Building a bu
siness from nothing is hard work, especially when you are doing it on your own. There are so many uncertainties ahead of you – from estimating the need for your product to finding the most affordable source of financing. It is no wonder that half of the startups fail during their first year of existence.
This is why you should start looking for a mentor to help you out. What is a mentor? Simply put, mentors are specialists in a niche, successful entrepreneurs and thought leaders who are willing to help other beginner entrepreneur succeed. They offer them advice, honest feedback on their business ideas and marketing strategies, help them enlarge their network, and develop their managerial and entrepreneurial skills.
“That’s great! But what does the mentor get in return?” Mentors are people who are motivated by the idea of helping others succeed. In return, their protégées will help them out with various tasks and projects and, in the future, their company may represent a strong and reliable business partner for their own enterprise. It is a give and take situation, where both parties contribute to each other’s business success.
So, how can you find a mentor? Here are a few thoughts:
1. Look within Your Network First
Before you start looking elsewhere, start with your own connections. Even if you do not know a potential mentor personally, you may know someone else who can make the introductions. It lends you more credibility if you are recommended by a third party whom the mentor trusts. However, when you decide to start on this path, be certain that you can make a coherent and persuasive presentation of your business idea. Remember that your connection is staking their own reputation when they recommend you to a mentor.
2. Do Not Approach the Most Well Known Mentors
Do you know what chances you stand to get Richard Branson or Elon Musk to be your business mentors? Zero. These are super-busy entrepreneurs who are running several corporations at the same time and possibly have their mentoring schedule full (if they still have time for this). It is a huge mistake to aim straight at “celebrity” mentors – even if they are willing to help you, they do not have the time.
3. You Need a Specialist, Not a Generalist
Another mistake newbie entrepreneurs make is looking for a mentor who knows something about everything: product development, accountancy, legal issues, marketing, etc. What you really need is honest and specialized feedback on your business plan, on your marketing strategy and on your financial projections. You need a mentor who knows exactly what your preliminary revenues and investments signify for the health of your business and how to interpret the initial feedback from potential customers.
4. Be Creative In Your Approach
Do you know how many requests for feedback and mentorship successful entrepreneurs receive? Dozens, if not hundreds, every day. So, how do they decide who to help out? The only thing they have to go by is the introductory message. A keen businessperson will spot a bright entrepreneur who stands a chance to succeed from the way they word their presentation, from the arguments they bring and the business idea they have. So, take all the time you need, but create a compelling introduction for yourself and your business.
5. Give before You Ask
In line with the item above, when you approach a potential mentor, tell them what’s in it for them from mentoring you. What are you willing to do in exchange for their expert guidance? Will you volunteer one or two days a week at their business, helping out with various tasks? Will you offer them preferential options for participation in your business when it takes off? Always consider what would be of value for the mentor, and create a balanced offer in exchange for the help you need.
Last, but not least, the more social you are in your business interactions, the higher your chances are to find a good mentor. Attending webinars, business fairs and conventions, and volunteering as a spokesperson at various business events are great ways to meet a lot of people in your niche, including potential mentors.