Why entrepreneurs need mentors

By Valrie Grant Entrepreneur, Managing Director, GeoTechVision

Last week I highlighted several major elements which are considered important to the generation of an entrepreneurial ecosystem. Among these was the benefit of mentors, coaches, advisors and support systems. This week we will focus on why every entrepreneur needs a good mentor and how the business community and corporate executives can assist in this way.

Valrie Grant
Valrie Grant

Mentors are one of the most valuable resources an entrepreneur should have access to. Starting your own business can be a daunting experience riddled with many unknowns where the likelihood of making mistakes are usually high. This journey can be stimulating and a lot less scary when you can tap into the learnings of other entrepreneurs especially local entrepreneurs who have already built successful businesses. An entrepreneur is not only able to share his/her struggles but also to learn from the experiences and honest feedback of trusted mentors thus avoiding many pitfalls. It is said nicely by businessman and author Zig Ziglar: “A lot of people have gone further than they thought they could because someone else thought they could.” In other words a good mentor will help you own your vision and accomplish your greatest dreams.

Most successful entrepreneurs will credit a mentor or mentors for having a role in their growth and development.  Even some of the world’s most famous entrepreneurs have mentors, for example Mark Zuckerberg, CEO of Facebook often referenced Steve Job as his mentor. Bill Gates, founder of Microsoft credits part of his success to his mentor Warren Buffet. Richard Branson refers to the guidance his mentor Sir Freddie Laker gave that assisted him in getting Virgin Atlantic up and flying. All these successful entrepreneurs recognized that mentoring contributed to their success.

For young entrepreneurs the challenge usually is, how to do they find a mentor? A good starting point is thinking about the people you admire and persons who have qualities you desire to emulate in life and business and then trying to reach out to them. Usually an effective way is through networking, leveraging the relationships you have to see who is a good fit to assist you in your current situation. A mentor will not just appear, so entrepreneurs must be proactive in seeking a mentor. A good mentor is passionate, has a wealth of experience and should be someone whose insights you can trust. Additionally to get a good mentor you need to be a good mentee. So how is your attitude? Do you even think that a mentor can help you? Are you willing to listen and to act? Are you coachable?

Mentoring is flexible and comes in various forms – from structured meetings to informal conversations. In my own experience, I have met mentees while conducting a seminar, giving a guest lecture, at entrepreneurial networking events, through a colleague who thought I could assist a young professional. For me, there is much satisfaction that comes from helping young excited, motivated entrepreneurs achieve their goals of building successful businesses. I have had a few mentors along the way and continue to benefit from mentors. I am always happy to contribute learnings from my career to help motivated entrepreneurs and to give back to the entrepreneurial ecosystem, of which I am a part.

As a region it is my opinion that we have not invested enough in the intentional development of entrepreneurs. For example little importance is placed on mentoring and how this activity can mean the difference between business failure and success. Members of the business community need to recognize that they need to be mentors to young entrepreneurs. If mature big businesses truly believe that entrepreneurs are crucial to building prosperous societies then they will want to contribute to the growth and development of younger entrepreneurs by serving as mentors. While these businessmen and corporate executives need to recognise that they must play a greater role, entrepreneurs seeking mentors should ensure that they are active members of business associations, non-profit groups, community groups chambers of commerce, etc, as these are all places where mentors can be found. Entrepreneurs should also realize that the best mentors are very busy people and should therefore use the time and expertise of these mentors in areas that will give their company the best results.

It is important to choose your mentors wisely; make sure you feel comfortable enough with them to confide your fears and unconventional ideas. Good mentors are usually those with the expertise and skills that you lack, has had some success as an entrepreneur thus able to ‘walk in your shoes’, patient and action oriented and very candid yet supportive. The best mentors help their mentees to identify and own their paths to success. Unfortunately, there aren’t enough good willing mentors regionally or locally for entrepreneurs. So be proactive about finding a mentor, or several mentors, take a business-like approach. Having an experienced mentor can be game changing to your business, empowering you to drastically increase the odds of your business succeeding.

If you have a question related to this article or just a general question on entrepreneurship, write to us at guyanabusinesswise@gmail.com. Your question may be addressed directly or in our next article.