internet is a trove of business advice, case studies, and expert opinions. However, not all sources are trustworthy, so it’s important to exercise discernment.
Always use trusted sources when conducting your research. Seek reputable publications, industry experts, and well-established business forums. Remember, just because something is online doesn’t necessarily mean it’s accurate. Verify information from multiple sources to gain a well-rounded understanding.
Test the Advice – One of the best ways to filter advice is to put it into practice on a small scale. Run a low-risk experiment based on the advice and measure the results. This approach allows you to evaluate the advice’s effectiveness within the context of your business.
Real-world testing can provide a clearer picture of the potential impact of implementing the advice fully. However, it’s important to note that only some advice can be easily tested, especially when it involves long-term strategies or subjective factors.
In such cases, you might have to rely on your intuition and judgment, which brings me to my last point.
Trust your gut
At the end of the day, you know your business better than anyone else. If a piece of advice feels wrong or conflicts with your vision and values, it’s likely not the right advice for you. Trusting your instincts is crucial in maintaining the authenticity and integrity of your entrepreneurial journey.
There’s a delicate balance between being open to new ideas and preserving the core values and vision of your business. Trusting your gut allows you to navigate this balance effectively. While it’s important to be receptive to new perspectives, staying true to your unique identity and long-term goals is equally important.
Remember, not all advice will be beneficial, even from successful entrepreneurs. It’s essential to develop a discerning mindset and actively filter the advice you receive. By identifying the source, contextualising the advice, conducting thorough research, testing it in practice, and trusting your gut, you can sift through the noise and find the advice that best suits your unique business needs.
By incorporating these strategies into your routine, you will better resist the urge to look for magical formulas and instead keep a cool head, using the necessary tools to start your entrepreneurial journey with confidence and success.
