On Unsolicited Advice

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?"

тАв 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.

тАв 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.

тАв 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.

тАв 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.

тАв 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.

тАв 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.