The Key Relationship Entrepreneurs Often Overlook
Whether you are a brand new business owner, a seasoned entrepreneur or still deciding if your idea is worth pursuing, you’ll need advice. But who to go to? The internet will have some answers. You can stop by government agencies and nonprofits – like the James J. Hill Center – to help you get started and navigate. But one of the most important relationships an entrepreneur can have is a mentor. The startup experience is full of challenges and can be unknown territory, and having a relationship with a mentor is vital to navigating the terrain.
There is no right or wrong way to have a relationship with a mentor. It can be someone you meet with on a weekly basis and closely monitor progress and planning with, or a contact you reach out to sporadically when a problem arises that you are unsure how to fix. But there are certain qualities and key characteristics a mentor should possess.
It may seem obvious, but a mentor should have experience and proven success in their own professional career. With experience comes perspective and foresight, both of which are invaluable for an entrepreneur. It is difficult – maybe impossible – to avoid making mistakes, but if you can learn lessons from a mentor’s mistakes, it’s easier to avoid mistakes or at least be prepared to handle them as they arise. A mentor with experience will also feel confident giving advice, and you can feel confident receiving it. Trust is key, and it is much easier to trust a mentor with experience and a proven track record of success or growth.
Integrity and sincerity also play a huge role in a successful mentor/mentee relationship. A good mentor will be encouraging and smart. A GREAT mentor will be honest and insightful. While compliments and soft encouragement are nice, they are not productive, nor do they set anyone up to accomplish their goals. The “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” (Rob Ebrahimi, Forbes contributor). As a mentor, it is important to ask the tough questions and bring perspective on the market and the idea. Time is valuable and the conversations should be frank to ensure you and your venture are on task and on track.
Mentoring is an important relationship for both parties. The mentee receives invaluable advice and guidance and is able to expand their network and knowledge to create a company or idea to better the community. The mentor has the chance to share their experiences to better the future of a new professional and their field of expertise. As entrepreneurs, the right mentorship relationship can set you on a positive path for success. Consider finding a mentor or becoming one to enhance your business experience.