A Good Mentor Is A Must For Every StartUp

At this stage of development, my start-up is starting to take shape and things are finally beginning to fall into place. A section of the site will contain videos that cannot be downloaded or embedded and we struggled initially in deciding which of the available methods of doing this we would go with. Earlier this week though we found a way out and are working on that at the moment. I have severally found myself in a position where I have no clue what to do and could use the advice of someone who has experienced what I am going through. This brings me to the issue of Mentors and Start-ups. Many young Entrepreneurs try to avoid having an Advisor or Mentor on board, but I doubt that is such a good idea. The most popular reason why these ‘freshies’ do this is that they don’t like people telling them they are wrong or asking them to ditch one of their ideas because it’s not likely to work. I don’t like hearing that either. I don’t like people telling me my idea is not practical enough and that I should modify it, but I also know that it might be in my best interest to listen.

As far as Start-ups are concerned, a Mentor is someone who has been in the industry for much longer and has been involved in a number of startups himself/herself. The duty of this person is to advice you based on their experience and also help you out courtesy of the connections they have built while gaining that experience. Okay, that’s just a primary overview of what a mentor does. There are many other things a mentor brings to the table that could be invaluable and I will get to that in a minute. When looking to find a good mentor, make sure you look for someone who will add value to you in every way possible. A person who pays for servers and hardware for your start-up doesn’t automatically become a Mentor. There have been several scenarios where investors have become Mentors but it’s paramount that these people have been involved in other start-ups in the past as well. Finding a good mentor is not the easiest thing in the world but it’s not climbing Mt. Everest either.

With the advent of Social Media, it has become much easier to find people that will fill that position very easily. Sites like Twitter and LinkedIn are awesome places to find and link up with experts in your industry. While most Mentor – Founder relationships I have seen have been built and nourished offline, there is a rise in the number of founders meeting potential mentors online. The guys of MentalFloss did a Google search to find Samir Husni who turned out to be their Mentor. Samir had several years of experience with creating and marketing magazines. He knew what people will like to read and what they wouldn’t be so interested in reading, which made him a perfect Mentor in this industry. With his help and constant advice, they have grown Mental Floss into a household name.

I am not vast enough or experienced enough to know all the possible means of compensating Mentors, but I would imagine Cash payments and stock options are the most popular way. It is usually well worth the cost though, these people can help immensely so make sure you spend time researching your options and be careful making your final decision.

Here are a few other positives a good Mentor brings to the table:

• They have an outsiders view, and that combined with experience puts them in a position to see the good and not so good aspects of your start-up. They will then be able to advice you on how you can put yourself in a better position to succeed.

• They can open doors for you. Mentors usually know people who can be of help especially where it matters: Finances. They have connections with Angel Investors, VCs and can even hook you up with potential partners.

• They motivate you to go for more. Many Entrepreneurs are in business for the big bucks and so when you are doing well 2 years in, you might get a buy-out offer. In several cases, young entrepreneurs tend to jump on the offer, but if there’s potential to grow and be worth even more later, the Mentor acts as the ‘calm down’ factor who slows things down and steer you the right way.

• They hold your hands through the rough patches. Every Start-up goes through a trying period where things don’t seem to work out at all. These Mentors have experienced these testing times themselves and can keep you from giving up. They will offer a shoulder to cry on and push you forward, telling you things will get better.

Notice I said these are some positives a good Mentor brings to the table? A bad Mentor can completely destroy your dreams likewise. That’s an entirely different discussion however. So make sure you take time to look for a Mentor that will be right for you.

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Tagged as: Angel investor, entrepreneur, Mentor, social media, start-up