How Entrepreneurs Can Make the Most of Having a Mentor
Pictured: Janice Omadeke, former CEO and Founder of The Mentor Method
When Janice Omadeke chose to leave her successful career as a corporate graphic designer to start her own company, her first two mentors were her mother and her sister.
“After the first stage of relying on my family for advice and encouragement, I transitioned to a new set of mentors who had the experience and acumen to refine my ideas and give me advice about how to develop a startup business,” says Omadeke. She is the former CEO and founder of The Mentor Method and author of Mentorship Unlocked: The Science and Art of Setting Yourself Up for Success.
As more people of all ages turn to entrepreneurship, it’s critical that they understand the importance of a mentor in the context of running their own business, how to find the right mentor(s), and how to make the relationship successful for all parties.
In the corporate world, a mentor can be helpful with integrating into the corporate culture and for help climbing the corporate ladder. By contrast, entrepreneurs need to build their businesses, which may include looking for financial support, while simultaneously building their own personal and professional teams.
Omadeke attended meetups for early-stage startups such as DC Web Women and 1776 in Washington, D.C., where she was based when she started her business. This allowed her to connect with like-minded people and build relationships before seeking out a mentor.
Others may look to find a mentor earlier. “Get a mentor as soon as possible when you’re starting a business, but don’t let not having a mentor stop you,” says Lamar Tyler. He and his wife Ronnie Tyler of Duluth are co-founder of Georgia-based Tyler New Media, the parent company of Traffic Sales and Profit, a community of 47,000 African American entrepreneurs.
“We didn’t have a mentor at first and it took us seven years to make our first $1 million,” says Lamar. “Without a mentor, there was too much trial and error. With one, we probably would have cut that time in half.”
Mentors’ Multiple Functions
One of the first mentors most early-stage entrepreneurs need is someone to pressure them to stay committed to their goals, Ronnie says.
“Entrepreneurship is challenging, so you need someone to help you remain steadfast,” she says. “You also need a mentor to give you business perspective and help you strategize, plus someone who can help you with financial management.”
A mentor can supply much-needed business knowledge that startup founders can leverage, as well as the support and confidence to move forward, says Alison Martin. She is the founder of Engage Mentoring in Indianapolis, a service that matches mentors and businesses.
“I was contemplating leaving my job when my mentor suggested I set up my own company,” Martin says. “I would never have done it without that encouragement."
Martin suggests that most entrepreneurs need at least four types of mentors. “First, you need someone you aspire to be like because of their success and other qualities,” Martin says. “You also need a peer mentor to be a sounding board, a competency-based mentor – or more than one – who can fill in the skills you’re missing, such as marketing or financial expertise, and a career mentor to evaluate different paths for your business.”
Omadeke broadens that cohort to eight types of mentors:
· An industry expert
· A fundraising and investment mentor
· An efficiency and leadership mentor
· A financial mentor
· A peer mentor
· A technical or product mentor
· A branding and marketing mentor
· A personal development mentor
A mentor should not be viewed as a substitute for a paid professional but can be a complement to one. For example, a financial mentor may be useful in helping you sort through advice from your accountant.
A mentor generally has no self-interest when offering advice, points out Connie Inukai, a self-described “grandmapreneur.” ”When you’re a new entrepreneur, everyone is after your money,” she observes. Inukai is an author, inventor of the “Tip and Split” device, a magnifying glass with a light and calculator for sharing restaurant bills, and owner of WriteYourSelfie.com, which guides people through writing their personal or family history via photographs.
Finding Mentors
You can look for mentors in person and online. For example, Omadeke recommends asking questions in LinkedIn groups to make connections.
Choosing a mentor is a lot like a hiring decision, says Ed Coleman, a certified mentor and regional vice president of SCORE, the Small Business Administration’s mentoring program, in Washington, D.C.
“You want to see if there’s good chemistry between you and your mentor,” Coleman says. “Does your mentor have the tools, templates, and advice to show you a path to growth? You’ll know it’s working when you successfully launch your business.”
Coleman says the simplest place for entrepreneurs at any stage of building their business is to search the SCORE website and get matched with mentors, all of whom are volunteers with business expertise.
“We’re a free sounding board to help clients be successful,” Coleman says. “We can help you understand whether a business is financially viable and do market research. Most of our clients are at the idea stage and we can help them with product development or, if it’s a consulting business, identify how to reach an audience and clients to raise awareness of their services.”
For her part, Inukai says the best support she received – and continues to receive – for her businesses comes from mentors she found through the Small Business Administration’s SCORE program, including Coleman.
“I’m retired after 40 years as a writing teacher at the University of Maryland, so I didn’t know anything about starting a business,” she says. “[Ed] gave me a template to write business plans for each of my businesses and then reviewed them with me, plus he gave me pricing and marketing advice.” Attending conferences and networking events in your community can help you find a potential mentor, Ronnie Tyler suggests. “Show up, volunteer, and provide value by asking questions.”
In addition to finding individual mentors who can help you grow your business; Martin suggests joining or creating a “mastermind group” of business owners who are at a similar stage in their business growth.
Finding and Nurturing the Right Mentor
“There’s nothing more intimidating than asking someone to be your mentor, so don’t do it,” Martin says. “Instead, ask someone to connect for a short call or to buy them a cup of coffee, which is more approachable. Come in with good questions, then ask to meet again.”
Avoid using a mentor relationship to get free services, she says. “You shouldn’t go to a lawyer and ask them to be your mentor instead of paying them for their services,” Martin says. “Instead, ask another business founder how they set up their contractors or their accounting systems to get advice and recommendations of who to hire.”
Successful professionals are frequently asked to be a mentor, but Lamar Tyler suggests viewing the relationship as an exchange.
“Think about it from the mentor’s point of view rather than that you deserve their time,” he says. “For example, sometimes even a seasoned business professional doesn’t have a great social media presence, so you could offer to revamp their social media handles in exchange for some business advice.”
Successful mentoring should not be a one-way street, Martin agrees.
“Most mentors want to leave a legacy and have a good heart, so they want to share their knowledge, give good advice, and create good energy,” Martin says. “A good mentee will try to spot ways they can help their mentors and reciprocate, perhaps with advice on a different topic.” Finally, respect your mentor’s time and input by documenting your commitment, advises Lamar.
“Send follow up emails to your mentor, document your activities so they know you’re executing on their advice, and take the lead to build a lasting relationship with your mentor,” he says. “Be proactive and do what you say you’ll do.”
GRAPHIC: Mentoring Resources for Entrepreneurs
· SBA’s SCORE program
· SBA’s Women’s Business Centers
· SBA’s Veteran’s Business Outreach
· The Opportunity Finance Network, a searchable database to find Community Development Financial Institutions
· LinkedIn connections and groups
· Local Chamber of Commerce or similar business groups
· “Mastermind Groups” (Local groups can be found online)
