Like most other things in life, it “takes a village” to succeed as a startup. Entrepreneurs are constantly breaking rules and making mistakes in an effort to drive their businesses forward. For this reason, having a mentor is invaluable. Thanks to my experience as the CEO of ReadyForZero, I know the advantages and disadvantages of the startup journey all too well.
As an aspiring company-builder, you always find yourself in situations where you “don’t know what you don’t know” but you have to stay in motion and make decisions regardless. Without a savvy guide, in the form of a mentor, you may wind up making crucial early mistakes that would have otherwise been avoidable. The smaller your company, the faster you need to move, often without enough information to make perfect choices.
A good plan implemented today is better than a perfect plan implemented tomorrow.
— George Patton
This is one of my favorite quotes because it applies to the challenges we face every single day as a growing startup company. And this is where having good mentors becomes essential. A good mentor’s advice will help you take action on your imperfect “good plans” because they can give you extra confidence to move forward without hesitation. I talk to my own mentors frequently and they help me execute quickly on time sensitive decisions so we can move forward faster.
As an entrepreneur, you’re constantly collecting and synthesizing information; thinking tactically and long-term simultaneously. You’re never asking for permission but getting the facts together in order to make the best decisions possible at any given time — and good mentors who’ve been there before are the best way to make these decisions.
Reid Hoffman – Founder of LinkedIn – highlights the essence of the entrepreneurial challenge well when he says, “One of the metaphors that I use for startups is you throw yourself off a cliff and assemble an airplane on the way down.”
You can’t expect to assemble the plane alone; that’s where good mentors can help. Here are the key defining characteristics of a good mentor and why they’re important to an entrepreneur’s success:
A Good Mentor… Has Expert-Level Experience
You want a confident mentor who has expertise in the skills you lack. This requires self-awareness, but big names and titles don’t always mean someone will serve as a good mentor. An “industry veteran” can be a bad match, especially early on. You want real “war time” experience where actual work and hustle was required to succeed. I’ve talked to some entrepreneurs who think good mentors (or advisors) are nothing more than impressive names for their website, a checkbox requirement for their nascent companies. The reality is good mentors have expertise and/or skills you need.
In a recent dinner discussion, a close mentor of mine highlighted the importance of making certain that a large partnership we were working on maintained momentum throughout the early stages of the process. He noted that the difference in pace between larger and smaller companies means you have to work extra hard to push faster to ensure they drive to a conclusion. When working with businesses with more time and resources, it’s your job to maintain a sense of urgency.
A Good Mentor… Has Had Success As An Entrepreneur
This is a personal bias but the very best mentors are typically those who have been (or still are) entrepreneurs themselves. Of course, you can define success in a variety of ways but the best mentors will have actually walked in your shoes and made it through to the other side (and not that long ago). There should be significant overlap in your vision for the future and the actual success your mentor has already achieved. That is to say, you should be able to see yourself “succeeding” the same way your mentor is today.
It’s much easier to follow through on advice that comes from someone who you respect and they are living proof what you’re doing is possible no matter how impossible it may seem. This also applies to new and existing investors. Our most helpful early investors have been active, working entrepreneurs who don’t need to reach deep to empathize with our everyday challenges. They’ve been through what you have and genuinely want you to succeed as well. This kind of guidance and support is priceless!
A Good Mentor… Is Patient and Action-Oriented
Some of the mentors you need right now are likely too busy doing their own work and building their own companies. These people are running their own businesses and don’t have the time to help you. These mentors may seem out of your league but that doesn’t mean you shouldn’t be trying to get on their radar.
In Silicon Valley for example, it’s well-known that there is a powerful “pay-it-forward” economy that is powered by entrepreneurs who give back by mentoring the next-generation of entrepreneurs. After all, they all started where you did. Good mentors may not have a whole lot of free time but they are typically patient with fellow entrepreneurs and focused when they commit to something. As you get to know someone who you think may be a good mentor, take the time to get to know them.
Actions speak louder than words, so as you get to know your mentor be mindful of what and how they do what they do. The Dalai Lama responded along similar lines when asked how someone finds an ideal spiritual teacher:
This should be done in accordance with your interest and disposition, but you should analyze well. You must investigate before accepting a lama or teacher to see whether that person is really qualified or not. It is said in a scripture that just as fish that are hidden under the water can be seen through the movement of the ripples from above, so also a teacher’s inner qualities can, over time, be seen a little through that person’s behavior.
In short, get to know your mentor and watch what they do. Pedigree is less useful than proof by way of action.
A Good Mentor… Is Direct Yet Supportive
It’s no use if a mentor softens his language to make you feel good about yourself. A good mentor is direct yet supportive. Even difficult messages can be delivered in a supportive way. The best mentors offer practical, timely advice and encourage you to take action. This tendency towards candor is so important because as an entrepreneur you have limited time to get your company off the ground and reach profitability and long-term growth.
Any missteps can be deadly because they can waste precious time. Your mentor should be able to identify mistakes you’re making quickly and let you know in time to fix them and move forward. When trying to get your startup plane to fly there are millions of things that can go wrong. It’s not enough to figure things out on your own. You’ll need help.
If you don’t have mentors yet, don’t worry – it’s not too late. You can start finding an ideal mentor today. Just be sure to use the suggestions above to find a mentor who will prove valuable to your maturation as an entrepreneur and your company’s success. Unfortunately, there aren’t enough good mentors to go around and, as entrepreneurs, we can’t function without them. So get out there and be proactive about finding a mentor, or several, just as you would approach any other aspect of your business.
UPDATE! Check out this great comment left on Forbes.com by our partner at Everwise, Mike Bergelson:
Great points Rob – couldn’t agree more with the benefits of having mentors (we believe you need a number of mentors) and, unfortunately, the challenges of finding them and making the most of the opportunity to learn from them.
For US-based entrepreneurs, BusinessAdvising.org is a terrific resource. The non-profit behind this service, Pacific Community Ventures, helps match entrepreneurs with, as the name suggests, carefully vetted business advisors from around the country. We’ve sent a number of entrepreneurs their way and are hearing rave reviews.
For entrepreneurs outside of the US, we’re huge fans of the Branson Centres of Entrepreneurship and the recently launched Virgin Startup initiative (in the UK).
As Sir Richard Branson recently discussed in an article on the McKinsey in Society site, they’ve learned from their work that “there’s no substitute for personal interactions and experiences” and are developing a virtual platform to provide entrepreneurs with the tools and knowledge they need to succeed.
We’re big fans of mentoring of all stripes – thanks for your efforts in helping to spread the word and give useful pointers to entrepreneurs everywhere.