Does Your Startup Business Need a Mentor?

If you watch shows like Dragon’s Den, you’ll notice that many of the entrepreneurs on show are less worried about valuations and equity stakes than getting the expertise and contacts of a Dragon working for their business.

Every new business needs to make difficult decisions - decisions about strategy, finance or marketing.

Finding an experienced mentor can help.

A mentor is simply someone from outside your business who is willing and able to provide advice and support. An experienced sounding board who can help you make those critical decisions but who is also removed enough from the business to be able to deliver a balanced, external point of view.

Why do you need a mentor and what will they look like?

1. Experience: In an ideal world your mentor will be experienced in your industry but at the least they will bring a wealth of business experience to the table.

2. Contacts and Reputation: Your ideal mentor will also be able to help open doors through their network of contacts or simply by their reputation. Having a mentor attached to your business also gives you more credibility when dealing with investors, banks, suppliers and potential clients and customers.

3. Critical Eye: Sometimes it’s hard to accept criticism when you are so close to a project. A good mentor can offer that critical assessment and external point of view needed to help you make positive changes.

Where can you find a mentor?

Acfuse.com has been designed to allow entrepreneurs, investors and business partners to come together in one place. Within the scope of business partners there’s a decent chance that you’ll be able to find experienced business people willing to lend a hand.

Unfortunately, other than that, mentors don’t tend to advertise, so where can you find one?

1. Investors: If you’ve been seeking external investment, consider their willingness to bring their talents to the table. Although ideally mentors will be a bit more removed from the business, investor mentors can still deliver huge benefits.

2. Local Business Community: Scan your local business community: Who do you know? Who do you admire? Who has a proven track record of success? Many successful business people will be surprisingly willing to help. Remember, they’ve been where you are now.

3. Industry: Likewise, whom within your industry could you approach?

4. Mentor Programs: Various regional business organisations run mentoring programs for startup businesses. Get in touch with your local enterprise agency and see what they offer.

Less Formal Mentoring Arrangements

Although having a mentor dedicated to helping you succeed is ideal – some entrepreneurs either cannot find a mentor to work with or simply don’t like the idea.

That doesn’t mean you shouldn’t look for help.

If a single dedicated mentor isn’t for you, what about multiple, virtual mentors? Who are the businesses and entrepreneurs that you admire in your marketplace? Who are the thought leaders writing about your industry?

Get in touch. Let them know who you are. Engage with them. Learn from them. Even if you never meet, you can learn a lot from following the moves and the thinking of successful people.

Smart entrepreneurs understand that they can never do it all themselves and are keen to plug the holes in their knowledge and experience. Finding a mentor could be the kick your business needs to go from idea to success.

What do you think? Do you have a mentor or people you turn to for advice? Where did you find them?

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