Entrepreneurialism

Why mentorship is important for entrepreneurs too

Let me make this clear.

Mentoring within a business environment is not self-promotion. To protect the confidentiality of the information being shared during mentoring, the mentor may sign a Nondisclosure Agreement.

Most mentors have a strong interest in helping the start-up launch a new product or service. The term mentor is sufficient as there will not be any formal transfer of funds. The relationship could grow to the point that the mentor is an Angel Investor, and invests a private amount without any expectation of a formal business structure. Venture Capitalists could be the next step, with the potential appearance of Venture Capitalists. Venture Capitalists have the potential to see promising start-ups go public through an Initial Public Offering.

Here are some reasons why mentoring is so important:

Mentoring Is Risky

Because the business environment in which you work is ever-changing and dynamic, it is not a good idea to give practical advice to growing companies. Your advice may be seen as simplistic and unrealistic. This could lead to a poor reputation. You may have to spend more time trying to restore your corporate branding.

Mentoring Requires Foresight

You are expected to give clear and precise information when you offer mentoring advice. This can be stressful as your mentee has the ability to Google for free market research from expert consulting firms. You may need to discuss different scenarios and rate them with respect to their likelihood of success. Mentoring relationships may not exist if you only have one view.

Mentoring Needs Active Listening

Entrepreneurs are not content to build the next great machine or app in their garage. You must be a listener to your potential customers’ views about your product or service. This is because potential customers will pay with their hard-earned cash.

In the same manner, mentors must listen without prejudice to the needs of the start-up and answer any questions they may have. Even if the mentor is negative, they must be objective in giving their answers.

Mentoring Can Be Time-Consuming

Mentoring is a time-consuming task, even with all the communication tools and social media available. To create a Gantt Chart, the mentor must earn the trust and respect of the mentee. This will ensure accountability and clear guidance during the mentoring process. This is definitely a positive step that ensures the mentoring relationship is not just about ranting and raveing about the difficulties in the business. Productive mentoring is more than just to encourage and console, but also to gently push the start up to success.

Mentoring Changes Lives

As a mentor, I can attest to the fact that mentoring changes the perspective of both mentor and mentee. In a mentoring relationship, there are always ups as well as downs. The mentor will be able learn how much knowledge he holds and feel blessed to have the ability to put it to good use. The mentor will give constructive and pertinent advice to help the mentor achieve his goals.

This article will hopefully show you that the mentor and the entrepreneur are not separate.

molw.net

We are a team of professionals with each having two decades of experience in start-ups, sales, marketing, finance, HR, large scale project and profit centre management and running mature cross functional operations. At Molw.net we are big believers that knowledge transfer is critical to our industry’s evolution. We love to share our experiences and learnings through our online resources.

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