The other day I had lunch with a very successful a person. He is for all intents and purposes, what you might think of as having lived the American dream. As a casualty of the dot com bust, he started his own business several years ago with an idea and sweat equity. He took that idea and today, his company’s annual revenues are several million dollars a year in a growing market.

I sat down with him to talk about a potential partnership between my company and his. I wanted to delve a bit deeper into his business model to see if we could complement each other and grow our revenues respectively.

After we talked for about a half an hour, he turned to me and said, “I realize that what you’ve had success in Tennessee, but I don’t think that will work in Denver.” I looked at him astonished and said “Really? Why not?” I was extremely curious as this was an accomplished man who obviously was somebody I should listen to.

“We don’t have many large companies headquartered here, your business model won’t work here, you should concentrate on small companies.” I recoiled and had to stop myself from laughing. “Oh” I smiled back and let him continue on with his thoughts telling me how most businesses here were small with very little opportunity for me.

Prior to moving my family across country, I had conducted extensive research about the area. Economic conditions, growth potential, number of Fortune 500 companies headquartered in the area, tax rates, etc. So I had a through understanding of the area.

So in a split second I realized that what he was really saying was that he wanted me to change my business model to accommodate his.

It occurred to me at that very moment that if I was someone who was looking to start a business myself. It would seem logical to find a mentor. Find somebody who is more successful that I am to ask their advice. If I was someone who had an idea about a business, and had a conversation that asked this experienced entrepreneur for advice and he shot back at me that “.. is a stupid business idea”, what might I have done?

So advice tip of the week:

If you believe in your idea, if you’ve conducted your research, if you are passionate about your idea, if you find are willing to put it all on the line - forget the naysayers - even the ones with seven figures in their bank accounts. Because ultimately you are the one to put in the effort and time. Now, listen to those that may have cogent advice and see if their logic does indeed make sense to modify your plans. (Don’t go and build a manufacturing plant to build your product if you can outsource it and save a ton of time and money) - but really listen to your head (and heart) next.

If you understand the motivation of others you will also get a better feel for the intent of their advice. Do they want to drag you down? Are they interested in the market themselves? In one case years ago, I brought up an idea to a businessman once, and he shot it down, but said, “You should come and work for me.” Now being a little more seasoned, I realize that he had his own agenda, he didn’t care about my idea, he just wanted to hire me and grow HIS company.

Do your research, do your work, launch your dream. If you seek the advice of others more successful than you, which you should, listen to their advice and then taste that grain of salt.

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