There are always challenges in businesses, and we all look for entrepreneurial advice along the journey. But, do you actually have a mentor? Even though many entrepreneurs love the idea of mentoring in business, almost as many have no idea what the relationship entails. It just so happens that mentorship is one of my favorite topics, and one I can share a lot about. So if you’re interested in forming a successful mentoring relationship, here’s how to start.
What Is Your Goal?
First, why do you want a mentor? Is it because you want to set your business up to grow and be acquired someday, but are lacking some of the know-how to get there? Is it because you read an article once that suggested having a mentor is a good idea? Is it because you’re hoping you can form a relationship with a successful businessperson, and eventually get them to join your board or fund your company? People seek mentorships for many reasons, some of which are better than others. So spend some time thinking about why this step matters to you.
The best reason to look for a mentor is that you have big goals, and you’re not sure how to achieve them. You’re new to entrepreneurship, and you want to learn from others who have been there, done that before you. You want to soak up as much experience and knowledge as you can, and save yourself from some of the ugly trial and error that building a business can take. If these are your reasons, working with a mentor can be just what you need.
Where Are Your Gaps?
Next, think about your weaknesses. Are you the ideas person with five patents and a vision of an eventual IPO? If so, you might lack the organization and attention to detail needed to create a successful company and see your dreams through. Or, are you the tech genius who thrives on solving customers’ technical problems, but has no concept of balance sheets or managing payroll? Depending on your industry, your products or services and your existing team, you’ll probably need to hire people in certain roles to handle the areas you won’t (or can’t) handle.
But at certain times, you’ll want to call on an external mentor to help advise you on big decisions in such areas. For example, “the ideas person” I mentioned above wants to take their company public someday. There’s not a “Chief IPO Officer” you can hire to make that happen, but you could certainly form a mentorship with an executive who has already taken a company public. They can help you get started on the right path toward that eventual outcome, and warn you away from common missteps.
Similarly, the financially lacking tech genius will eventually need to understand their income and cash flow statements, and other financial reports, so they can intelligently speak about them to investors. They probably don’t need to take a business finance course or even hire a CFO (yet), but simply meeting with a mentor they trust and learning key takeaways in this area can make all the difference in whether they get an investment.
What Can You Give?
All too often, the mentorship relationship is seen as a one-way street, in that the mentor gives advice and help to the mentee. But, as a potential mentee, you need to be ready to give certain things in return. The first is your time. If you find and engage a successful entrepreneur to work with you in an official mentor capacity, you must be able to commit to regular phone calls and meetings. Mentorship relationships don’t work if you meet once a year or only touch base when you have urgent concerns. The best mentors are kept in the loop about company details and decisions on an ongoing basis, so they can advise you as well as possible.
The second thing you must give is honesty. Be ready to share your strengths proudly and admit your weaknesses readily. You cannot go into mentorship hoping to impress the mentor and/or achieve an ulterior motive through the relationship. You’ll get the most from it if you’re open about your goals from the beginning, and ask for help and guidance as you need it.
Mentoring in business can be a huge asset to every entrepreneur, helping to fill in your gaps and propel you toward greatness. If you’re interested in finding a mentor, stay tuned for my next post in this series about how to do so. Or, reach out to me directly and I can make some recommendations.
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