Good advice and where to find itby Derek Lidow Last week we discussed how you can filter out bad startup advice. There is still plenty of good advice out there, you just have to find it, which is now easier to find because AI can help your searching. People with similar backgrounds to you and have achieved what you aspire to achieve are valuable case studies to read and learn from. You are not getting their direct advice but you are learning from what they did and did not do to become successful. The internet is full of entrepreneurial stories. Think of this type of advice as being analogous to watching a cooking show where the chef is using the same ingredients that you are used to using, has the same preparation techniques, and the same appliances as you do. You can feel fairly confident that this chef’s recipes will work for you. The challenge is that when a third party tells a story about a successful entrepreneur, they always simplify the story, which can leave out critical details. Academics who have been successful entrepreneurs tend to be sensitive about making sure they give relevant advice. If they have been successfully advising entrepreneurs for many years and they have taken the time to get to know you, then their advice is likely very good. It is good because they have both studied and seen what works and what does not. A mentor is more than an advisor. They are someone that knows you and your circumstances, they have experience you consider relevant, and they care about you. A mentor that has followed your progress from the start of your entrepreneurial journey and is willing to spend time with you discussing the pros and cons of alternate next steps is extremely valuable. In next week’s newsletter, we’ll describe how it can be possible to get someone you admire to be your mentor. Advice and demonstrations on how to use a tool, fixed system or a specific process are valuable. Entrepreneurs naturally seek out tools, systems and processes that make designing, producing and delivering products and services easier and less costly. Tools, fixed systems and processes are designed to yield consistent outputs given the same inputs. YouTube is filled with these types of demos and advice. Many tools, systems and processes are complex, such as sophisticated machines and software, and good advising involves describing many steps and details. Patience is required to fully digest the advice. Advice on how to deal with social, medical, financial, regulatory and legal systems should come from professionals with specific expertise relevant to the situation the entrepreneur wishes to resolve, mitigate or improve. AI is not yet able to give professional advice beyond helping to fill out forms, even if the AI sounds happy to give you such advice. With gratitude, Derek and Ben P.S. If you like what we’re doing, please consider recommending this newsletter to another person you think would benefit from us. It really helps us build out our free content platform.
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