by Ronald Nzimora

Another thing you must avoid doing is giving undue credence to advice from a legitimate expert about subject ‘x’ even though his expertise is in subject ‘y.’ 

There are two sets of people you should never ask for advice – especially business advice.

The first is your unemployed brother-in-law.

The second is an “expert”.

I’ll explain.

Getting financial and business advice from your unemployed brother-in-law, or financially troubled cousin is a classic mistake.

But most people do it. It’s no wonder they fail.

Why would they fail?

When you pay attention to completely unqualified, even ignorant advice from friends or relatives or co-workers – people whose life experiences, current behaviour and lifestyle does not match the expertise they so eagerly dispense, what you get will be totally off the mark.

And when you’re shooting for a business goal, or even a life goal, you CANNOT afford to be off the mark.

Let me ask you something.

Would you ask for advice about how to invest in the stock market from someone who hasn’t ever traded a stock ever and who doesn’t know what a stock certificate looks like?

No?

Why then does it seem that the people who regularly dispense information and advice about ‘how to invest in the stock market’ are folks who have ever bought stocks in their dreams only. At best the only stock they’ve ever bought was one they got in 2008, which are today worth less 5% of the original value?

If my Brother-In-Law gives me advice about what stock to buy, I won’t even listen to him.

Why? Because the man doesn’t invest in the stock market, has never done so even.

If Warren Buffet’s son James, tells me what stock to buy, I may consider it, after all his Dad may have told him something. Right?

Yes, I would consider his advice, but I wouldn’t be so hasty to act on it without independent confirmation.

However . . .

If Warren Buffet himself tells me what stock to buy, I will definitely buy it!

Why?

Because he is EXPERIENCED in stock buying and investments, that’s why!

To the tune of over $40 billion.

The truth is most people like to be ‘experts’. They like attention. Because they have read about something, they suddenly think they are experts on the subject and are very eager to show off their ‘knowledge’.

Duh!

If you listen to such people, you will be met with many misfortunes.

Another thing you must avoid doing is giving undue credence to advice from a legitimate expert about subject ‘x’ even though his expertise is in subject ‘y.’

Let me also explain this.

When we find a guru who proves helpful with ‘x’, we are eager to view him as equally expert in ‘y’, ‘z’, ‘a’ and ‘b’.

Caveat emptor.

Know this: He’s only an expert in ‘x’. Simple.

Here’s a story to buttress my point.

Dietrich Mateschitz (in partnership with Chaleo Yoovidhya) founded Red Bull energy drink once told the story of how he got the idea to create the drink.

Before moving forward though, he asked a marketing research company to do an independent survey (they had done an in-house one) and see if there was a market for such a drink.

When the team returned, they told him not to do it. These guys were marketing researchers, but had never actually sold anything in their lives. They merely researched those who did.

Infact they told his that the idea of an energy drink would NEVER WORK!

He asked them to substantiate their claim.

“Why would Red Bull not work?” he asked.

“Well, because no one had ever created anything like it before now” was the reply.

So he ignored them and went ahead, committing $2,000,000 million dollars into creating the drink.

Guess what?

It took off like a rocket!

Sales were so good it was like a miracle. Competitors started their own versions.

Today, Red Bull is the Number 1 energy drink in the world. If you’re reading this, you probably may have already had the drink yourself.

This was made possible because someone decided to ignore unqualified advice.

Ask yourself this, “How many unqualified people am I listening to and taking their advice about what to do in my business?

In my life?

If you do have any, stop taking advice from them immediately.

Have a good day.

 

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Ronald Nzimora runs Profits Marketing Systems Limited, an online marketing communications and publishing firm. He’s also invested in two more.He tweets from @ronaldnzimora

Op-ed pieces and contributions are the opinions of the writers only and do not represent the opinions of Y!/YNaija.