16. The Strategy That Can Save You Hundreds of Thousands In Mistakes

You have access to more advice than any entrepreneur in history — and you're still making expensive mistakes. Here's what Solomon says you're actually missing.

In this episode, Shay unpacks one of King Solomon's most overlooked business strategies from Proverbs 15:22 — the difference between accumulating advice and having true personal advisors — and makes the case that the most costly business mistakes aren't made from a lack of information, but from a lack of trusted counsel from people who actually know you. She walks through why most entrepreneurs don't have this, what it practically looks like to build it, and how to identify and formalize your own personal board of advisors starting this week.

If you've ever made a hire, signed a contract, or launched something that didn't go the way you hoped — and you made that call alone — this episode is the one to send to yourself on repeat.

Chapters

00:00 The challenge of deep relationships in entrepreneurship 01:18 The cost of business mistakes and the value of counsel 03:36 Wisdom from Proverbs on counsel and success 04:34 The difference between advice and personal counsel 06:18 Who should be in your personal board of advisors? 08:42 Why entrepreneurs struggle to build these relationships 11:18 How to formalize your board of advisors 14:25 The importance of intentionality and sacrifice 17:36 Balancing business growth with personal priorities 22:15 Mentorship and peer support in entrepreneurial communities 23:38 Practical steps to develop your board of advisors 25:46 Making decisions with your advisors' feedback 27:01 The spiritual foundation of wise counsel 28:23 Asking God and community for guidance 29:23 Encouragement to build intentional, supportive relationships

Ilūme Network is a faith-based, application-only, entrepreneurial network for 6-8 figure Christian female entrepreneurs who want mentorship from women ahead of them in business, peer support and accountability from values-aligned women at their level, a deeper, more vibrant partnership with God in business and a room where the conversations go beyond revenue and goals to how you are really doing in the rest of life. Find out more at www.ilumenetwork.com.

Join the Ilume Network: https://www.ilumenetwork.com/ Get a preview of the mentorship inside Ilūme: https://www.ilumenetwork.com/growth Follow Shay: https://www.instagram.com/shaycochrane/ Follow Ilūme Network: https://www.instagram.com/ilumenetwork/