MENTORING FOR ENTREPRENEURS TONNIE EGUN 9252020 1 What

MENTORING FOR ENTREPRENEURS TONNIE EGUN 9/25/2020 1

What is involved in mentoring for entrepreneurs? �Entrepreneurial Mentoring involves a special relationship between two entrepreneurs. �It is a knowledge-based partnering based on mutual confidence, respect, and active listening, providing individual coaching and support. 9/25/2020 2

What is involved in mentoring for entrepreneurs? � In this privileged relationship, ◦ A Person With Extensive Business Experience ◦ The Volunteer Mentor ◦ Has A Desire To Share With Another Person ◦ The Entrepreneur Mentee ◦ His/her experiences and knowledge while guiding the mentee in his/her professional and personal development as an entrepreneur. 9/25/2020 3

Benefits for you and your business � Mentoring proves to be a winning strategic partnership for the mentee. � During the meetings, a trusting relationship develops that allows the Mentee entrepreneur to take a time out or simply to have the necessary advice to push and exceed his/her limits. 9/25/2020 4

Why Entrepreneurs Need Good Mentors � Like most other things in life, it “takes a village” to succeed as a startup. � Entrepreneurs are constantly breaking rules and making mistakes in an effort to drive their businesses forward. � For this reason, having a Mentor is invaluable. 9/25/2020 5

Why Entrepreneurs Need Good Mentors � As an aspiring company-builder, you always find yourself in situations where you “don’t know what you don’t know” but you have to stay in motion and make decisions regardless. � Without a savvy guide, in the form of a Mentor, you may wind up making crucial early mistakes that would have otherwise been avoidable. 9/25/2020 6

Why Entrepreneurs Need Good Mentors �The smaller your company, the faster you need to move, often without enough information to make perfect choices. 9/25/2020 7

�A good plan implemented today is better than a perfect plan implemented tomorrow. — George Patton 9/25/2020 8

� A good mentor’s advice will help you take action on your imperfect “good plans” because they can give you extra confidence to move forward without hesitation. � As an entrepreneur, you’re constantly collecting and synthesizing information; thinking tactically and longterm simultaneously. 9/25/2020 9

�You’re never asking for permission but getting the facts together in order to make the best decisions possible at any given time -- and good mentors who’ve been there before are the best way to make these decisions. 9/25/2020 10

Key Defining Characteristics Of A Good Mentor � You want a confident Mentor who has expertise in the skills you lack. � This requires self-awareness, but big names and titles don’t always mean someone will serve as a good mentor. � An “industry veteran” can be a bad match, especially early on. 9/25/2020 11

A Good Mentor… Has Expert-Level Experience: � You want real “war time” experience where actual work and hustle was required to succeed. � Some entrepreneurs think good Mentors (or advisors) are nothing more than impressive names for their website, a checkbox requirement for their nascent companies. � The reality is good Mentors have expertise and/or skills you need. 9/25/2020 12

A Good Mentor… Has Had Success as an Entrepreneur � The very best mentors are typically those who have been (or still are) entrepreneurs themselves. � Of course, you can define success in a variety of ways but the best Mentors will have actually walked in your shoes and made it through to the other side (and not that long ago). 9/25/2020 13

A Good Mentor… Has Had Success as an Entrepreneur �There should be significant overlap in your vision for the future and the actual success your mentor has already achieved. � That is to say, you should be able to see yourself “succeeding” the same way your mentor is today. 9/25/2020 14

A Good Mentor… Has Had Success as an Entrepreneur �It’s much easier to follow through on advice that comes from someone who you respect and they are living proof what you’re doing is possible no matter how impossible it may seem. �This also applies to new and existing 9/25/2020 15

A Good Mentor… Has Had Success as an Entrepreneur � Our most helpful early investors have been active, working entrepreneurs who don’t need to reach deep to empathize with our everyday challenges. � They’ve been through what you have and genuinely want you to succeed as well. This kind of guidance and support is priceless! 9/25/2020 16

A Good Mentor. . . Is Patient and Action-Oriented � Good Mentors may not have a whole lot of free time but they are typically patient with fellow entrepreneurs and focused when they commit to something. � As you get to know someone who you think may be a good Mentor, take the time to get to know them. 9/25/2020 17

A Good Mentor. . . Is Patient and Action-Oriented �Actions speak louder than words, so as you get to know your Mentor be mindful of what and how they do what they do. 9/25/2020 18

