Last week I made and sent SOS calls and texts to a few of my peeps. I needed insight and an objective set of eyes to help me evaluate an opportunity I am considering.
An opportunity that on one hand has me starry-eyed (in the vein of, “ooh, they chose me” and “this could be a game-changer”). And on the other hand, one that made me pause and question: “Is this really a good deal for me?”
It reminded me of the phrase, “not all money is good money.”
Have you heard of it?
If not, it is a phrase often used in the world of private equity as a way to caution founders about the terms to which they are agreeing.
Maybe the money, support, and network that they really need and want access to comes with terms and conditions that are in their best interest for the short-term. But in the long-term it mostly prioritizes the investor.
Blind Spots
Cue the iconic line from the theme song of the 1980’s movie, “Who you gonna call (Ghostbusters)?”
Leaning into this phrase (metaphorically) was an important reminder to advocate for myself by tapping into the insight and wisdom of my “peeps” who I trust to help me do what’s best for me and my business.
They could help close my knowledge gap and expose my blindspots. (You know who you are; so, if you’re reading this – thank you so very much!)
On the surface, it may seem like talking about blind spots isn’t exactly the same as a film with a storyline that combines elements of comedy, science fiction, and horror to deal with paranormal activity about unseen ghosts.
However…
Blind spots are also about the unseen “ghosts” that haunt our thinking and the actions we do or don’t take.
They may manifest in a variety of ways and affect different aspects of our lives, work, and money – differently. But they exist for us all as a reflection of our own limitations and biases.
They can even cause us to have errors in judgment.
Because we’ve overlooked important information, misinterpreted data, and/or underestimated risks.
Or, are simply operating outside our area of expertise and with a limited perspective in an area with which we are unfamiliar.
How to Be Your Best Advocate
Who’s on your ghostbuster squad?
Who do you call when you need help thinking through your options and making a decision?
While it is true that others can’t decide for you, they sure as heck can help you make as smart a choice as you possibly can.
That’s why it’s important to have people you trust that you can lean upon. And in my case, I consulted with people with business and industry experience and expertise related to the opportunity I’m considering.
The folks I reached out to are my dream team helping me to avoid the blind spots of which I’m already aware (e.g., feeling of belonging), as well as discovering the less obvious ones (e.g., what comes from a lack of industry “insider” practices).
Their counsel is what is helping me answer the questions I already have; come up with additional ones; suggest points of negotiation; and figure out whether this opportunity is in the best interest of me and my business.
Yes, I’m intentionally being vague about my situation which sparked this post. But the particular details of my situation aren’t really relevant.
Truth is: Whether it regards interpersonal relationships, professional endeavors, or financial decisions, there are often unseen obstacles and overlooked blind spots that can hinder your progress. These may show up as assuming another’s intentions, or overestimating your competence, or prioritizing the short-term over the long-term.
Two Things We Underestimate
The gift I got from my “peeps” was their honest counsel, guidance, and support.
The gift I gave them was my trust.
Sometimes I think we underestimate the exchange that happens when we ask for and let others help us.
For starters, it validates their expertise, skills, and knowledge. It helps them to pay forward the acts of kindness or assistance that was given to them at some point.
Plus, most people love contributing to the success of others. Therefore, it’s another way of amplifying their sense of purpose.
Asking for help also fosters a sense of connection and camaraderie, helping to deepen bonds and strengthens relationships with those you’ve asked. (This definitely happened in my case.)
And, there’s a small chance it may even be a learning opportunity for them, too. By helping you, there’s a chance they, too, will gain new insights, perspectives, or skills in the process.
Another thing I think we underestimate is how what we do for others we also do for ourselves.
So, when someone helps you advocate for yourself, they are reminded of what to do to protect their interests the next time it is required.
In the exchange process, everyone is reminded of how asking for help and giving it is a demonstration of trust, respect, and collaboration.
Additionally, because I think the sentiment behind, “not all money is good money,” can apply equally to evaluating deals and working with prospects/clients, as it does to raising capital from investors, it is ultimately an invitation to be:
- Self-reflective and vulnerable;
- Get clear about what you want and why;
- Proactive in what happens next.
It is the pause you need to take to ensure you are doing as much as you can to protect your interests – not just in the interest of what you need and want today, but will need and want in the future. Or, at least as best you can.
