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Seeking business advice is a good thing… it is proactive, rather than reactive.

by Terry H Hill
Terry H Hill
Terry H. Hill is the Chief Business Mentor at Training for Entrepreneurs.com. H
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on Feb 05 in Business Insights 1 Comment

Giving Business Advice.jpgAligning yourself with a trusted business advisor/mentor is one of the most valuable pieces of advice that anyone can give you.  Entrepreneurs are by nature mavericks—--daring, inspired, “idea-people" with the grit to overcome extraordinary obstacles.  They are visionaries who are empowered by an innovative idea, a passionate drive to set out on their own, and a burning desire to succeed.  This independent, pioneering spirit is not only the power that drives entrepreneurial innovation, but it is also the perennial Achilles heel for entrepreneurs seeking the help of others.

Perhaps, the biggest mistake many entrepreneurs make is seeking business advice from a professional business advisor/mentor only when they are in trouble!  A truly proactive entrepreneur surrounds himself with talented people, has a realistic vision, and is able to communicate his vision.  Successful entrepreneurs bring in advisors to help them architect the future, chart a course, and stay on track when things are good, not just when things are bad.  If you’re starting or jump starting a business, the importance of assembling a team of business professionals cannot be overstated.

Succeeding in business demands a proactive rather than a reactive approach.  Seeking business advice is a good thing --- it is proactive, rather than reactive.  The key to entrepreneurial success lies in the ability to plan, implement, execute, measure, and adjust.  It is very difficult, in most cases, for an entrepreneur to accomplish all of these on his own.  Having an impartial advisor—--not an emotionally invested friend or family member—--can be an asset.  Choosing a general business advisor is a serious decision.  It is important that you select a business advisor who is competent, experienced and has both integrity and expertise---an individual that you can trust in this newly formed fiduciary relationship.

There are no hard, fast rules for making the decision to engage a business advisor.  However, certain commonalities in business situations suggest the possible need for the advice of a business advisor:

  • Management believes that performance could be better, but is uncertain on what steps to take to achieve these improvements.
  • Management does not have the specific knowledge and skills necessary to solve the problems that it has identified.
  • Management has the necessary knowledge and skills, but not the time or personnel to solve problems.
  • Management’s efforts have not produced the desired long-term improvements.
  • Management requires an independent, third party opinion, either to confirm a decision or to provide alternatives.

Often a situation requires that a business advisor/mentor be retained until in-house capabilities are enhanced by a permanent staff addition.

Terry H. Hill is the Chief Business Mentor at Training for Entrepreneurs.com.  His business knowledge combined with his 30 plus years of small business experience help individuals to effectively develop and efficiently implement strategies to overcome their particular business issues and challenges…  To explore the various one-to-one mentoring plan options, visit http://www.TrainingforEntrepreneurs.com/mentoring-programs/one-to-one 

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Terry H Hill

Terry H. Hill is the Chief Business Mentor at Training for Entrepreneurs.com. His business knowledge combined with his 30 plus years of small business experience help individuals to effectively develop and efficiently implement strategies to overcome their particular business issues and challenges… To explore the various one-to-one mentoring plan options, visit

Comments

Patty DeDominic Saturday, 23 February 2013 · Edit Reply

Terry,
Good stuff here. I found that entreprneurs make decisions for all kinds of reasons but mostly when the pain of not growing exceeds the fear of doing new growth related activities and of losing some of the control they felt when the business was smaller. I have been a business mentor for over a decade and I just love working with entrepreneurs and philanthropists. Its a joy to work around people who are making it happen for all the right reasons. The stronger they become the happier I seem to get! I know why you do your work!

Patty DeDominicwww.dedominic.com

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