Should Every “Expert” Come with an Expiration Date?
These days, for better or worse, professed experts in every conceivable area of business are a dime a dozen and, in most cases, I’d say that they (and their alleged expertise and invaluable advice) are worth just about that much. And, in all events, they are clearly worth considerably less than you’d spend on a good cup of coffee. And just like spoiled cream can kill a great cup of java; out-of-date ideas from people who the developments in new technologies have clearly passed by should be date-stamped with the understanding that their time has come and gone and that they’re no longer worth listening to – politely or otherwise.
It seems that everyone claims to be an expert on something today and they’re shameless and more than happy to sell you (and everyone you know) their various services for a tidy sum. Some of these people are one-hit wonders trying to re-invent themselves and it’s not clear whether their prior “success” was mainly due to a good idea, good partners, good timing or simple good luck. So you have to wonder – as you’re listening to their war stories – exactly how much transferable wisdom they’ve gained from their own experiences and how much of that knowledge will be of use and value to your own business.
And, just like cigarettes, I think a lot of these characters ought to come with a large warning label (maybe something like “take this advice with as many large grains of salt as possible”) because – in addition to wasting your time and money – these people can be clearly be harmful to your business. And their misdirected guidance can take years off your life - just like a pack-a-day smoking habit. In today’s high-velocity and hyper-competitive markets; speed kills (in a good way) if it’s you that’s moving down the road. But if you’re heading in the wrong direction because you listened to the wrong advice; you could find yourself way behind the curve and trying to play catch-up with your competition.
Now, I’m sure there are always valuable things to be learned from others and that - within their own experience base and their given areas of expertise – there really are experts who can add value to your strategy and your business if their input is timely and current. But it’s not easy to separate the wheat from the chaff or to figure out who can really give you a helping hand and your money’s worth. Your time is a scarce and precious resource and it’s always constrained. If you’re going to spend it listening to anyone for any substantial amount of time, make sure (as best you can) that they know what they’re talking about and that the conversations are worth it.
I think that there are a few guidelines and ideas to keep in mind when you find yourself having to evaluate situations like this.
(1) Process Experts Have a Longer Shelf Life than Domain Experts
A domain expert knows a lot about what to do in a specific area or situation and in a defined space or industry. That knowledge is the stuff that spoils quickly over time if it’s not refreshed and renewed – especially with regard to new technologies. It’s critical to be a life-long and continual learner. A process expert knows how to repeatedly do things effectively in whatever situation or industry you happen to be in. Successful serial entrepreneurs call this skill “pattern recognition” and it means simply that many situations present problems that aren’t materially different (regardless of the specifics) from those that seasoned operators have seen and solved hundreds of times before. Guys who know the proper approaches and have mastered the change management process never go out of date.
(2) An Expert’s Knowledge Can Exceed His Experience But Only Rarely
There’s a lot of delusional mythology around the extensibility of skills and expertise. Much of this BS is promulgated by the people trying to sell you their services even when it’s an obvious stretch and a complete leap of faith to believe that they can really add value based on their actual backgrounds and experience. Even the most successful players need to know and – more importantly – admit the limits of their skill sets. You only need to recall Michael Jordan’s abortive career as a professional baseball player to see what I’m sayin’. Lawyers (as a race) are also great at never saying “No” to doing anything regardless of their actual qualifications. They’re always ready to take the fee and the assignment and then you have the privilege (and the risks) of paying for their OTJ learning curve and education. Not a smart choice – ever. You need to find the right person with the right experience and tools in the right industry (your industry) and not try to make do or accept someone saying that what they did elsewhere is easy to apply to your situation.
(3) Knowledge is Subject to the Law of Diminishing Returns in Most Cases
In addition to simply going stale or out of date, whatever accumulation of knowledge and expertise you may have and apply to your situation, you should understand that it can only take you so far. It’s true that we are always learning, but that doesn’t mean that we are necessarily getting smarter in the process. After a certain point, the facts and figures and past wisdom run out of steam and this is when the best entrepreneurs really earn their stripes and their keep. It’s at the point when you need to use your best judgment; your intuition; and a little prayer (which never hurts) to get you over the last hurdle and through the woods to the finish line that you learn whether you’ve got what it takes to succeed. No one else can do it for you. No one else can make those last calls and choices. It’s all up to you because – in the final analysis – and in the critical moments of decision – no one knows your business better than you.
(4) Hire the Expert Who Can Get You There, not the One Who Says He’s Been There Before
In business, just as in your sex life, especially as you get older, it’s important to remember that past results are no guarantee of future performance. A track record is an important and very valuable part of the evaluation process for any expert, but you’re not headed backwards and your job is to make sure that the people you are planning to work with have the desire, the energy and the skills to help you move your business forward.
PS: “You Get What You Work for, Not What You Wish for”
