One thing that consistently dislodges my logic chip is when I get feedback from individuals that do not know what they are talking about. Nothing chaps my hide more than to listen to blowhards from big companies (or VCs) talking about entrepreneurship. I am not talking about one of those successful entrepreneurs that scaled a business from a garage to a huge business. I am referring to a big company corporate type that has three devices around their belt, wears chinos, and has a nice plump job that they parachuted into. Big company skills are different than startup skills. 
You as the entrepreneur should be very careful where you get operating advice from; it is far too common of a story to hear a first time CEO getting whipped around with contradictory and our tautological advice in Board meetings. For advice, I would look to have 1-3 advisors for your company that can act as a sounding board. Once you find a seasoned exec that has some operating experience in your related field or general startup experience, then treat their time with respect. Use your advisory board when you need industry contacts or some operating advice. Be strict with the amount of time that you use them (since they are busy). Estimate 2-3/hours a month with them. In an early phase of your business (< Series A), carve out .1% of your total outstanding shares to your advisors.
Get your advice from people that are on your team that have actually built companies.
Excellent post. And don't forget to diplomatically tell the corporate types how utterly disconnected their "advice" is from the real world. I am stunned at how many of these morons believe they have the answers to complex small company issues. I made the mistake of having a corporate type on my BOD; it was disaster for all involved.
Posted by: Dave K. | March 08, 2008 at 05:06 PM