Entrepreneurial firms are often highly dependent on external resources and networks when seeking assistance in the form advice and support. Advice from peer business owners is frequently sought to provide this resource, yet the businesses in which these peers operate may play a critical role in dictating the quality and positive impact of that advice. In this study we use the knowledge- based view to examine when advice from direct and indirect competitors is utilized and how advice from these different sources impacts firm growth. We further examine how trust and the perceived knowledge of the advisor impacts the advisee’s reliance on advice and the subsequent performance of the firm.