I find myself in many settings these days where I’m asked to advise startup companies with respect to everything from pitching to fund raising to operations to strategies, all of which obviously interrelate.  And in many cases I’m part of a team where all members are reviewing, commenting, and suggesting.  I’m also on the receiving end of a lot of advice at some startups in which I’m personally engaged.

From the entrepreneur’s perspective, this would all be clearly helpful if the advice were consistent, which it rarely is.   Jason Cohen, a mentor at Capital Factory has written eloquently in his blog about “survivor bias” – drawing the wrong conclusions from successes as opposed to learning vital information from failures.   He also has provided an interesting video (54 minutes) on “six ways to work out whether advice is helpful to you” – which I commend to your viewing.

I’m going to list here a few of my own thoughts on this topic from my recent experiences:

Everyone who has been through the startup wars has biases based on past successes and failures.   One who has been involved in a similar business or in the space can easily jump to conclusions like “tried that, didn’t work” or “this definitely is the way to go.”   However, many businesses lessons from just a few years ago no longer apply in this era of fast-to-market lean startups with access to low-cost tools and services.  Failed ideas from the overfunded late 90’s are being resurrected in a climate where the business models that didn’t work then can work very well now.  So, the vintage of any advice, like the vintage of a fine wine, makes a difference.

As the stock brokers say, past performance is no indication of future success.  Some things that did work well in previous companies may no longer apply.  We have a major shift in technology away from PC to mobile, and we are living through a time when the general economic backdrop is perhaps permanently downgraded from what we knew just 3 years ago.  All of our revenue models depend at some point on consumers paying for the result of our work; even if we are deeply buried in the B2B space, at the end of the chain some C’s have to be supporting the B’s with their dollars.  Very few entrepreneurs get it right with every venture, and all advice has to be conditioned on the backdrop of the technology industry, the global economy, and even the unemployment rate closer to home.

Giving good advice is a painstaking process.  I admire those who take the time to go through every frame of a pitch and make very specific suggestions.  I know several people here who seem to chime in 24/7 when requests are made and who are doing much more than a flyover.  They have the knack to keep the big picture in view while hammering on the details.   Broadbrush platitudes can be found on bookshelves, it’s the fine-graded personalized examination that is most helpful.

Ask 5 people and you’ll get 5 different opinions.  Often these are conflicting, because everyone is looking through a different lens based on his or her background.  Maybe all the ideas are good, and you just have to choose the ones that you can execute and are consistent with your skills and resources.  Maybe you have reason to think some are bad, in which case you’ll have to follow your own instincts and do what you believe in.  None of your advisers will have hurt feelings as a result; all are trying to help, and all have been on the receiving end of plenty of conflicting or confusing suggestions.  At the end of the day, it’s your business at stake, and you are the one with the final vote.

Whatever inconsistency you may find in your advisers, it’s best to tap their wisdom at every opportunity.  Don’t be bashful about asking for help and using this network to test your ideas before you commit them to action.  You may hear things you don’t want to hear, but better to learn early from friendlies than get shot down in the market when it really counts.  The worst advice is no advice.  We all need some grounding with help from those who are interested in our success.