A Good Mentor… Is Direct Yet Supportive �It’s no use if a mentor softens his language to make you feel good about yourself. � A good mentor is direct yet supportive. Even difficult messages can be delivered 9/25/2020 19

A Good Mentor… Is Direct Yet Supportive � The best mentors offer practical, timely advice and encourage you to take action. � This 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. 9/25/2020 20

A Good Mentor… Is Direct Yet Supportive �Any missteps can be deadly because they can waste precious time. �Your mentor should be able to identify mistakes you’re making quickly and let you know in time to fix them and move 9/25/2020 21

A Good Mentor… Is Direct Yet Supportive �When trying to get your startup plane to fly there are millions of things that can go wrong. � It’s not enough to figure things out on your own. You'll need help 9/25/2020 22

7 Reasons You Need a Mentor for Entrepreneurial Success � 1. Gain experience not shared in books. �Experience is a very expensive asset -- yet it's crucial to business success. �There's only so much about a person's experience you can gain from books. 9/25/2020 23

1. Gain experience not shared in books � It's an unstated truth that most authors do not feel comfortable revealing everything about themselves in books. �Some personal experiences may be too intimate to be shared, yet how they dealt with it can help an inexperienced entrepreneur's career. �Mentorship is one guaranteed way to gain experience from others. 9/25/2020 24

2. You're more likely to succeed with a mentor. � Research and surveys prove that having a mentor is important to success. � In a 2013 executive coaching survey, 80 percent of CEOs said they received some form of mentorship. � In another research by Sage, 93 percent of startups admit that mentorship is instrumental to success. 9/25/2020 25

2. You're more likely to succeed with a mentor. � Your chances of success in life and in business can be amplified by having the right mentor. � The valuable connections, timely advice, occasional checks -- together with the spiritual and moral guidance you will gain from having a mentor -- will literarily leapfrog you to success. 9/25/2020 26

3. Network opportunities. �Aside the fact that investors trust startups who are recommended by their friends, a successful mentor has an unlimited network of people who can benefit your career. 9/25/2020 27

3. Network opportunities. � Since they are already invested in your success, it only makes sense for them to let you tap into their network of people when the need arises. �This is an opportunity you cannot tap into if you do not have a mentor 9/25/2020 28

4. A mentor gives you reassurance. �It has been proven by research that a quality mentorship has a powerful positive effect on young entrepreneurs. �Having someone who practically guides you and shares your worries with you -- often placating your fears with their years of experience -- keeps you reassured that you'll be successful. 9/25/2020 29

4. A mentor gives you reassurance. �Self-confidence is very important to success as entrepreneurs. �A 2014 Telegraph report revealed that having a high self-confidence contributes significantly to career success -- more so than talent and competence. � Mentors have the capacity to help young founders tap into their selfconfidence and see every challenge as an opportunity. 9/25/2020 30

5. A mentor will help you stay in business longer. �When you imagine the number of businesses that fail, you'd wish a lot of business owners had mentors. �Research indicates that 30 percent of new businesses may not survive past the first 24 months, and 50 percent of those may not make it past five years. � However, 70 percent of mentored businesses survive longer than 5 years. 9/25/2020 31

6. A mentor will help you develop stronger EQ. � Does maturity bring about a higher EQ in entrepreneurs? � Emotional intelligence is crucial to entrepreneurial success. � When a young entrepreneur has a more mature and successful mentor who advises them, they 9/25/2020 are likely to have greater control over their 32

6. A mentor will help you develop stronger EQ. �We all know that a quick way to make a business fail is to mix it with emotions or make crucial decisions based on emotional feelings. �Situations like this can be curbed as mentors will help show you how to react in given 9/25/2020 33

7. Encouragement. � Enduring the consequences of failure on your own can set you back and impact your productivity. � In hard times, having a mentor will help you keep your head high. � Young entrepreneurs often deal with depression when they are unable to meet their goals and expectations. � The impact of depression on entrepreneurs is often underreported. � But entrepreneurs without mentors bear the brunt the most. 9/25/2020 34

7. Encouragement. � A mentor who has experienced the highs and lows of running a business is in the perfect position to give positive and soothing words of advice to you when things refuse to go your way. � And not only do they have the right words to share, they would also have ideas to help you navigate your way to success. 9/25/2020 35