Advice is something many people love to share, yet some have a hard time accepting from others, even when it’s sound. Perhaps it’s in our nature as human beings to resist being told what to do by others. If that’s how advice is perceived, no wonder people run from it. Who wants to be told […]
Advice
Any Advice Can Be Worthless, or Worse
Ever get bad advice? Sure. We all have in our past. Ever take that advice without question because the person giving it was an investor, a superior in rank, the chairperson of your board? I’ll bet you have at least one story of bad advice taken and being bitten as a result. As one illustration […]
Hire a Consultant; Ignore the Advice
At one time or another, most all businesses use consultants to fill the gaps in knowledge or to provide guidance for management. Consultants are good in that you can sample their work with short projects, change to other consultants quickly, and stop using them when a project is completed. I have a partner in a […]
Take Only “Smart Money” Investments
This statement could be considered controversial. We have previously made the case that professional investors demand more in the form of restrictive covenants and lower valuations. Now we explore the other side of that coin. Professional investors usually bring “smart money” to the table, defined as money that comes along with good advice and great […]
What’s a Company Board Good for, Anyway?
Some of you have gotten along forever without a board of directors, or used your spouse as the “other” board member from the start. But there are some very good reasons to build a great board composed of some outside members. And good board members can add real value to you and the company. In other […]
How Would You Like a Great Advisory Board?
Have you ever thought of creating an advisory board? As you can guess, that would be an informal group with no legal responsibilities, but one able to be called upon to act as business, industry and scientific advisors to you and the company. Usually, you would want to create an advisory board to fill in the […]
The Best Business Advice I Ever Received
Five Rules to Live By I daydream a lot at 30,000 feet. This doesn’t bother me too much because lately it seems like I am getting paid for the things I used to get detentions for, namely doodling and wondering “what if.” On today’s flight, I am daydreaming about business axioms. Specifically, I am thinking […]
The Value of Conflicting Opinions on a Corporate Advisory Board
When President Lincoln was choosing his Cabinet, he turned to his three fiercest Republican rivals—people against whom he’d run!—and top Democrats. Lincoln virtually assured that every meeting would erupt in conflict.
Why You Should Create an Advisory Board for Your Small Business
Starting and growing a business is complex and it’s impossible for you—the business owner—to know all the answers. The more information, talent, and resources you can access, the greater your chances of success. Advisory boards can help. No matter how small or large your firm is, you can benefit from building an advisory board.
What is Good Advice?
Managers and entrepreneurs receive so much advice, and it is hard to know which to follow. I have seen some entrepreneurs get conflicting advice and keep on asking the same questions in hopes of finding a clean solution to their problem.
