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Rhonda Abrams The Passionate Entrepreneur

Rhonda Abrams, The Passionate Entrepreneur

On Unsolicited Advice

by Rhonda Abrams

Very Good (30 Ratings)
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Posted on Friday, March 2, 2007, 12:00AM

Once you start your own business, the advice pours in from all sides: Your sister has a great idea for a marketing campaign. Your brother thinks you should get a franchise. Your father wants you to be tougher on your employees. And your mother, who's worried about you, suggests that maybe you should really be looking for a job.

Unsolicited advice doesn't just come from family members. Friends, lawyers, accountants, even strangers you meet at networking events or soccer games suddenly become experts when they learn that you own your own business.

It's a jungle out there. Of course, you could just ignore them all and go your own way. But some people have good ideas and insight. How do you know who to listen to and who to ignore?

Here's a handy guide for determining what advice to pay heed to, and who you should politely thank and say, "Could you pass the cheese plate please?"

• Experienced businesspeople in your industry: Listen hard to these folks! Novice entrepreneurs often believe they know better than those who've been around a long time. But the realities of an industry don't change quickly. You can learn a lot from those who've been in an industry. So listen closely even if you don't follow their advice to the letter.

• Customers: You'd better be listening to your customers, because they're the ones who determine whether you stay in business. It's tempting to dismiss the advice of customers because it often comes in the form of complaints. Instead, look for ways to gather as much insight and suggestions from customers in positive situations. Ask for their feedback.

• Employees: Your employees can be a rich vein of insight and advice for your company. Seek it out, listen to it carefully, and use it when you can. Create an environment where employees know their advice is welcome, valued, and given a careful hearing. Employees often know the ins and outs of some aspects of a business better than the owner.

• Investors: Your investors are, in essence, your partners, so the advice-giving and advice-taking process is a two-way street. It's part of your job to help your investors know enough about your business so that when they give you suggestions, it can be informed and well-reasoned.

• Board and advisory committee members: In most cases, people serve on your board of directors or advisory committee because you've asked them to, so their advice should be given great respect. Board members (of corporations) have legal authority, so board decisions must be followed.

• Friends and family: Your family's support is often essential for major business decisions, especially financial ones. If you're taking a home equity loan, for instance, you certainly must have your spouse's approval. In which case, they have a right to have their suggestions listened to with respect.

But on other decisions, remember, people close to you have their own motivations and their own fears coloring their advice. When your spouse suggests you'd be a lot more productive if you didn't work in the living room, he or she may just want to get your stuff out of the way.

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6 Comments

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  • Yahoo! Finance User - Monday, March 12, 2007, 11:15PM ET  Report Abuse

    • Overall: 3/5

    Some excellant advice but it did not go far enough. I wanted to hear more about how to deal with those negative and intrusive advice givers.

  • Yahoo! Finance User - Sunday, March 11, 2007, 4:03AM ET  Report Abuse

    • Overall: 4/5

    Thanks for the article. Good stuff. One suggested caveat. None of these groups should be allowed to confuse the business with the democratic process. Good for government, bad for business. Accepting advice is one thing, but as RA eludes, the occasional 'cheese plate snub' is A-OK. As a specific example, an 'entitlement culture' within the workforce, can be really counter-productive, and it comes exactly from going too far with encouraging unsolicited advice from the workforce. I know that may sound callous, but so what. Also, with resect to customers, I love the Henry Ford quote, 'If I'd listened to customers, I'd have given them a faster horse'. He seems to counter the arguments in RA's article, but let's look closer. He listened to the customer's desire of Faster, and utterly rejected their solution of Horse. This is classic. Customers know what they want, they just don't know how to get there. That's why they are your customers and not doing whatever you do only for themselves. Thanks again RA. Enjoyed the read.

  • rowen0716 - Saturday, March 10, 2007, 1:49AM ET  Report Abuse

    • Overall: 5/5

    those of them that gave a poor rating, most likely are not wise in business.

  • dave d - Wednesday, March 7, 2007, 3:45PM ET  Report Abuse

    • Overall: 1/5

    Yawn, sorry, fell asleep half way down the column.

  • Yahoo! Finance User - Tuesday, March 6, 2007, 8:19PM ET  Report Abuse

    • Overall: 4/5

    This is great advice. I know from having a small business that many opinions will come your way but just remember the most important is your own. There is nothing better than your own gut feel. You should also always get a good Business Credit Card. There are many great low rate Business Credit Cards out there. One of the best credit card comparison sites to find one on is www.CreditCardRadio.com They also have other credit card offers and even home equity loans on this site.

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