Looking for a Mentor - Red

The role of the mentor is an important one, but the importance of the figure is often misunderstood. Many entrepreneurs (especially young ones) seek mentors, but some go too far. While seeking a mentor may help in the the beginning stages of a venture, I don't believe that having a mentor is a requirement for success.

When looking at the biggest names of our day (as far as entrepreneurs go), we see a general trend. Most successful entrepreneurs became successful by taking their own advice, not that of someone else. Receiving mentorship and advice may be important to create a firm foundation for an entrepreneur, but creativity and decision-making power should never be delegated to another individual.

Now, don't get me wrong- I have nothing against those that are inexperienced seeking the guidance of another. In fact, I recommend seeking a mentor for the beginning stages of a venture. My only quarrel with the concept of mentorship is the predisposition for attachment and addiction. Many entrepreneurs that depend on mentors show success in the start of their ventures, but end up falling back into the fray when they break away from the proverbial teat. If a sense of independence is not fostered within the first 2-3 years of an entrepreneur's start, then they become constantly dependent on the advice and guidance of others. Ever wonder what the difference was between an Entrepreneur and a Board-led corporate executive?

When looking for a mentor, I recommend seeking one from an industry different from your own. While this may not follow along with normal logic, it has its advantages. Look for individuals that are not the typical corporate success story. What worked for them 'back in the day' will probably not work for you. If you are wanting to sell electronics, for example, find someone with a background in clothing sales. Take the lessons that they have learned in the clothing industry (which is much different from the electronics world), and translate them [yourself] into knowledge that you can use to aid your own business. If you are going into consulting, find an experienced senior engineer. By combining the structural order and responsibility associated with engineering, you will be able to present a variety of well-thought out alternatives for your clients.

Board of Advisors

As much as it contradicts the advice I just gave, it often behooves individual business owners to establish a Board of Advisors. This Board should be composed of individuals that have experience in a variety of fields, including but not limited to the one that you yourself will be involved in. Advisors should never be potential competitors, or individuals that have a chance to discredit or steal from you. Family members and friends that own their own businesses can often be approached, but arrangements involving family usually end up being rather complicated.

Advisors should always be volunteers. If you have to pay for advice, then they become consultants. If you are paying someone a salary to provide advice, then they become your boss. Don't be afraid to offer compensation in the long run, but try to find individuals that will not have opinions skewed by money. Someone that is successful and wants to help others will not take away you hard-earned money. That leads to another topic that is close to my heart that I will discuss at a later date (Self Help Gurus Anonymous).