Tim Ferriss, the famed entrepreneur and investor, once said, “The best advice I ever got is you’re the average of the five people you associate with the most. I use it always, whether it’s choosing startups to invest in, choosing investors, sports teams to join, or people to have dinner with.”
As someone who’s launched several businesses myself, this is something I preach all of the time. As entrepreneurs, we tend to isolate ourselves and think we have all the answers, even when we know we don’t. This attitude can lead to big mistakes that can cost us money or even kill our businesses.
I firmly believe in seeking diverse perspectives and insightful advice from other entrepreneurs who have walked the path before us. The right advice can help you avoid pitfalls, accelerate your growth, expand your vision, and unlock opportunities you might never have considered on your own.
In this article, I’m going to share some of the best ways to get entrepreneurship advice that has been instrumental in my journey and the success of many others.
How to Get the Right Entrepreneurship Advice
1. Join a Peer Advisory Board
When I came upon the idea of starting a peer advisory board, I knew immediately it would revolutionize the way I and my fellow entrepreneurs would run our businesses.
The concept is simple yet so powerful — bring together a group of non-competing business owners, each with their own unique experiences and insights, to share advice, support, and accountability.
This isn’t networking. It’s about creating a trusted circle of advisors who can help you see your business from new perspectives, challenge your assumptions, and push you toward greater success.
In a peer advisory board, you have the opportunity to learn from the successes and failures of others, gain insights into different industries, and apply these learnings to your own business.
Peer advisory groups create a space where vulnerability is a strength, allowing for honest feedback and real, actionable solutions to your most pressing challenges.
The structured format of regular meetings ensures that you receive advice for whatever problems you present and are held accountable for implementing it.
I’ve seen firsthand how this ongoing commitment can drive significant progress in your business. We’ve had members triple their sales within a year using their learnings from peer advisory group meetings.
Members often report breakthroughs that have led to increased revenue, improved business strategies, and personal growth that they hadn’t experienced in years of working on their own.
2. Find a Mentor
Studies have shown that entrepreneurs mentored by experienced professionals see an average revenue increase of 83% annually. Having a trusted mentor you can turn to when you need guidance can be incredibly helpful as you face the various hurdles of entrepreneurship.
With the right mentor, you’re gaining access to a wealth of knowledge, learning from someone else’s mistakes, and navigating the complex landscape of entrepreneurship with your own trusted guide.
A mentor can provide personalized advice, support during challenging times, and insights that are tailored to your specific business needs and goals.
Look for mentors who have successfully walked the path you’re on and are willing to share their experiences, both the victories and the setbacks.
This relationship can be one of the most impactful resources in your entrepreneurial journey, offering clarity, direction, and encouragement when you need it most.
At Six Figure Dinners, each of our peer boards is led by a Board Chair who is an established entrepreneur with a proven track record of success and who often acts as a mentor to members with ongoing one-on-one meetings and check-ins.
3. Engage in Online Communities
The internet has made it possible to connect with other successful entrepreneurs from all over the world. Whether on LinkedIn, Reddit, Facebook groups, or niche industry forums, engaging in online communities can help you find some really great advice, support, and networking opportunities.
These platforms allow you to ask questions, share experiences, and get feedback from peers who understand the unique challenges of entrepreneurship.
By participating actively, you can uncover actionable strategies, stay updated on industry trends, and maybe even find potential collaborators or customers.
My pro tip is you can make the most of these communities by being a generous contributor as well. The more you give, the more you’re likely to receive in return.
4. Attend Workshops & Seminars
Attending workshops and seminars is another good way to gain new knowledge and advice from other entrepreneurs.
These events usually feature experts and seasoned business leaders sharing their insights on a variety of topics, from marketing strategies and financial planning to innovation and leadership.
This can give you access to valuable information and also provide you with the opportunity to ask questions and engage directly with speakers and attendees.
If you want to get the most from this, I recommend you make it a point to attend events relevant to your business and growth goals. And make sure you are prepared to make connections that could lead to future opportunities.
5. Find Inspiration in Books & Podcasts
There are so many great books and podcasts out there that offer a treasure trove of insights for business owners. The best ones are packed with actionable advice, inspiring success stories, and lessons learned from failures.
I love throwing on an audiobook or podcast while I’m driving or working out, so I’m always absorbing new information I can apply to my business and my life.
Look for books and podcasts that not only align with your industry but also challenge your way of thinking and encourage you to explore new approaches to business.
This habit can help you stay motivated, informed, and prepared to tackle the complexities of entrepreneurship with a fresh perspective.
Ready to Get Quality Entrepreneurship Advice?
You don’t have to go it alone as an entrepreneur. In fact, if you do go it alone, you’re probably setting yourself up for failure.
By seeking advice from reputable entrepreneurs, you can increase your chances of reaching even your loftiest business goals.
At Six Figure Dinners, we bring together entrepreneurs and founders to address critical business issues, exchange advice, and gain insights from our collective experiences.
Our meetings ignite innovation, foster collaboration, and promote strategic advancement, equipping our members with transformative insights for rapid business growth.
Click here to learn more and join us as a guest at an upcoming event.