The Value Of Having Many AdvisersLeave a Comment
March 28, 2016 – Robert J. Tamasy
Some time ago I received a phone call from a friend who told me about a new business venture he was planning. He asked if I, being a writer, could come up with a catchy, marketable title for the enterprise. My friends know me as the guy who is never at a loss for words.
Before starting to think of clever names for the business start-up, I asked my friend if he had done his due diligence in researching the pros and cons of this particular type of company. He said he had already done that, and was eager to get underway. I had no background in that type of business, but two of my friends had engaged in ventures like that in the past. So I urged my friend to contact them and ask for their feedback. My desire was not to discourage him or change his mind, but to ensure he had examined all aspects of the proposed business to avoid problems in the future.
Years ago I learned an important principle of decision-making. We tend to make decisions based on emotion, then justify those decisions with facts – facts to support the course of action we want to take. Sometimes this works, but other times an emotions-first, facts-second approach can lead to disaster. Feelings can and frequently do cloud sound judgment.