UNRAVELLED

Have you ever found yourself lost in a sea of business advice, unsure of which direction to take? Do you agree with self-proclaimed gurus who give advice without real-world experience? According to a survey conducted by Harvard Business Review, 70% of CEOs admit to seeking advice from external sources to overcome challenges in their businesses.

In today's digital era, advice on running a successful business is available at our fingertips. From bite-sized tweets on Twitter to insightful podcasts and thought-provoking Sub stack articles, the abundance of information on platforms like LinkedIn can be overwhelming. Every CEO, entrepreneur, and public figure seems to possess a nugget of wisdom that promises to pave your path to greatness.

But be careful, blindly following advice without thinking critically can lead to disastrous outcomes, trapped in someone else's misguided notions of success.

We don't see things as they are; we see them as we are - Anaïs Nin

As humans, we are innately wired to be subjective beings. Our experiences, beliefs, and even our moods can colour the way we perceive and interpret information. It's like wearing a pair of tinted glasses that shape our view of the world. So, when it comes to seeking and receiving advice, our biases come along for the ride, whether we're aware of them or not.

Think about it: Have you ever noticed how easily we gravitate towards advice that aligns with our preconceived notions? It's like finding a cosy spot that feels just right. We soak up insights that confirm what we already believe, nodding in agreement like a bobblehead doll. This phenomenon, is known as confirmation bias.

On the flip side, we tend to dismiss or overlook advice that challenges our existing beliefs. It's like encountering an unwelcome guest at a party—awkward and uncomfortable. We quickly brush it aside, eager to preserve our cosy bubble of familiarity. This behaviour is called the familiarity bias, where we seek comfort in the familiar and resist venturing into uncharted territories.

But wait, there's more! Let's not forget about the bandwagon effect. We humans have a knack for hopping onto the popular train. If everyone around us is raving about a particular piece of advice, we're tempted to jump on board without a second thought. It's like being caught up in a crowd at a concert, carried away by the collective excitement. We assume that if everyone else is doing it, it must be right. Oh, the folly of our herd mentality!

So, how do we navigate the treacherous waters of bias when seeking business advice?

The path to enlightenment lies in questioning, exploring, and challenging our own biases

Rather than providing guidance on how to navigate this sea of advice, I would like to share my personal approach to filtering and evaluating it effectively.

• Source Savvy: First and foremost, I scrutinize the source of the advice. Has the person offering it ever practiced what they preach? Take a moment to nod in agreement if you've encountered self-proclaimed gurus who dish out guidance without ever having experienced what they preach. Have you ever come across business school professors who have never stepped foot in the entrepreneurial world? Or perhaps you've encountered marketing experts who haven't actually marketed anything in ages? It's like asking a parrot to teach you origami—sure, it might mimic the words, but can it truly fold the paper? For me, advice from individuals who lack first-hand experience is promptly dismissed. I yearn for practical insights, not mere theoretical conjecture.
• Timely Expertise: If the person has indeed walked the path they advocate, I delve deeper into their timeline. When did they undertake the suggested endeavour? Are they still actively engaged in it as they dispense advice? It is crucial to recognize that advice possesses an expiration date. As someone who hasn't started a business in over two decades, I am hardly qualified to advise on the subject. Instead, seek guidance from those who have recently embarked on their entrepreneurial journeys.
• Seasoned Perspectives: Furthermore, longevity matters. If the person has been implementing their own advice for an extended period, their insights hold more weight in my eyes. Experience nurtured over time is a valuable asset.
• Intend Matters: Another factor I consider is the underlying motivation behind the advice. Have you encountered individuals who seem more interested in selling you something rather than genuinely helping you? They promise magical solutions to all your problems, but often fall short of delivering what they claim. Conversely, have you come across those generous souls who selflessly share their knowledge without expecting anything in return? If it's in the service of sharing and mentoring, and there's no commercial connection, I’ll invest in that advice.
• Quality over Quantity: Lastly, I take into account the volume of advice a person offers. If someone consistently positions themselves as a professional advice-giver, churning out one book after another in rapid succession, I approach their insights with caution. It is challenging enough to excel in one domain, let alone in multiple areas of expertise.

The greatest enemy of knowledge is not ignorance, it is the illusion of knowledge. - Stephen Hawking

Above all, it is crucial to recognize that advice is inherently subjective and contextual. People are inclined to share success stories and urge you to replicate their achievements, often with an embellished hindsight bias. They connect dots that may not have existed and present a seemingly fool proof blueprint for your journey.

Therefore, it is imperative to ignore more advice than you adopt. Find your own unique path and chart your course. Eventually, as you accumulate your own wisdom through experience, you can share your lessons with others. They, in turn, can decide whether your insights are worthy of their attention.

In the realm of business advice, remember that the most valuable compass is the one you forge for yourself.

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The opinions expressed in this article are those of mine. They do not purport to reflect the opinions or views of any organization.

Mukul Jain

I am a seasoned professional with over two decades of experience in B2B sales and business leadership roles in IT. An alumnus of INSEAD, I have a strong track record in delivering business growth, driving strategic sales, and managing teams across diverse markets. Beyond my professional achievements, I have a passion for reading, traveling, and Python programming. Connect with me to learn more about my experiences and insights.